European Speed Sensors Market size is estimated to reach USD 2.5 billion by 2027, according to a latest forecast report by Graphical Research.
The market growth is due to supportive government initiatives to boost the electronics & semiconductor manufacturing industries in the region. For instance, in September 2020, the Government of France invested USD 120 billion in a stimulus package to accelerate digital transformation, infrastructure & electronic manufacturing startups in the country. Additionally, the increasing adoption of automated assembly lines in manufacturing plants will boost the requirement for speed sensors. Rotary speed sensors are used to measure and control the speed of the motors to ensure worker safety. The rising demand for smart manufacturing machinery in the industrial sector will fuel the market growth.
The automotive is set to grow at a CAGR of 5% during the forecast period credited to rising government initiatives and policies to mandate the integration of safety systems in vehicles. For instance, in January 2020, the European Union launched a new regulation to mandate the implementation of vehicle safety systems in cars, trailers & heavy-duty vehicles, which will be enforced from July 2022. These safety regulations specify the use of emergency braking systems, intelligent speed assistance, and emergency stop signals, among others. These safety systems require the incorporation of advanced speed sensors to monitor and control the wheel speed, driving growth during the forecast period Thereby, increasing government regulations towards road safety will increase the requirement for various sensors and components among the automotive OEMs in the region.
Browse detailed statistical insights from the report, “Europe Speed Sensor Market Forecast 2027 By Type (Hall Effect, Magneto Resistive, Variable Reluctance), By Application (Automotive, Industrial, Aerospace & Defense, Consumer Electronics), Research Report, COVID-19 Impact Statistics, Country Outlook, Price Trends, Historic Data, Growth Prospects, Competitive Industry Share” along with the table of contents (ToC) @
The Germany speed sensors market is expected to exhibit a CAGR of 5.5% during the projected period due to the increasing adoption of smart & automated home appliances in the country. The rising integration of advanced technologies, such as AI and IoT, in washing machines, mixers, and coffee makers, among others, is supporting the market demand for speed sensors. According to the CBI Ministry of Foreign Affairs report published in March 2021, Germany’s IoT spending is expected to grow by 15.5% annually, reaching USD 48.5 billion. This spending will be focused on developing IoT-based consumer electronics and industrial devices.
The European speed sensors market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027 for the following segments:
Europe Market, By Type
- Hall effect
- Magneto resistive
- Variable reluctance (VR)
Europe Market, By Application
- Aerospace & defense
- Consumer electronics
The above information has been provided for the following countries: