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The reed sensor market share is expected to increase by USD 637.26 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 6.98%.
This reed sensor market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers reed sensor market segmentation by end-user (automotive, electronics, industrial, construction and security, and others) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The reed sensor market report also offers information on several market vendors, including Aleph America, Celduc Relais, Comus International, Coto Technology, GE Ding Information Inc., Hong Kong Aleph Co. Ltd, HSI Sensing, Littelfuse Inc., OMRON Corporation, PIC GmbH, Pickering Electronics Ltd., Pit Radware Sa, Reed Relays and Electronics India Ltd., RMCIP, SMC Corporation, Standex Electronics Inc., STG Germany GmbH, TE Connectivity Ltd., Thomas White Leicester Ltd., and Zhejiang Xurui Electronic Co.Ltd among others.
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The reed sensor applications in home appliances is notably driving the reed sensor market growth, although factors such as the slowdown in the global automotive industry may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the reed sensor industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Reed Sensor Market Driver
oOne of the key factors driving the global reed sensor market growth is its applications in smart home appliances for detecting position, proximity, level, flow, and speed controls and to help in delivering improved accuracy and reliability. The growing consumer demand for home automation is driving the need for smart home appliances that are equipped with smart sensors. The global demand for cost-effective and energy-saving home appliances continues to grow. The sensors send signals to the control unit of the appliance to activate or deactivate the LED in the appliance in case the door of the appliance is not shut properly. Vendors such as Standex Electronics, Inc. offer reed sensors that can be used in household appliances, including air conditioners, dishwashers, coffee makers, among others. The applications of reed sensors in a wide range of home appliances will have a positive impact on the growth of the global reed sensor market during the forecast period.
Key Reed Sensor Market Trend
Another key factor driving the global reed sensor market growth is the increase in industrial automation. Market trends such as the growing use of robots for automation across industries will lead to the increased use of reed sensors. In addition, IoT is being deployed across several industries by incorporating sensors, such as reed sensors, into numerous types of manufacturing equipment. These sensors allow the collection of data on the performance of the machinery. Vendors such as Reed Switch Developments Corp. offer magnetic reed switches and reed sensors for industrial automation and robotics. Industry 4.0 is a current trend of automation in manufacturing technologies. In January 2022, The International Centre for Industrial Transformation (INCIT), a non-profit, environmental, social, and corporate governance organization, was launched in Singapore to accelerate the transition to Industry 4.0 in manufacturing. Such factors will be driving the growth of the market during the forecast period.
Key Reed Sensor Market Challenge
One of the key challenges to the global reed sensor market growth is the slowdown in the global automotive industry. In 2019, global automobile production declined by 5%, as less than 92.2 million cars, trucks, and buses were manufactured. The automotive manufacturing industry in China had a production share of 28% in the global market in 2019, with the country manufacturing 25.7 million vehicles in that year. According to OICA, there was a 16% decline in the production of motor vehicles in 2020, with less than 78 million cars being manufactured, which was equivalent to the sales level of 2010. Similarly, other regions such as Europe witnessed a decline of 21% in motor vehicle production in 2020 when compared to 2019. In North America, 15.7 million units of motor vehicles were manufactured in 2020. The slowdown in global automotive production has had a negative impact on the growth of the global reed sensor market, which can pose a challenge to market players during the forecast period.
This reed sensor market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global reed sensor market as a part of the global electrical components and equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the reed sensor market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the reed sensor market encompasses successful business strategies deployed by the key vendors. The reed sensor market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The reed sensor market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the reed sensor market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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43% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for reed sensors in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The presence of major electronics and automotive manufacturers in Countries such as China, South Korea, and Japan will facilitate the reed sensor market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
In 2020, the COVID-19 pandemic had a negative impact on the regional reed sensor market. The governments of countries such as China, Japan, South Korea, and India imposed stringent COVID-19-related restrictions and nationwide lockdowns to curb the spread of the disease. The regional automotive industry witnessed a slowdown, and the number of new motor vehicle registrations declined. According to the International Organization of Motor Vehicle Manufacturers (OICA), in China, 25,225,242 units of motor vehicles were manufactured in 2020, which was a decline from the 25,720,665 units produced in 2019. However, in H2 2020, the initiation of mass COVID-19 vaccination drives by the governments in the region led to a decline in the number of COVID-19 cases. This led to the lifting of COVID-19-related restrictions and the resumption of manufacturing operations of regional automobile manufacturers. These factors will drive the growth of the regional reed sensor market during the forecast period.
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The reed sensor market share growth by the automotive segment will be significant during the forecast period. Advanced safety features along with those for better connectivity in automobiles are some of the major reasons for the significant increase in demand for reed sensors, which will drive the market growth through this segment in the coming years.
This report provides an accurate prediction of the contribution of all the segments to the growth of the reed sensor market size and actionable market insights on post COVID-19 impact on each segment.
Reed Sensor Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.98% |
Market growth 2022-2026 |
$ 637.26 million |
Market structure |
Fragmented |
YoY growth (%) |
5.94 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 43% |
Key consumer countries |
US, China, Japan, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
Aleph America, Celduc Relais, Comus International, Coto Technology, GE Ding Information Inc., Hong Kong Aleph Co. Ltd, HSI Sensing, Littelfuse Inc., OMRON Corporation, PIC GmbH, Pickering Electronics Ltd., Pit Radwar Sa, Reed Relays and Electronics India Ltd., RMCIP, SMC Corporation, Standex Electronics Inc., STG Germany GmbH , TE Connectivity Ltd., Thomas White Leicester Ltd., and Zhejiang Xurui Electronic Co.Ltd |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by End-user
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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