The burgeoning usage of position sensors in various automobile parts and applications, such as pedal positioning, clutch plates, parking assistance systems, hybrid engines, and steering angle sensing, is one of the biggest factors increasing their demand across the world.
The soaring production of vehicles across the globe, especially in emerging economies, such as Thailand, China, and Indonesia, is another factor pushing the demand for position sensors. It has been observed that the production of motor vehicles in China increased from 7.7 million units in 2013 to 29.7 million units in 2017.
Due to the above-mentioned factors, the revenue generated from the sales of position sensors stood at $9.1 billion in 2018. It is predicted that the global position sensor market will reach a valuation of $14.2 billion by 2024, with a CAGR of 7.7% during 2019–2024 (forecast period).
There are mainly two types of position sensors — linear and rotary — of which rotary variants registered higher sales in 2018. This is attributed to the wide-scale utilization of these sensors in various automotive applications, such as throttle position control and pedal position, and in numerous consumer electronic appliances.
Apart from automotive, packaging is another field where these devices are used. Therefore, the thriving packaging industry across the world, especially in developing nations, such as India and China, is also responsible for the growing demand for these instruments.
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According to several reports, the plastic packaging industry in India, owing to the growing pharmaceutical and food and beverage sectors and increasing exports requiring superior packaging, in order to meet the standards of international markets, recorded huge growth during 2010–2017.
