Skip to main content

Automakers To Generate Huge Demand for Position Sensors In Coming Years

The International Organization of Motor Vehicle Manufacturers (OICA) states that 21,787,126 commercial vehicles and 55,834,456 cars were produced across the world in 2020. Furthermore, the International Energy Agency (IEA) reveals that the global stock of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles stood at 6,850,327 units and 3,346,713 units, respectively, in 2020. 

The increasing adoption of conventional automobiles and electric vehicles (EVs) is creating a huge requirement for position sensors, due to the surging need for these instruments in parking assistance systems, clutch plates, and hybrid engines. Moreover, the flourishing packaging industry, particularly in India and China, will also assist the position sensor market to demonstrate a CAGR of 7.7% during the forecast period (2019–2024). 


According to P&S Intelligence, the market was valued at $9.1 billion in 2018, and it is expected to reach $14.2 billion revenue by 2024. The expansion of the packaging sector can be attributed to the burgeoning demand for packaging solutions from the food and pharmaceutical industries. Position sensors are installed in the packaging machines for better outcomes. Nowadays, position sensor manufacturers are increasingly focusing on product launches, partnerships, mergers and acquisitions, and client pool expansion to reach out to more customers. 

For example, in 2018, SICK AG introduced the AHS/AHM36 IO-link absolute encoder with a multiturn resolution of 12 bits and a single turn resolution of 24 bits. It is a fully magnetic, cost-effective, and compact sensor that can be used in harsh environments. Similarly, ams AG launched a magnetic rotary position sensor with an I2C interface named AS5200L, in 2018. This instrument aids in the development of safety-critical automotive solutions.

Comments

Post a Comment

Popular posts from this blog

Revenue Explosion Predicted in Global Micro Battery Market During 2020—2024

The global micro battery market had a valuation of $418.2 million in 2018 and is predicted to generate a revenue of $1,100.0 million by 2024. Furthermore, the market will exhibit a CAGR of 18.4% between 2019 and 2024. The increasing usage of wearable devices, the rising integration of the internet of things (IoT) in medical devices, and the soaring usage of compact batteries in healthcare applications are the major factors fueling the progress of the market. The rising incorporation of the IoT in medical devices is an important factor propelling the growth of the micro battery market across the globe. With the soaring population levels and the rising prevalence of chronic diseases in various countries, the healthcare industry is rapidly adopting high-tech solutions. The growing usage of advanced medical devices and wearable electronics is causing huge improvements in patient care and treatment procedures. Moreover, it is massively reducing the healthcare costs.  For example, medic...
Post a Comment
Read more

Power Electronics Market Analysis by Industry Segments, Share, Application, Development, Growing Demand, and Top Key Players

The expanding application pool of power electronics, the increasing utilization of renewable energy sources, and the rapid advancements in power electronics technology are the main factors driving the progress of the market across the globe. Additionally, the rising usage of power electronic devices in various utility applications and the growing demand for high power density in wind power generators, electric rail traction drives, solar power generators, and inverter systems are fueling the growth of the market. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/power-electronics-market/report-sample Power electronic devices make sure that power is supplied effectively, thereby providing high flexibility, reliability, and security to the power systems. Due to these devices, the already-existing electrical grids can be easily converted into next-generation networks. When end user is taken into consideration, the power electronics market is divided in...
Post a Comment
Read more

Why Are Smart Solar Devices Trending in Solar Street Lighting Market?

The component segment of the solar street lighting market is divided into lamp, solar panel, battery, and controller. Under this segment, the solar panel division generated the highest revenue in 2019, and it is expected to maintain its dominance during the forecast period. Solar panels are a quintessential component of a solar lighting system, and they are relatively costlier than other components.  Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/solar-street-lighting-market/report-sample These panels offer electricity to charge the battery in daylight, which illuminates the lamps attached to them in less or no sunlight. During the historical period (2014–2019), the Asia-Pacific (APAC) market accounted for the largest share. This was due to the rising expenditure on infrastructure development and growing number of government initiatives in South Korea, India, Australia, China, and Japan for the installation of solar lighting systems.  As ...
Post a Comment
Read more