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Automotive Position Sensor Market Report 2024 - Market Share Analysis And Trends
Automotive Position Sensor Global Market Report 2024
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According to The Business Research Company's, The automotive position sensor market size has grown strongly in recent years. It will grow from $5.31 billion in 2023 to $5.68 billion in 2024 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to increasing adoption of emission norms, increasing focus on safety features, rising demand for electric vehicles (EVs), growing complexity in vehicle electronics, and expansion of autonomous vehicles (AVs), growing demand for cost-effective sensors.
The automotive position sensor market size is expected to see strong growth in the next few years. It will grow to $7.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%. The growth in the forecast period can be attributed to rising demand for electric vehicles, rising vehicle electrification and hybridization, rising government initiatives, increasing demand for vehicle and environmental monitoring, and growing demand for compact and energy-efficient sensors. Major trends in the forecast period include advancements in automotive technology, integration of IoT and connectivity, vehicle miniaturization, technological convergence, and advanced ADS systems.
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Market Drivers and Trends:
The rise in demand for electric vehicles is expected to propel the growth of the automotive position sensor market going forward. Electric vehicles (EVs) are vehicles powered by electric motors that use energy stored in rechargeable batteries or other energy storage devices. The demand for electric vehicles is on the rise due to increasing environmental concerns, advancements in technology, government incentives, and the growing availability of charging infrastructure. Automotive position sensors in electric vehicles are used to accurately monitor and control the position of various components, enhancing performance, safety, and efficiency. For instance, in July 2023, according to the Internal Energy Agency, a France-based autonomous intergovernmental organization, over 2.3 million electric cars were sold in the first quarter of that year, a 25% increase from the same period last year. By the end of 2023, sales are expected to reach 14 million, representing a 35% year-on-year increase, with growth accelerating in the second half of the year. Therefore, the rise in demand for electric vehicles is driving the growth of the automotive position sensor market.
Major companies operating in the automotive position sensor market are developing innovative products, such as hall technology sensors, to meet the increasing demand for precise and reliable position sensing in vehicles, enhancing performance, safety, and efficiency. Hall technology sensors are devices that detect and measure the presence, strength, and direction of a magnetic field. For instance, in October 2023, TDK Corporation, a Japan-based electronics manufacturing company, launched a new 3D HAL technology-based position sensor known as the HAL 3927. This sensor provides a ratiometric analog output and digital SENT interface based on SAE J2716 rev. 4 standards. It is specifically designed for automotive and industrial applications, offering high-resolution position measurements with a linear, ratiometric analog output and integrated wire-break detection. The HAL 3927 sensor, based on Hall technology, can measure both horizontal and vertical magnetic-field components, allowing for linear and rotary position measurements up to 360°. Additionally, it has an arbitrary programmable output characteristic that enables linearization of the output signal through up to 33 setpoints.
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Major Key Players of the Market:
Robert Bosch GmbH, Panasonic Corporation, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Magna International Inc., Mitsubishi Electric Corporation, Honeywell International Inc., Texas Instruments Incorporated, Aptiv Plc, Schaeffler AG, TE Connectivity, STMicroelectronics N.V., Infineon Technologies AG, Murata Manufacturing Co. Ltd., NXP Semiconductors, BorgWarner Inc., Amphenol Corporation, Analog Devices Inc., HELLA GmbH & Co. KGaA, Sensata Technologies Inc., Allegro MicroSystems Inc., Stoneridge, Melexis, CTS Corporation
Automotive Position Sensor Market 2024 Key Insights:
• The automotive position sensor market size is expected to see strong growth in the next few years. It will grow to $7.45 billion in 2028 at a compound annual growth rate (CAGR) of 7.0%.
• Surging Electric Vehicle Demand Fuels Growth In Automotive Position Sensor Market
• Innovative Hall Technology Sensors Revolutionize Automotive Position Sensing
• Asia-Pacific was the largest region in the automotive position sensor market in 2023
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