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

Demand for Webgames Set to Shoot Up in Asia-Pacific in Coming Years

The global webgame market valuation will rise from $3.5 billion in 2019 to $6.5 billion by 2030. Furthermore, the market is predicted to demonstrate a CAGR of 5.7% between 2020 and 2030. Depending on genre, webgames are classified into sports games, real-time strategy games, massive multiplayer online roleplaying games (MMORPGs), arcade games, and first-person shooters. Get the Sample Copy of this Report @ https://www.psmarketresearch.com/market-analysis/webgame-market-insights/report-sample Out of these, the popularity of first-person shooters will grow sharply across the world in the forthcoming years, as per the estimates of P&S Intelligence, a market research company based in India. These types of games are not like the third-person shooters, in which, the gamers can see the character which they are controlling. As these games are highly engrossing and thrilling, their popularity is soaring rapidly all over the world. Globally, the webgame industry is predicted to exhibit the...
Post a Comment
Read more

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

3D Printing Ceramics Market Research by Products & Services, Components & Geography

The technology has created immense opportunities for product designing and helped in consolidating product assembly processes. Ceramics are mainly used for printing plates, cups, and other cutlery items. Ceramic prototypes are also used in high temperature application areas in the aerospace and automotive industries. Get a free sample copy of this report @  https://www.psmarketresearch.com/market-analysis/3d-printing-ceramics-market/report-sample Rapid growth in the 3D printing ceramics market is driven by rise in demand for 3D printing in the dental industry and product modification, and development in various end-use industries. 3D printing is gaining demand in the healthcare industry, especially for dental applications. Ceramics are being preferred for 3D printing of orthopedic and dental implants, and heart valves, due to their characteristics such as inertness, porosity, resistance to high wear, high compression strength, and capability to mold into a variety of shapes...
Post a Comment
Read more