The Asia-Pacific Reed Sensors Switches Market is projected to grow with a CAGR of more than 5 % during the forecast period.
- Owing to the high demand of electric vehicles in the region and changing customer preference for safe vehicles demand for reed sensor switches is growing in the region.
- Technological advancement in sensors technology is helping in development of miniature, advanced and highly advanced reed sensors, which is enabling its application in several safety and infotainment systems and others.
- With the increasing strict norms for safety and the preference by the end users for more safe vehicles the major players are introducing new sensors to alert the driver of any potential threat like, ABS, EBD and other sensors.
- However, the sensitivity of the reed sensors when it experiences any shock, it makes the sensor disabled and the malfunctioning of the entire system. Which increases the cost of maintenance of the system for the end-user.
Key Market Trends
Electric Cars Adoption Driving Growth
Owing to the increasing pollution levels in the region, the governments are spending heavily on attracting demand for the eco-friendly electric vehicles in the region by giving financial benefits to the EV buyers and making required infrastructure available for them so they can charge the vehicle during long distance travels.
In February 2020, Indian Government is planning to set up 2600 charging stations in four major cities having million plus population. The government aims at 400,000 plus charging stations by the end of 2026.
Electric Vehicles have a range of around 250-300 Kms on a full charged battery. To ensure minimal charging time, 16-32 Amps may be required for charging. For high current charging, it is very important that the mating of the contacts inside the connectors not only conform to requirements but also ensure that they provide a complete lock-in so charging problems don’t occur. To aid in good mating of connectors, reed sensors are built into the charging sockets of electric cars and a magnet is provided at the end of the charging cable. This ensures that a correct locking signal is passed on to the charging circuit to trigger start of the charging.
China Remains the Largest Market in 2019
During the year 2019, owing to the demand for electric vehicles in the country and luxury cars also supporting the growth of automotive reed sensors in the country. As these vehicles have several electric systems like, ADAS, digital cockpit systems, high safety systems which is used in early braking sensing to alert drivers about possible collision or accident, during the application of brakes.
During the year 2019, close to 1.8 million electric vehicles were sold in China which is the highest sales all over the world. And the Chinese government is spending heavily to boost the infrastructure in the country and provide charging station for enough EVs available on the Chinese roads. For instance, in April 2020, Chinese government has decided to invest RMB 10 billion to expand the already world largest EV charging network.
The Asia-Pacific Reed Sensors Switches Market is fragmented, with many players accounting for a small market share. Some of the prominent companies in Asia-Pacific Reed Sensors Switches Market are Bimba Manufacturing Company, Comus International, Coto Technology, GE-Ding Information Inc. and others. The major players in the country are entering into strategic partnership with global leaders to gain considerable market share.
In October 2019, ZF Friedrichshafen AG announces the launch of new position and speed sensor in their sensor's category. Through this launch, the company will expand its product portfolio in the market.
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