LONDON--(BUSINESS WIRE)--The global automotive gear position sensor market is expected to post a CAGR of nearly 9% during the period 2019-2023, according to the latest market research report by Technavio. Request a free sample report
The growing adoption of automatic transmission system has significantly increased the demand for the shift by wire technology. Luxury car manufacturers such as Audi, BMW, and Daimler are increasingly adopting this technology in their car models. During the forecast period, automatic transmission systems are expected to be adopted in a wider segment of vehicles. This is expected to fuel the demand for shift by wire technology and subsequently drive the growth of the market.
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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 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global Automotive Gear Position Sensor Market: Development of Triple-Clutch Transmission System
Consistent R&D efforts in the automobile industry have led to the development of the triple-clutch transmission system. The triple-clutch transmission system uses advanced software and machinery, intelligent ECUs, and sensors to improve the efficiency of engines. Prominent automobile manufacturers such as General Motors, Honda Motor Co., and Ford Motors are making significant investments in the development of triple-clutch transmission systems. This trend among automakers is expected to boost the growth of the global automotive gear position sensors market during the forecast period.
“Apart from the development of triple-cutch transmission system, the growing popularity of electric vehicle (EV) transmission system and digital circuitry integrating advanced algorithms for faster gear shifts are some other major factors that will boost market growth during the forecast period”, says a senior analyst at Technavio.
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Global Automotive Gear Position Sensor Market: Segmentation Analysis
This market report segments the global automotive gear position sensor market by application (automatic transmission and manual transmission) and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the market in 2018, followed by North America, Europe, South America, and MEA respectively. During the forecast period, the APAC region is expected to maintain its dominance over the global market. This is due to the rapid economic development and increased per-capita income in the region.
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Some of the key topics covered in the report include:
- Market ecosystem
- Market characteristics
- Market segmentation analysis
- Market definition
- Market size and forecast
Five Forces Analysis
- Regional comparison
- Key leading countries
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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