From a valuation of $9.1 billion in 2018, the global position sensor market is predicted to reach a value of $14.2 billion by 2024. Furthermore, the market is predicted to advance at a CAGR of 7.7% between 2019 and 2024. The key factors driving the advancement of the market are the increasing requirement for position sensors in the automobile and aerospace industries and the rising demand for accurate inspection and measurements from manufacturing industries.

The mushrooming usage of position sensors in vehicles is a major factor fueling the growth of the market. Position sensors are heavily used for sensing steering angles and in various automobile applications such as pedal positioning and clutch plates. These sensors are also extensively used in parking assistance systems and hybrid engines for ensuring their proper functioning.

The soaring automobile manufacturing, especially in the emerging economies such as Indonesia, Thailand, and China, is propelling the demand for position sensors. For example, as per many reports, in China, motor vehicle manufacturing increased from 7.7 million units in 2013 to 29.7 million units in 2017.

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Besides this factor, the thriving packaging industry, especially in the developing nations such as India and China, is also fueling the expansion of the position sensor market around the world. For example, according to reports, in India, the plastic packaging industry registered a CAGR of more than 14% between 2010 and 2017.

This market research report provides a comprehensive overview of the market

Future potential of the market through its forecast for the period 2020– 2030
Major factors driving the market and their impact during the short, medium, and long terms
Market restraints and their impact during the short, medium, and long terms
Recent trends and evolving opportunities for the market participants
Historical and the present size of the market segments and understand their comparative future potential
Potential of on-demand logistics services, so the market players make informed decisions on the sales of their offerings