Market Research Report
Automotive Reed Switches/Sensors Market - Growth, Trends and Forecasts (2017 - 2022)
|Published by||Mordor Intelligence LLP||Product code||603357|
Delivery time: 2-3 business days
|Automotive Reed Switches/Sensors Market - Growth, Trends and Forecasts (2017 - 2022)|
|Published: August 1, 2017||Content info:||
Automotive vehicle production has been growing rapidly with a substantial increase in global population and vehicle owning households. The market for reed switches/sensors that are a part and parcel of every automobile unit has grown and is undergoing improvisations from time to time.
The global market for automotive reed sensors/switches registered estimated revenue of USD 4.4 billion in 2015 and is expected to touch USD 8.29 billion by 2020, with a CAGR of 13.52% over the forecasted period. Making the existing switches smaller, better and durable has become the current agenda of reed switch manufacturers and these developments are expected to maintain the popularity of this long standing technology.
Technological advancements in the sensor and switch technology have resulted in advanced, miniature and highly reliable reed switches, acting as a driver for the employment of these switches in the automotive industry. Changing consumer preferences for safer driving experience have also forced the manufacturers to seek better safety sensors like pedal angle sensors, ABS and EBS.
Updating older technologies with latest innovations has been the trend in the automotive industry. Owing to this, the automotive manufacturers prefer the latest solid-state magneto resistive (MR) or Hall Effect sensors for their sensitivity, durability and reliability. However, the simplicity and reliable performance of the reed switch and sensors for low-power applications have made it hard for new entrants to replace the former in the automobile sector. As a result, companies are now focusing on developing a better reed switch technology by combining the pros of the existing reed switch with latest innovations. One such approach was implemented by Coto Technology that has introduced the new Microelectromechanical Systems (MEMS) with a magnetically operated reed switch named “RedRock”. This switch merges the zero power operation and high power hot switching capability of the reed switch with the inherent benefits associated with MEMS processing.
Standex-Meder Electronics, Inc. has paired the reed sensors with magnets that find their extensive application in sensing and detecting movement and proximity, metal detection and liquid level and flow measurement in an automobile. This company has also released its latest product - the world's smallest ultra-miniature reed switch with a rated power 3W, switching voltage 30 VDC and switching current 0.3 Amp DC.
The growing automobile sector in the Asia-Pacific region, with India and China emerging as automotive part manufacture hubs for the western automobile giants, is expected to drive the market for reed switches in this region. Over the past couple of years, the reed switch market in the Asia-Pacific region has grown rapidly, with a global share of around 35%, followed by North America and Europe. The report segments the market by type of switch orientation, vehicle type, application type and geography. In a nutshell, automobile makers are now focusing on sourcing for more reliable sensors like that of reed switches that are also economically feasible.