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The global automotive gear position sensor market is expected to post a CAGR of close to 9% during the period 2019-2023, according to the latest market research report by Technavio.
A key factor driving the growth of the global automotive gear position sensor market size is the increasing demand for shift-by-wire technology. With the increase in the adoption of automatic transmission systems, the demand for shift-by-wire technology is increasing significantly. A shift-by-wire system uses an actuator for transmission, allowing the gear shift to be actuated using digital controls such as lever, buttons, or rotary shifters. Thus, several prominent vendors in the automotive industry are adopting the shift-by-wire technology in their models. Thus, the rising demand for shift-by-wire technology will have a positive impact on the growth of the global automotive gear position sensor market size during the forecast period.
As per Technavio, the development of triple-clutch transmission system will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global automotive gear position sensor market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Continuous R&D related to automatic transmission has led to the development of a triple-clutch automatic transmission system. Several automotive OEMs are working on the commercial validity of the triple-clutch transmission system. These systems use advanced software and machinery to keep the engines reviving at point of maximum efficiency and minimum wastage. These systems also use intelligent ECUs and sensors, which makes them smarter. Thus, the development of the triple-clutch transmission systems is expected to fuel the growth of the market during the forecast period.
“Apart from the development of triple-clutch transmission system, other factors such as the advancements in digital circuitry, and the growing popularity of EV transmission systems will have a significant impact on the automotive gear position sensor market growth during the forecast period,” says a senior analyst at Technavio.
The APAC region led the automotive gear position sensor market in 2018, followed by North America, Europe, South America, and MEA respectively. The automotive gear position sensor market report identifies the rising demand for automatic transmission systems, and the increasing purchasing power of consumers as factors contributing to the growth of the market in APAC.