Global Position Sensors Market Poised to Reach $8.91 Billion by 2027, Fueled by Rising Vehicle Safety Awareness

Position Sensors Global Market Report 2023 – Market Size, Trends, And Global Forecast 2023-2027

The Business Research Company’s Position Sensors Global Market Report 2023 – Market Size, Trends, And Forecast 2023-2027

The market size of the position sensors is expected to grow to $8.91 billion in 2027 at a CAGR of 12.5%”

— The Business Research Company

LONDON, GREATER LONDON, UK, November 9, 2023 /EINPresswire.com/ -- The global position sensors market is expected to experience substantial growth, escalating from $5.06 billion in 2022 to $5.56 billion in 2023, with a compound annual growth rate (CAGR) of 9.9%. Despite the disruptive effects of the Russia-Ukraine conflict on global economic recovery, the position sensors market continues to exhibit resilience, spurred by the heightened focus on vehicle safety awareness and a persistent emphasis on product innovation within the industry.

Driver: Increasing Focus on Vehicle Safety

A key driver bolstering the position sensors market is the increasing attention given to vehicle safety. This heightened awareness can be attributed to various factors, including a desire to minimize vehicular accidents and their associated consequences, adherence to regulatory safety standards, and other related considerations. Within the automotive sector, position sensors play a critical role in identifying the position of crucial elements such as the steering wheel, pedals, seats, and a range of valves, knobs, and actuators, thereby enhancing vehicle safety. Notably, recent surveys conducted by Mobility Outlook revealed that a significant portion of Indian automobile consumers are demonstrating a heightened awareness of vehicle safety, expressing a willingness to invest more in safety features for their vehicles, including an increased preference for vehicles with higher safety ratings.

For comprehensive insights into the global position sensors market, refer to the comprehensive sample report:
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Notable Trend: Product Innovation Shaping Market Dynamics

A prominent trend gaining traction within the position sensor market is the increasing emphasis on product innovation, as companies strive to introduce advanced and cutting-edge position sensors, such as inductive position sensors tailored for high-speed electric motor applications. These sensors are engineered to match the precision and responsiveness of resolvers while offering enhanced output, improved safety features, and other innovative functionalities. By focusing on the development of such advanced sensor technologies, companies aim to meet the evolving demand for sophisticated products, thereby solidifying their position within the competitive market landscape.

Key Market Segments and Prominent Players

The global position sensors market is segmented based on:
• Type: Linear Position Sensors, Rotary Position Sensors
• Contact Type: Non-Contact Type, Contact Type
• Output: Digital Output, Analog Output
• Application: Machine Tools, Robotics, Motion Systems, Material Handling, Test Equipment, Other Applications
• End-User Industry: Manufacturing, Automotive, Aerospace, Packaging, Healthcare, Electronics, Other End-User Industries
Leading entities within the position sensors market include Honeywell International Inc., AMS AG, and TE Connectivity Ltd., among others.

While North America is projected to remain the largest region in the position sensors market in 2022, the report encompasses an extensive analysis of various regions, including Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.

Access the complete report to gain detailed analysis of the global position sensors market:
https://www.thebusinessresearchcompany.com/report/position-sensors-global-market-report

Position Sensors Global Market Report 2023 from TBRC covers the following information:
• Market size date for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Trends, opportunities, strategies and so much more.

The Position Sensors Global Market Report 2023 by The Business Research Company is the most comprehensive report that provides insights on position sensors market size, position sensors market drivers and trends, position sensors market major players, competitors' revenues, market positioning, and position sensors market growth across geographies. The position sensors market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.

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