The automotive position sensor market has shown strong growth, increasing from $5.31 billion in 2023 to $5.68 billion in 2024, with a CAGR of 6.9%. This growth is driven by stricter emission norms, increased focus on safety features, and the rising demand for EVs. The market is expected to continue growing, reaching $7.45 billion by 2028, at a CAGR of 7.0%. The forecasted growth is supported by government initiatives and the need for compact, energy-efficient sensors. Key trends include technological convergence and advancements in connectivity.
Major Driver In The Automotive Position Sensor Market
The automotive position sensor market is expected to grow due to the rising demand for electric vehicles (EVs). Electric vehicles, gaining popularity due to environmental concerns and advancements, use automotive position sensors for accurate component monitoring and control, enhancing performance and safety. The International Energy Agency reported over 2.3 million electric cars sold in Q1 2023, with sales expected to hit 14 million by the end of the year. This increasing demand for EVs is propelling the growth of the automotive position sensor market.
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Automotive Position Sensor Market Competitive Landscape
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
Key Automotive Position Sensor Market Trend
Companies in the automotive position sensor market are developing hall technology sensors to provide precise and reliable position measurements. For example, in October 2023, TDK Corporation, a Japan-based electronics manufacturer, introduced the HAL 3927, a 3D Hall technology-based position sensor. This sensor offers high-resolution measurements with a ratiometric analog output and digital SENT interface, designed for automotive and industrial applications.
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Automotive Position Sensor Market Segmentation
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
By Geography:The regions covered in the automotive position sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Asia-Pacific was the largest region in the automotive position sensor market in 2023.
The Automotive Position Sensor Global Market Report 2024 furnishes information about the global automotive position sensor market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
