Market Research Report
Automotive Reed Switches/Sensors Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||635766|
|Published||Content info||100 Pages
Delivery time: 2-3 business days
|Automotive Reed Switches/Sensors Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: February 1, 2020||Content info: 100 Pages||
The automotive reed switches/sensors market is expected to register a CAGR of 5.8%, during the forecast period (2020 - 2025).
Safety Systems to Witness High Demand for Reed Switches/Sensors
Reed sensors have been used as an effective passive safety system to alert the driver. Reed sensors for early brake sensing is one of the major and common usages of automotive reed sensors as mechanisms to alert drivers about possible collision or accident, during the application of brakes.
With a rise in the number of accidents at the global level, the demand for safety features has been increasing, especially in the mid-level vehicles. Additionally, with an aim to reduce the number of accidents and enhance consumer's safety, many countries across the world have introduced safety norms in the automotive industry. For instance,
The above-mentioned trends across the world are likely to drive the demand for reed sensors/switches for vehicle safety systems, during the forecast period.
Asia-Pacific Continues to Capture Major Market Share
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 had grown rapidly, with a global share of around 35%, followed by North America and Europe. In a nutshell, automobile manufacturers are now focusing on sourcing more reliable sensors, like the reed switches that are also economically feasible.
The automotive reed switches/sensors market is highly fragmented in nature, due to the presence of many regional players. However, some of the major players, like Continental AG, Standex International Corp., Littelfuse Inc., PIC GmbH, etc., have captured significant shares in the market.
The reed switch manufacturers are currently focusing on making the existing switches smaller, better, and durable. These developments are expected to accelerate the demand for the aforementioned type of reed switches in the market.