Global Automotive Reed Switches/Sensors Market - Segmented by Type, Vehicle, Application, and Geography - Growth, Trends, and Forecast (2018 - 2023)
The global market for automotive reed sensors/switches registered estimated revenue of USD 5.26 billion in 2017 and is expected to touch USD 8.40 billion by 2023, with a CAGR of 8.11% over the forecasted period. Making the existing switches smaller, better and durable has become the current agenda of reed switch manufacturers and these developments are expected to maintain the popularity of this long standing technology.
Technological advancements in the sensor and switch technology have resulted in advanced, miniature and highly reliable reed switches, acting as a driver for the employment of these switches in the automotive industry. Changing consumer preferences for safer driving experience have also forced the manufacturers to seek better safety sensors like pedal angle sensors, ABS and EBS.
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 has grown rapidly, with a global share of around 35%, followed by North America and Europe. In a nutshell, automobile makers are now focusing on sourcing for more reliable sensors, like that of reed switches that are also economically feasible.
Vehicle safety systems are designed to protect passengers during accidents. They can be classified as primary, or passive systems and secondary, or active systems. Reed sensors can be used as an effective passive safety system suited to alert driver. Reed sensors for early brake sensing is one of the major and common usage of automotive reed sensors as mechanisms to alert drivers about possible collision or accident during application of brakes. Open vane sensors are also designed by using a normally closed reed switch on one side and a magnet on the other side, which is strong enough to keep the normally closed reed switch open.
Reed switches have several inherent disadvantages, including susceptibility to breakage issues during installation, and its susceptibility to shock or vibration applications, lower durability, a limited life due to the mechanical nature of the switch, as well as issues due to the contact bounce. Reliability and durability are challenges for reed switch users. When leads on the reed switches are soldered into the circuit, they bend significantly, and this can easily crack the glass enclosure of the switch, making the switch unusable. Reed switch manufacturers, therefore, carefully provides specific installation instructions in order to limit this breakage.
Key Developments in the Market