Press release
Evolving Market Trends In The Automotive Position Sensor Industry: Innovative Hall Technology Sensors Revolutionize Automotive Position Sensing
Automotive Position Sensor Market Size
What Is the Expected Automotive Position Sensor Market Size During the Forecast Period?
The automotive position sensor market has grown strongly in recent years. It will grow from $5.68 billion in 2024 to $6.09 billion in 2025, at a CAGR of 7.3%. This is due to the increasing adoption of emission norms, rising focus on vehicle safety, and the demand for electric and autonomous vehicles.
The automotive position sensor market will grow to $7.96 billion in 2029 at a CAGR of 6.9%, supported by rising EV and hybrid demand, sensor miniaturization, and government initiatives. Trends include IoT-enabled sensors, compact designs, and ADAS advancements.
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What Are the High-Growth Segments in the Automotive Position Sensor Market?
The automotive position sensor market covered in this report is segmented -
1) By Type: Multi-Axis, Angular, Linear, Other Types
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles
3) By Sales Channels: Original Equipment Manufacturers (OEMs), Aftermarket
4) By Applications: Clutch, Brake And Accelerator Pedals, Engine, Transmission And Suspension, Gear Shifters, Chassis, Other Applications
Subsegments:
1) By Multi-Axis Position Sensor: 3-Axis Position Sensors, 6-Axis Position Sensors, Multi-Axis Sensors For Steering Systems, Multi-Axis Sensors For Seat Adjustments, Multi-Axis Sensors For Vehicle Stability Control
2) By Angular Position Sensor: Rotary Position Sensors, Angular Position Sensors For Steering Angle Detection, Angular Position Sensors For Pedal And Gear Shift Positioning, Contactless Angular Position Sensors, Rotary Encoders For Position Sensing
3) By Linear Position Sensor: Linear Potentiometers, Linear Variable Differential Transformers (Lvdt), Capacitive Linear Position Sensors, Inductive Linear Position Sensors, Hall-Effect Linear Position Sensors
4) By Other Types: Proximity Position Sensors, Optical Position Sensors, Pressure-Based Position Sensors, Magnetic Position Sensors, Strain Gauge Position Sensors
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What Key Drivers Are Expected to Influence Future Automotive Position Sensor Market Growth?
The rise in demand for electric vehicles is expected to drive the growth of the automotive position sensor market. The popularity of electric vehicles is rising due to environmental concerns, technological advancements, and government incentives. Automotive position sensors help monitor and control the position of various vehicle components, enhancing safety and performance. According to the International Energy Agency, over 2.3 million electric cars were sold in the first quarter of 2023, representing a 25% increase compared to the previous year. Thus, the increasing demand for electric vehicles is supporting the growth of the automotive position sensor market.
Which Companies Hold the Largest Share Across Different Automotive Position Sensor Market Segments?
Major companies operating in the automotive position sensor market are 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
What Trends Are Expected to Dominate the Automotive Position Sensor Market in the Next 5 Years?
Companies in the automotive position sensor market are developing innovative sensors like hall technology sensors to provide precise and reliable position measurements, enhancing vehicle performance and safety. For example, in October 2023, TDK Corporation, a Japanese electronics manufacturer, launched the HAL 3927, a 3D HAL technology-based position sensor. This sensor offers high-resolution position measurements and can measure both horizontal and vertical magnetic-field components, allowing for linear and rotary position measurements up to 360°.
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What Are the Emerging Geographies for The Automotive Position Sensor Market Growth?
Asia-Pacific was the largest region in the automotive position sensor market in 2023. The regions covered in the automotive position sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Automotive Position Sensor Market?
2. What is the CAGR expected in the Automotive Position Sensor Market?
3. What Are the Key Innovations Transforming the Automotive Position Sensor Industry?
4. Which Region Is Leading the Automotive Position Sensor Market?
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