Speed/Duration Command is the most common tool to speed up a video or portions of a video in Premiere Pro.
Step 1
Import a Clip onto the Timeline and Select it.
Step 2
Right-click the Clip > Select “Speed/Duration” (keyboard shortcuts: Ctrl/Cmd +R).
Step 3
Increase the Percentage of the Playback Speed and Hit “OK”.

Increase the percentage of the playback speed to speed up a video
For example:
100% = original video speed
300%= 3x faster
600%= 6x faster
Besides, three things are worth mentioning:

3 important settings in Speed/Duration Command
Make sure the little chain is toggled on. So, the clips’ duration changes along with the change of the speed of the video.
You may also use the Razor tool to cut off a portion of the video and increase its speed using Speed/Duration. After you do it, its video duration will be contracted. And there will be a gap between the two clips. To close this gap, check “Ripple Edits”.
If a video has audio, to speed up a video without changing its pitch, you can check the “Maintain Audio Pitch”. Another option is to right-click the clip and select “Unlink” > speed up the video alone > trim the audio track to match up the length of your video. Check how to mix multiple audio tracks online.
How to Speed up a Video in Premiere Pro by Time Remapping
Time Remapping allows you to place one or multiple keyframes in a video to speed up parts of a video. Due to its versatility of speed controls, many professionals love using Time Remapping to speed up or slow down a video in Premiere Pro. Highly recommended.
Step 1
Double-click a Video Track to Expand It.
Step 2
Right-click the Clip > Select “Show Clip Keyframes” > Time Remapping > Speed > Drag the Playhead to Find the Moment in the Clip you Want to Speed Up.

Use Time Remapping feature to speed up a video in Premiere Pro
Step 3
Add Two Keyframes on Either Side of the Moment You Wish to Speed Up.

Add two keyframes to the video
Step 4
Increase the Speed of the Video by Dragging the Bar Upward.

Drag the bar upward to speed up parts of the video
Step 5
For a Smoother Transition, Split the Keyframes to Create a Ramp.

Split a keyframe to create a speed ramp for a smoother speed transition
How to Speed up a Video in Premiere Pro by Rate Stretch Tool
If you only want to speed up a video and don’t care much about how fast the video speed changes, using Rate Sketch Tool can be another viable solution in Premiere Pro.
Step 1
Select a Clip on the Timeline.
Step 2
Click the Third Tool on the Toolbar > Select “Rate Stretch Tool”. (keyboard shortcut: R)

Select the Rate Stretch Tool
Step 3
Drag the Edge of the Clip Inward to Speed Up the Clip.

Use Rate Stretch Tool to drag the edge of a clip inward to speed up a video
Step 4
You Can Drag the Adjacent Clip to Close the Gap.
Bonus: How to Easily Speed up a Video Online by FlexClip
Well, if the Premiere Pro is currently unavailable and it’s a simple video project, a great alternative is to speed up your video online using FlexClip online video maker. With FlexCLip, you can speed up a video or portions of a video up to 8x faster than the original video in clicks.
