How is Growing Vehicle Production Driving Position Sensor Market?

The production of motor vehicles has been increasing rapidly, particularly in Thailand, China, and Indonesia. For example, in 2017, the production of vehicles in China rose from 7.7 million units in 2013 to 29.7 million units in 2017. Because of technological advancements, vehicles are now being integrated with all kinds of devices for making them safer and improving driving experience.

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One of the major devices that are widely being utilized in motor vehicles are different kinds of sensors, including position sensors. These sensors are used for sensing steering angles, pedal positioning, and in clutch plates.

In addition to this, position sensors are important components of various monitoring equipment and industrial processing set-ups. They are needed for ensuring safety and quality control. Because of these factors, the global position sensor market is projected to generate a revenue of $14.2 billion by 2024, rising from $9.1 billion in 2018, progressing at a 7.7% CAGR during the forecast period (2019-2024).

Linear and rotary are two types of position sensors, between which, the demand for rotary sensors was higher in the past. This is owing to their wide application areas, such as pedal position, throttle position control, and several consumer electronics appliances.

Different types of rotary position sensors are rotary variable differential transformer, rotary encoder, rotary potentiometer, and resolver. Out of these, rotary encoders were the most in demand in the past, as they offer high-resolution and more accurate set-points than potentiometers and are digitally compatible.

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Other than this, the demand for linear position sensors is also expected to grow in the near future. Types of linear sensors are linear variable differential transformer, linear encoder, laser sensor, and magneto restrictive sensor. The demand for laser sensors is projected to rise significantly during the forecast period, as they provide accurate measurement results.

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This release was published on openPR.