Speed Sensor Market Outlook 2027: Growth Amid New Technological Possibilities

Speed Sensor Market Outlook 2027: Growth Amid New Technological Possibilities

The speed sensor market research study is a detailed document that presents a gist of the global industry space in terms of numerous parameters. Some of these falls along the likes of the industry insights, growth drivers, industry segmentation, and trends worldwide. Also included in the research report is information pertaining to the companies partaking in the market share and the information pertaining to the regulatory norms that impact the commercialization landscape of this vertical.

Speed sensors are increasingly being used in consumer electronics, smart home appliances and high-power rotary appliances, such as mixers, washing machines, electric fans, and HVAC systems. These sensors measure the rotational speed of shafts, gears, and motors in the device. They also help manufacturers to provide low-noise features, energy efficiency, and optimized system costs in smart home appliances.

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The COVID-19 pandemic has severely impacted the speed sensor market growth in the year 2020. Strict lockdowns imposed by the government have resulted in closing of manufacturing plants temporarily for automotive and consumer electronics. Furthermore, lack of raw material and trade disruption led several manufacturers to move their existing manufacturing facilities to new regions. All these factors have hindered the market growth for some time, but as things are getting back to normal, the market is recovering and would showcase lucrative growth over time.

Adoption of speed sensors would gain momentum owing to strict regulations mandated by governments for incorporating ADAS in upcoming vehicles. ADAS systems, such as ESC (electronic stability control), AEB (automatic emergency braking), and ACC (adaptive cruise control), widely include speed sensors. Companies in the automotive sector are forming alliance to develop new ADAS solutions. Citing an instance, Veoneer and Swiss Re entered a partnership to improve assessment and enhance the development of ADAS technology and related solutions.

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The Europe speed sensor market is anticipated to register a 4% CAGR from 2021 to 2027, owing to the presence of key automotive OEMs in the region including BMW Group, PSA Group, Daimler AG, Audi, etc. These manufacturers are constantly focusing on the development of advanced automotive safety systems such as ADAS and self-driving cars. Supportive investment schemes to boost the European automotive industry by regional institutions may offer impetus to the market. In May 2020, the European Investment Bank (EIB) announced to fund USD 236.2 million to European carmakers to facilitate research & development activities in automotive electronics.

Major Key Points from Table of Content:

Chapter 5   Speed Sensor Market, By Type (Revenue, Shipment)

5.1    Key trends, by type

5.2    Hall effect

5.2.1    Speed sensor market estimates and forecast, 2016 - 2027

5.3    Magneto resistive

5.3.1    Market estimates and forecast, 2016 - 2027

5.4    Variable reluctance (VR)

5.4.1    Market estimates and forecast, 2016 - 2027

5.5    Others

5.5.1    Market estimates and forecast, 2016 - 2027

Chapter 6   Speed Sensor Market, By Application (Revenue, Shipment)

6.1    Key trends, by application

6.2    Automotive

6.2.1    Market estimates and forecast, 2016 - 2027

6.3    Industrial

6.3.1    Market estimates and forecast, 2016 - 2027

6.4    Aerospace & defense

6.4.1    Market estimates and forecast, 2016 - 2027

6.5    Consumer electronics

6.5.1    Market estimates and forecast, 2016 - 2027

6.6    Others

6.6.1    Market estimates and forecast, 2016 - 2027

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