North America Speed Sensor Market

By Region, the study provides market insights into US, Canada and Mexico. In terms of revenue, US held the largest share of 83.1% in the Speed Sensor market in 2022 and is expected to maintain its dominance during the forecast period.

The increasing demand of electronics in automotive sector; increase in industrial automation by monitoring and controlling the speed of machineries and processes, for efficient and productivity improvement; and increase in demand of speed sensors for usages in turbines, generators and wind turbines to monitor the rotational speed and ensuring optimal performance in energy sector are driving the demand for speed sensor for North America region.

North America, particularly the United States, has a substantial automotive manufacturing sector. The growing demand for vehicles, including electric and autonomous vehicles, is driving the need for advanced speed sensors for various applications, including engine control, transmission control, and vehicle safety systems. There are many industrial applications that require monitoring rotational speed and standstill. Speed sensors are used in the automotive, food, steel and mining industries to detect standstills, overspeed’s, and under-speeds on drives and conveyor belts. Speed sensors are used on mobile machines like forklift trucks to track speed.

Companies such as Electro-Sensors are into speed switches and vibration monitors that are used on centrifuges to monitor critical speed and vibration levels, and guard against slowdown or stoppage that can result in costly process downtime, machine damage, and material waste. Tachometers and Ratemeters are commonly used in this type of application to display the RPM of the conveyor.

Companies like Allegro, with their High-Resolution Wheel Speed Sensing (HRWSS) technology, offer a notable advancement in this regard. Their sensors can provide detailed encoder increments along with directional data, all while maintaining accuracy even with a small tire displacement of just 5 mm on a 2-meter tire circumference equipped with a 48-pole pair ring magnet. This level of resolution is four times higher than what standard Wheel Speed Sensors (WSS) on the market can offer.

The advantages of employing high-resolution wheel speed sensing extend beyond park-assist and hill-hold applications. They also enable quicker detection and recovery from angular and air-gap vibrations. Additionally, they enhance the sensor's durability in accurately detecting wheel rotation, a critical aspect for reliable performance in scenarios like park-assist and hill-hold applications.

Figure2: NORTH AMERICA SPEED SENSOR MARKET SIZE BY REGION 2022&2032

Source: Secondary Research, Primary Research, MRFR Database, and Analyst Review

With a strong presence across different verticals and geographies, the Speed Sensor market is highly competitive and dominated by established, pure-play vendors. Over 30 vendors cater to this market, and they continually innovate their solutions to meet the evolving needs of businesses by adopting new technologies to make business more effective. These vendors have a robust geographic footprint and partner ecosystem to cater to diverse customer segments. The Speed Sensor market is highly competitive, with many vendors offering similar products and services.

The major players in the market include Rockwell Automation, Inc., ABB, NXP Semiconductors, STMicroelectronics, Infineon Technologies AG, Schneider Electric, Smith Systems, Inc., HYDAC Technology Corporation, Micro-Epsilon, Texas Instruments Incorporated, Continental AG, Bosch Engineering, Motion Sensors, Inc., Rechner Sensors, and Honeywell International Inc. and others. NXP Semiconductors' business strategy is focused on three key areas, accelerating the shift to greater mobility, enabling more efficient data, and sustainability. The company aims to contribute to the advancement of mobility by providing solutions that reduce wasted time, money, and effort, ultimately helping businesses run more efficiently.

NXP Semiconductors also focuses on developing technologies and solutions that enable the efficient processing and utilization of data. Additionally, the company considers sustainability as an integral part of its long-term business strategy, incorporating environmental, social, and governance practices into its operations and decision-making processes.

The North America Speed Sensor market is a consolidated market due to increasing competition, acquisitions, mergers, and other strategic market developments and decisions to improve operational effectiveness.