Position Sensors Market Outlook Report 2024-2033 | Size, Trends, Analysis, Insights, Overview

"The Business Research Company recently released a comprehensive report on the Global Position Sensors Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The position sensors market size has grown rapidly in recent years. It will grow from $5.74 billion in 2023 to $6.42 billion in 2024 at a compound annual growth rate (CAGR) of 11.9%. The growth in the historic period can be attributed to growth in automotive and robotics, demand for accurate motion tracking, expansion of industrial automation and control, use in consumer electronics and gaming, regulatory standards for sensor safety..

The position sensors market size is expected to see rapid growth in the next few years. It will grow to $9.6 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%. The growth in the forecast period can be attributed to miniaturization and high-precision position sensors, growth in autonomous vehicles and drones, customized sensors for specific applications, expansion in smart cities and iot, increased use in wearables and human-machine interfaces.. Major trends in the forecast period include lidar and optical position sensors, regulatory compliance in sensor safety, smart and adaptive position sensors, fusion of multiple sensor technologies, collaboration between position sensors and 5g networks..

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Market Drivers and Trends:

The increasing awareness regarding vehicle safety is expected to propel the growth of the position sensors market. The awareness regarding vehicle safety is increasing due to various reasons such as a reduction in the occurrence of vehicle accidents and their consequences, regulatory safety standards, and others. In vehicles, position sensors are used to identify the position of the steering wheel, pedals, seats, and numerous valves, knobs, and actuators, enabling vehicle safety. For instance, according to a 2021 survey by Mobility Outlook, an Indian car detailing service platform, and a brand of CarTrade Tech, an Indian new and used car dealer company, Indian automobile customers are becoming more vehicle safety-conscious and were willing to spend more for safer cars. Close to one-third of respondents were willing to spend more than ?30,000 ($384) on upgraded security features in vehicles. The 3/4th of respondents preferred to look into four or five-star safety vehicles for future vehicle purchases and were willing to spend more budget for safety, one of the significant findings of the survey. Thus, the increasing awareness regarding vehicle safety will drive the position sensors market growth.

Major companies operating in the position sensors market are developing innovative products such as the motor-rotor position sensor to meet the growing demand for EVs. The E-Motor Position Sensor for passenger EVs is a new type of sensor that is designed to be more accurate and reliable than traditional sensors. It is also smaller and lighter, which makes it ideal for use in EVs. For instance, in June 2021, Continental AG, a Germany-based manufacturing company, unveiled a new E-Motor Rotor Position Sensor for passenger EVs, a sensor designed for enhanced accuracy and reliability compared to conventional sensors. This sensor uses Hall effect sensing technology to detect changes in the magnetic field around the rotor. This makes it very accurate and reliable, even in harsh environments. The sensor is also very small and lightweight, which makes it ideal for use in EVs. Moreover, it helps to improve the performance, efficiency, and safety of EVs.

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Major Key Players of the Market:

Heliospectra AB, Nexus Corporation, Rough Brothers Inc., Agra Tech Inc., LumiGrow Inc., Logiqs BV, Certhon - Greenhouse Solutions BV, Argus Control Systems Ltd., Richel Group, Hort Americas, International Greenhouse Company, Top Greenhouses, Poly-Tex Inc., Stuppy Greenhouse, The Glasshouse Company Pty Ltd., Omni Structures International, Europrogress S.r.l., DeCloet Greenhouse Manufacturing Ltd., Luiten Greenhouses B.V., DutchGreenhouses B.V., Green Tek Inc., Texas Greenhouse Co Inc., Cravo Equipment Ltd., Hoogendoorn Growth Management B.V., Van Wingerden Greenhouse Company Inc., Growers Supply Company Inc., Atlas Manufacturing Inc., Rimol Greenhouse Systems Inc., GGS Structures Inc., Grower's Supply, A&B Packing Equipment Inc., CropKing Inc., Harnois Industries Inc., Multinovavent Greenhouse Company LLC, Agrofarma Inc., Growrite LLC, DeCloet Greenhouse Manufacturing Ltd., AgriTech Solutions LLC, Svensson USA Inc., BW GLOBAL Structures Inc., Conley's Manufacturing and Sales Corp., Netafim USA Inc., Van der Hoeven Horticultural Projects B.V.

Position Sensors Market 2024 Key Insights:

• The position sensors market size is expected to see rapid growth in the next few years. It will grow to $9.6 billion in 2028 at a compound annual growth rate (CAGR) of 10.6%.
• Elevating Vehicle Safety The Rising Awareness Driving Position Sensors Market Growth
• Innovative E-Motor Rotor Position Sensor Revolutionizing Electric Vehicle Technology
• North America was the largest region in the position sensors market in 2023

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Contact Us:
The Business Research Company
Europe: +44 207 1930 708
Asia: +91 88972 63534
Americas: +1 315 623 0293
Email: info@tbrc.info

Follow Us On:
LinkedIn: https://in.linkedin.com/company/the-business-research-company
Twitter: https://twitter.com/tbrc_info
YouTube: https://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ

Learn More About The Business Research Company

The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.

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