Market Trends of Reed Switches Sensors Industry
This section covers the major market trends shaping the Reed Switches/Sensors Market according to our research experts:
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,
- In February 2017, the Indian government made it mandatory for all cars and mini-buses to install anti-lock braking system (ABS) by April 2019.
- Additionally, in July 2018, Hyundai Motor India Ltd (HMIL) announced its Sriperumbudur-based manufacturing plant to be ready, in order to meet the safety and emission norms well in advance, before its mandatory industry implementation in 2019.
- All the models to be manufactured in Chennai plant may be equipped to meet the BS-VI technology, along with the car and pedestrian safety norms, as well as airbags, and ABS as a standard.
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.
