The global speed sensor market size is expected to reach USD 13.74 billion by 2030 according to a new study by Polaris Market Research. The report “Speed Sensor Market Share, Size, Trends, Industry Analysis Report, By Type (Inductive Sensor, Monopolar, Bipolar, Active Sensor); By Product (Wheel Speed Sensor, Speedometer, LIDAR, Ground Speed Radar, Doppler Radar, Pitot Tube); By Application; By Technology; By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The increasing implementation of electronic systems in automobiles in order to measure vehicle performance for safety and efficiency coupled with the growing adoption of ABS (Anti-lock braking system) in order to ensure security & safety across the automobile industry is anticipated to fuel the industry growth. In addition, the surge in automotive sales, coupled with the rising number of technological advancements, are further factors that may accelerate the industry growth around the world. Furthermore, rising demand for the product owing to their help in the detection of collisions and vehicle malfunction, in turn, propels the demand in the forthcoming years.
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Based on the product type, the wheel segment is dominating the global industry and is anticipated to lead the market over the forecasting period. They hold huge potential in changing the safety of vehicles, making the vehicles more comfortable and safer. The benefits offered by these devices are anticipated to drive the growth of the segment. They help in the measurement of rotational velocity, air gap measurement, internal signal monitoring, and have high-temperature resistance. Whereas the LIDAR segment is showing the highest growth rate in the global market owing to the increasing demand for autonomous vehicle technology.
These devices are used for functions such as car surround sensors and 3D mapping, among others, which further gains significant traction among the end-users that fuels the segment demand. The latest innovations leading to the development of high accuracy of the device that utilize very low power are anticipated to present huge growth opportunities. Additionally, the surge in industrial applications and the rising penetration of UAVs (Unmanned Aerial vehicles) are estimated to drive the market growth.
Market participants such as Honeywell Technology Solutions, Continental AG, Analog Devices Inc., BorgWarner Inc., Denso Corporation, Ford Corporation, General Electric, Infineon Technologies AG, Robert Bosch GmbH, Omron, and Sensata Technologies Inc are some of the key players operating in the global market.
For instance, in January 2022, Melexis introduced a new sensing IC called MLX90510 that is resistant to magnetic fields. This interface IC enables a resolver reducing the ECU effort to have better accuracy under extreme electrical and mechanical conditions.
Polaris Market research has segmented the Speed Sensor market report on the basis of type, product, application, technology, and region:
Speed Sensor, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Speed Sensor, Product Outlook (Revenue - USD Billion, 2018 - 2030)
Speed Sensor, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Speed Sensor, Technology Outlook (Revenue - USD Billion, 2018 - 2030)
Speed Sensor, Regional Outlook (Revenue - USD Billion, 2018 - 2030)