Speed sensor market 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.

Rising integration of IoT technology into a smart home product for controlling the speed of various consumer electronics devices remotely will enhance the adoption of speed sensors. Some key companies operating in the speed sensor market are focusing on new product launches, mergers, partnerships, acquisitions, and takeovers to stay competitive in the market.

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For instance, Acuity Laser released a new high-speed sensor called AR550 that can be used for applications that require monitoring of speed such as scanning of roads, vehicle crash test, vibration measurements, and ballistic measurements. Technological innovations in Hall-based sensors, such as CVH (circular vertical Hall) technology that enhances the accuracy and linearity of speed sensors are also likely to enhance the speed sensor industry scenario.

Specifying some of the emerging trends in the speed sensor industry:

Impacts incurred by the COVID-19 pandemic

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.

Stringent regulations mandating ADAS

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.

Presence of major players in Europe

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 speed sensor industry. 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.

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Table of Contents (ToC) of the report:

Chapter 1   Methodology and Scope

1.1    Scope & definition

1.2    Methodology & forecast

1.3    Data Sources

1.3.1    Primary

1.3.2    Secondary

Chapter 2   Executive Summary

2.1    Speed sensor market 360⁰ synopsis, 2016 - 2027

2.1.1    Business trends

2.1.2    Regional trends

2.1.3    Type trends

2.1.4    Application trends

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