According to the International Trade Administration, China is the largest manufacturer and buyer of automobiles in the world. Moreover, domestic manufacturing in the country is predicted to rise to 35 million vehicles by 2025. Furthermore, as per the data released by the country’s Ministry of Industry and Information Technology, more than 25 million vehicles were sold in the country in 2019, including 4.32 million commercial vehicles and 21.44 million passenger vehicles. Another major factor propelling the worldwide demand for position sensors is the booming packaging industry in several countries. For example, in India, the plastic packaging industry surged at a CAGR of more than 14% between 2010 and 2017. Moreover, due to the surging pharmaceutical and food packaging sectors and the increasing exports, the industry will continue expanding in the coming years. As position sensors are extensively used in packaging machines, the growth of the industry is positively impacting the sales o...