automotive position sensors market is growing at a rapid pace; mainly due to the improving economic conditions, worldwide that are increasing the consumers’ purchasing power and access to the quality of life. Vehicle electronic systems are evolving rapidly with the increasing technological advancements.
The evolution of microcontroller and position sensors technologies is enabling automakers to develop complex systems that can provide higher vehicle control and safety to the consumers. Moreover, technological trends such as autonomous driving, connectivity, and electrification are boosting the demand in the automotive position sensors market, allowing the market to grow by leaps and bounds.
According to a recently published study report by Market Research Future (MRFR), the global automotive position sensors market is projected to grow over USD 2 BN by 2022, registering approximately 8 % CAGR during the forecast period (2016 – 2022). Increasing integration of position sensors in vehicles defines the market landscape for the automotive position sensors.
Stringent government regulations about automobile safety and the global car production which is increasing at a rate of 4% are significantly contributing to the growth of this market. Additional factors substantiating market growth include growing usages of position sensors such as gear-shift position detection, brake & accelerator position detection, and steering-angle detection.
Moreover, advancement of silicon-based position sensors and development of wireless sensing for automotive application are providing impetus to the market growth of automotive position sensors. An essential factor promoting growth in this market is the end user's concerns about vehicle security and occupant and environment safety.
On the other hand, factors such as the high investment required in the research and development are impeding the growth of the global automotive position sensors market. Nevertheless, the growing demand from end-users for smarter systems is expected to support the market growth, growing steadily over the forecast period.
Global Automotive Position Sensors Market
The European and North American region accounts for the leading markets for automotive position sensors mainly due to the rapid technological development. Moreover, the increasing population with high disposable income is a major driving force behind the growth of the automotive position sensors market in these regions. Furthermore, factors such as the stringent government regulations on vehicles’ safety, the strong increase in vehicle production and sales along with continued demand for safety and comfort features drive the market growth in these regions.
The US market backed by its third largest share in global automotive position sensors market dominates the regional market. The market in America is further expected to grow at a substantial CAGR during the forecasted period.
The European region accounts for the global automotive hub for research and innovation. Undoubtedly, the resurging economy is playing a vital role in the growth of the market in the region. The growing passenger cars markets in Germany, the UK, France, and Italy will majorly support the market growth in the region.
The Asia Pacific region is the emerging as a promising market for automotive position sensors due to stringent government regulations, and influential car designers to upgrade the safety provision in car designs. The automotive position sensors market in the APAC will grow for low-end vehicles and is expected to grow with a considerable CAGR due to the increasing demand for low-end automobiles.
The increasing disposable income in the middle-income group and the inclination of buyers towards high-end luxury cars are some of the key drivers of the growth of automotive position sensors market in the region.
Besides, factors such as the high vehicle production, continuous implementation of regulations on fuel emission and increasing number of position sensors per vehicle the region is expected to witness significant growth over the forecast period.
Global Automotive Position Sensors Market
Highly competitive automotive position sensors market is totally dependent on automobile sales and is driven by the increase in automotive production, globally. The market appears fragmented owing to the presence of several large and small-scale players accounting for a substantial market share.
Well-established players incorporate strategic initiatives such as acquisition, collaboration, partnership, expansion, and product/ technology launch in order to maintain their positions and to gain a competitive advantage in this market. The competitive nature of the market is envisaged to intensify as more position sensors enter into the market, which is inevitable in the wake of increasing government regulations and consumer demand for advanced automotive safety features.
These players emphasis upon new product development initiatives, and geographical expansion. The global automotive position sensors market is anticipated to witness relentless innovations and development of new products, eventually result in intense competition among the Automotive Position Sensors manufacturers.
Key Players:
Fervent players leading the market include Avago Technologies, Analog Devices Inc, Bosch Sensortec GMBH, Continental Corporation, Bourns Inc, CTS Corporation, Denso Corporation, Delphi Automotive, Gill Sensor& Control, GE Measurement & Control Solutions, Hella KGAA, NXP Semiconductors, Infineon Technologies, Sensata Technologies, Stoneridge Inc., and TRW Automotive Inc.
Industry/ Innovation/ Related News
December 03, 2018 – STMicroelectronics (Switzerland), a multinational electronics and semiconductor manufacturer introduced its new automotive global shutter image sensors - the VG5661 and VG5761 to perform driver monitoring. These image sensors enhance monitoring of driver and passengers by capturing the image as illuminated by the camera, removing unpredictable external effects such as street lighting or sunlight.
The new sensors enable next-generation driver assistance, and the driver-monitoring software leverages the images from these new sensors assessing the driver’s condition, monitoring the position and movements of all occupants, and surveying the location and movements of other vehicle occupants accurately.
November 16, 2018 – TDK Corporation (Japan), a multinational electronics company introduced a 3D Hall-effect position sensor family designated Micronas HAL 39xy. The new device offers unique stray-field compensation and highly flexible architecture. The wide range of automotive applications of this device includes brake and accelerator position detection, gear-shift position detection, and steering-angle detection.
The global Position Sensors Market research report, published by Value Market Research, is designed to offer various market framework such as market size, portion, trends, growth path, value and factors that impact the current market dynamics over the forecast period 2020-2027.
Most importantly, this report also provides the latest significant strategies adopted by major players along with their market share.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the position sensors market include TE Connectivity, Honeywell, Althen Sensors, Gill Sensors & Controls Limited, Cambridge Integrated Circuits, Tekscan, Inc., Sensata Technologies, Inc., Bourns, NewTek Sensor Solutions, Novotechnik Inc., Positek Limited.
This section consists of a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Position Sensors Market Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/position-sensors-market/download-sampleMarket DynamicsThe increasing focus on accurate measurements and detailed inspection in manufacturing industries is the key factor driving the market growth of position sensors.
The rising adoption of position sensors in the aviation and aerospace industry and the increasing demand to deploy these sensors in modern automobiles will propel the growth of this market.
Furthermore, the rapid adoption of advanced technologies and the rising inclination towards the automation of industrial processes will boost the market growth of position sensors.
