According to a new market research report published by Credence Research “Engine Speed Sensors Market (by Type: Hall-effect Sensors, Inductive Sensors and Optical Sensors; by End-use Application: Automotive Engines (Two Wheelers, Passenger Cars and Commercial Vehicles), Aircraft Engines, Marine Engines, Power Generator Engines) – Growth, Future Prospects, and Competitive Landscape, 2018-2026”, the engine speed sensors market was valued US$ 3.7 Bn in 2017 and estimated to grow with a CAGR of 3.1% during the forecast period from 2018 to 2026.
The global automotive industry is experiencing a shift from developed region towards developing regions with on-road automobile inching towards 100 Mn. Most of the automobiles are powered by tradition or hybrid IC engines and are equipped with advanced sensors and electronics. These electronics devices changed the gas-gulping image of IC engines to efficient and powerful powerhouses used across several end-user applications. Engine speed sensors are one such device without which a modern-day IC engine cannot be imagined. It plays a vital role is maintaining camshaft position, ignition timing, fuel injection timing and ratio and extend its services to smooth antilock braking systems (ABS) operation in automobiles. With several applications, engine speed sensor became an indispensable part of advance IC engine and its demand not expected to cease anytime soon.
Engine speed sensors help in optimum burning of fuel and hence help to control the harmful emissions. This was a much-needed relief for automotive and IC engine manufacturer to manufacturers IC engines in compliance with stringent government norms for emission and fuel consumption. The regulation framed by governing bodies in European Union and the U.S. were able to follow because of engine speed sensors. Such regulation is being made across several developing nations that are going to encourage the demand for engine speed sensors even further. Several countries are determined to stop manufacturing of automobile powered by IC engines, still, IC engines are not going to leave commercial market soon thus extending the market lifespan of engine speed sensors market.
Different elements of value chain face intense competition in highly fragmented market and engine speed sensor market is no exception to this trend. Several well-established engine speed sensor manufacturers have to face intense competition with local companies for their supremacy. The price-wars, especially in price-sensitive markets, take a considerable toll on big company’s profit margins. However, product up gradation and quality are two of the many factors aiding the company to survive in such strangulating market. Some of the major notable market participants profiled in this research study include Robert Bosch GmbH, Continental AG, ZF Friedrichshafen AG, Aisin Seiki Co., Ltd., WABCO Vehicle Control Systems, Knorr-Bremse, Mando-Hella Electronics Corp., Hitachi High-Technologies Corporation., Hyundai Mobis, and Aptiv PLC among others.
The complete report is available at https://www.credenceresearch.com/report/engine-speed-sensors-market
Key Analysis Covered:
- Latest trends in engine speed sensors market and growth prospects for sensor and IC engine manufacturers
- Stringent government regulations and growing demand for advanced automobiles creating a positive impact on engine speed sensors market
- Different type, availability, and application of engine speed sensors used across several IC engines and their market estimations
- Largest and fastest growing segments in terms of type and end-user
- Most prominent geographical regions/ countries for the engine speed sensors market