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.
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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...