Speed Sensors Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Speed sensor is a device used for reading a vehicle's speed. Speed sensors are a significant elements of automotive electronics systems. To check vehicles efficiency, environmental regulations and security standards these electronic systems are used. To meet the demand for consumer safety, fuel efficiency and infotainment applications, leading manufacturer of automobiles are introducing high-end options in vehicles. Stringent government regulations of emissions and safety is a key driver for global speed sensors market. With the increase in electronics content in the vehicles, there is an increase in speed sensors used in vehicles.

Increasing vehicle production worldwide coupled with the demand for technological advancements in automobiles and changing customer preferences are the key factors influencing global speed sensors market. Regulations on emissions and fuel economy have are becoming strict in several parts of the world, speed sensors are considered to plays a significant role in maintaining regulations. Government across the world are increasingly implementing safety rules for the passengers. Also, people are more concerned about their security and require safety measures such as antilock braking, air bags and crash avoidance. Growth in adoption of these safety measures is expected to drive the global speed sensors market in the future.

Other factors influencing the demand for global speed sensors market include increased utilization of parking assistance, collision avoidance systems, and image sensors in advanced driver assistance systems (ADAS), lane departure warning and other applications for safety. Whereas, factors such as lack of standardized fabrication process Micro-electro-mechanical systems (MEMS) and increasing pricing burden may act as barriers in the growth for global speed sensors market. Though, the increasing demand for speed sensors in the market has put a pressure on the manufacturers to lower the price of the product.

The global speed sensors market segmented on the basis of sensor type into, NOX sensors, position sensors, pressure sensors, inertial sensors, temperature sensors, oxygen sensors, image sensors and other sensors. Further, on the basis of application the global speed sensors market is segmented into powertrain, safety & control, chassis, body electronics, telematics, exhaust and others. The global speed sensors market is bifurcated on the basis of regions into North America, Europe, Asia Pacific, South America and Middle East & Africa.

Europe holds the largest share in the global speed sensors market. High growth in logistics industry and increasing awareness about safety along with set up of low emission zones in Europe has fueled the growth of the global speed sensors market. Asia Pacific is the fastest growing speed sensors market. Government regulation regarding safety features and rise in adoption of advanced technology are some of the reasons for this growth. Other factors such as headlight leveling, automatic wipers, automatic climate control and parking assistance adding the growth of the market.

Some of the key players operating in the global speed sensors market are Robert Bosch GmbH, Sensata Technologies Inc., Infineon Technologies AG, Standex Electronics, Freescale Semiconductor Inc., Denso Corporation, Asahi Kasei Corporation, Continental AG, Analog Devices Inc., AMETEK Inc. Honeywell, Sensata, Ford Corporation, Delphi Automotive and General Electric among others. REGIONAL FRAMEWORK

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