the speed sensor is the least often replaced part. As 2017 most treadmills Don’t even use speed sensors. You can disconnect the sensor and it won’t fault the unit out. I am told they use the amp ratings? Not sure how since the controller have not changed if you know I would love to find out .
There are some treadmills that use a DC motor with open feedback as DC motors are great for torque applications. The treadmill consoles communicates to the motor controller and gives it a speed command. It then uses that command to produce voltage to the motor to get the desired speed. Even without a speed sensor, these applications are usually accurate within 0.1 MPH.