Indian Crankshaft Position Sensor Market worth $628.4 Million by 2023 at a growth rate of 6.28%
Growth of Indian Automotive industry is Set to Boost the Growth of this Indian Crankshaft Position Sensor Market
HYDERABAD, TELANGANA, INDIA, December 7, 2022 /EINPresswire.com/ — IndustryARC, in its latest report, predicts that Indian Crankshaft Position Sensor Market size is forecast to reach $628.4 million by 2027, growing at CAGR of 6.28% from 2022 to 2027. Crankshaft Position Sensor is a crucial part of the engine management system that helps the engine in operating more efficiently, by controlling the fuel efficiency and ignition timing. In other words, these sensors monitor the position and the rotational speed of the crankshaft and provide information to the engine management system that ultimately helps in increasing the efficiency level of the fuel injection control system and other engine parameters. Crankshaft and Camshaft position sensors together help the engine management systems task more productively. The growth of the Indian crankshaft position sensor market is mainly driven by the increasing rise in automotive sales and production rate in India, as this sensor is an important part of the engine and without it, vehicles cannot run. Furthermore, government initiatives in the form of regulations for controlling the emission level of carbon footprint is positively affecting the growth Indian Crankshaft Position Sensor. Hence, the above-mentioned factors are fuelling the growth of Indian Crankshaft Position Sensor industry during the forecast period 2022-2027. The report offers a complete analysis of the market, its major segments, growth factors, trends, drivers and challengers, key players and more.
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1. Automotive industry held the major market share in 2021 and is estimated to witness the highest growth during 2022-2027, owning to the increasing purchasing power and growing sales as well as production rate of automotive.
2. The market of Indian Crankshaft Position Sensor is estimated to witness significant upsurge during the forecast period, owing to the growth of Indian automotive industry.
3. This industry is consolidated with top market players including Allegro MicroSystems Inc., Continental AG, Denso Corporation, Infineon Technologies AG, NXP Semiconductors among others.
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1. The Indian Crankshaft Position Sensor market is segmented into Linear Position Sensor, Rotary Position Sensor, and Proximity Sensors. Proximity sensors segment is analysed to grow at a CAGR of 7.12%, during the forecast period 2022-2027. The growth of this segment is attributed to the rapid industrial growth and high adoption of vehicles in India.
2. According to Indian Crankshaft Position Sensor Market report of IndustryARC, Indian Crankshaft Position Sensor market size for automotive industry is analysed to grow with a CAGR of 7.40% during 2022-2027, owing to increasing purchasing power and rapid growth in the vehicles production as well as sale.
3. According a report of IBE, Two-wheelers and passenger cars represented around 81% and 13% of market share, respectively, for a combined sale of Indian automobiles in FY20.
4. India is one of the emerging economies with massive growth opportunities across industries including automotive, aerospace and defence, general manufacturing, consumer electronics and others, which plays a major role in the growth of this market as this sensor is an essential part of the engine.
5. A report from IBEF states that, FDI inflow of around $463.55 million was registered in the defence and aerospace sector of India as of June 2020 and this estimation was made on the basis of the information provided by 80 companies. Such high investments create high demand for crankshaft position sensors.
The top 5 players in the Indian Crankshaft Position Sensor industry are –
1. Allegro MicroSystems Inc.
2. Continental AG
3. Denso Corporation
4. Infineon Technologies AG
5. NXP Semiconductors
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