Automotive Camshaft Position Sensor Market Size Worth $643.34 Million by 2023 - Technavio

LONDON--(BUSINESS WIRE)-- The global automotive camshaft position sensor market size is poised to reach USD 643.34 million by 2023, according to a new report by Technavio, progressing at a CAGR of more than 4% during the forecast period. The growing adoption of DOHC engines is projected to augment the market over the forecast period.

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Key suggestions from the report:

  • Passenger cars segment represented over 78% of the overall volume in 2018 owing to the increasing adoption of DOHC engines in passenger cars, and the rising incorporation of electronic content in automobiles.
  • Commercial vehicles segment is likely to register a CAGR of more than 5% in terms of revenue from 2019 to 2023 on account of the increasing adoption of sensors in automobiles.
  • The Asia-Pacific automotive camshaft position sensor market accounted for close to 54% of the overall revenue in 2018, owing to the rising demand for HCV, especially heavy-duty trucks in China and India.
  • The automotive camshaft position sensor market is concentrated with a few players occupying the market share. In addition, the advances in sensor packaging techniques, and the development of smart position sensors are expected to have an impact on the competitive nature of the market.

Read a 126-page research report with TOC on "Automotive camshaft position sensor Market Analysis Report by application (passenger cars, and commercial vehicles) and segment forecasts for 2019 to 2023" at
https://www.technavio.com/report/automotive-camshaft-position-sensor-market-industry-analysis

With the aim to enhance the combustion, volumetric efficiency, and power output of the engine, automotive engine manufacturers are increasing the number of valves used in the engine. The efficient functioning of multiple engine valves can be achieved by using DOHC, which has two camshafts with two camshaft position sensors on each shaft. Thus, the adoption of DOHC engines is increasing significantly, which will fuel the growth of the automotive camshaft position sensor market during the forecast period.

The automotive camshaft position sensors have undergone several changes from contact sensors to contactless sensors and to the latest magnetic position sensors. Moreover, the market has recently witnessed the emergence of smart sensor technology which allows the direct position sensing of a metallic target by eliminating the need for magnets. Such smart technology is expected to be adopted in camshaft position sensors, which will positively impact the growth of the automotive camshaft position sensor market.

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The growing initiatives by the government to promote electric vehicles (EVs), improvements in EV infrastructure, and the rising awareness about the need to reduce vehicular emissions have increased the adoption of EVs across the world. Electric vehicles eliminate the need for an ICE, which also leads to the elimination of the need for camshafts and related components, such as camshaft position sensors. This will have a negative impact on the growth of the market.

Technavio has segmented the global automotive camshaft position sensor market based on the application (passenger cars, and commercial vehicles) and region (APAC, Europe, North America, South America, and MEA).

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About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 10,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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Source: Technavio Research

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