The global crankshaft position sensor market is expected to witness a market value of US$ 500 million in 2023 and is expected to accumulate a market value of US$ 1,400 million by registering a CAGR of 9.0% in the forecast period 2023 to 2033. The Crankshaft Position Sensor market registered a CAGR of 4.3% in the historical period 2018 to 2022. Factors such as a boom in technological developments, as well as surge in automobile production are expected to boost the market growth over the analysis period.
As per Future Market Insights - market research and competitive intelligence provider, the global market value for Crankshaft Position Sensor has been flourished. The growing demand for fuel-efficient and low-emission vehicles is one of the major factors that is projected to augment the market growth in the forthcoming years. As governments globally implement stricter regulations on emissions and fuel efficiency, automakers are looking for ways to make their engines more efficient.
Furthermore, with the growing popularity of electric vehicles, there is a higher demand for CPS systems to monitor the motor and engine position. CPS is used to detect the position of the electric motor rotor, which is crucial for the motor's operation. Thus, the increasing adoption of electric vehicles is a major factor that is likely to boost the market growth. The crankshaft position sensor market has witnessed significant technological advancements in recent years. New systems are being developed that offer higher accuracy, faster response times, and improved durability. These advancements are anticipated to accelerate the revenue share of the market during the forecast period.
Additionally, the global automotive industry is expected to grow significantly in the coming years, driven by factors such as rising population, increasing urbanization, and growing disposable income. As the automotive industry grows, the demand for CPS is expected to increase. Moreover, the market is also driven by the factors such as the growing adoption of autonomous vehicles. There is a higher demand for CPS systems to monitor the engine's position, with the continually increasing adoption of autonomous vehicles. CPS is used to detect the position of the engine's crankshaft, which is crucial for the engine's operation.
Besides, as the average age of vehicles on the road increases, there is a growing demand for replacement parts, including CPS. This in turn is expected to drive the growth of the CPS aftermarket, as consumers look for reliable and affordable replacement parts. On the regional front, the crankshaft position sensor market in North America is expected to account for the maximum share during the analysis period, owing to the factors such as the increasing adoption of autonomous vehicles, growing adoption of electric vehicles, as well as growing automotive industry in the region.
Recent developments in the technology, mergers and acquisitions, and partnerships within the companies involved in the designing of Crankshaft Position Sensor are expected to create lucrative opportunities for the market growth over the analysis period. For instance, Twin Power announced a new line of Crankshaft Position Sensors (CPS) including seven-part numbers with fitments for Harley-Davidson models, dating from the 1999 model year through current. This includes models using the Milwaukee 8 engine. Twin Power was the first aftermarket company to create a line of these OEM-quality sensors. The launch is a significant expansion of the company’s CPS offering.
Subsequently, in March 2022, Allegro MicroSystems, Inc. announced the release of two new state-of-the-art giant magnetoresistance (GMR) crankshaft and camshaft sensors including the ATS16951 (crankshaft) and ATS16351 (camshaft) sensors, which are unique in the market and provide manufacturers with a single-vendor solution, that is ideal for hybrid vehicle engines, with use cases extending to two-wheelers, as well as off-road vehicles.
| Data Points | Key Statistics |
|---|---|
| Expected Market Value in 2023 | US$ 500 million |
| Projected Market Value in 2033 | US$ 1,400 million |
| Growth Rate (2023 to 2033) | 9.0% CAGR |
The growth of the crankshaft sensor market is expected to be fueled by an increase in the demand for fuel-efficient vehicles, a boom in technological developments, and an increase in automobile production.
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A crankshaft is a piece of machinery that rotates. A sensor is an electronic device that keeps track of the position or the rotational speed of an engine's crankshaft. This information is used by engine management systems to govern ignition system timing and other engine parameters.
The primary function of this sensor is to determine the crank's rotational speed and velocity. It also keeps track of the crankshaft's rotational speed. This information is subsequently used by the engine control unit to regulate ignition, fuel injection, and other critical engine characteristics.
These sensors in automobiles are currently in high demand, allowing manufacturers to provide drivers with higher levels of safety, security, reliability, and information. Electronic device manufacturers are putting more sensors into their products in order to add more functions and compete with other competitors in the market.
The introduction of ADAS systems has elevated the use of crankshaft position sensors in automobiles to new heights. Vehicle electrification has seen potential progress in the automobile industry, particularly in transmission systems, temperature control, powertrain, safety systems, and exhaust.
The use of these systems in passenger automobiles has risen in recent years, owing to rising economic status and changing consumer desires for improved safety and comfort, as well as the introduction of modern technologies. As a result, the demand for crankshaft position sensors in passenger cars has increased.
USA and Canada are regarded as early adopters of technology and are predicted to grow rapidly during the next ten years. The crankshaft position sensor industry has benefited from increased fuel efficiency regulations and a general awareness of the sustainable use of resources in North American countries.
A few engines, such as General Motors' Premium V family, include advanced crank position sensing systems that interpret a reluctor ring attached to the harmonic balancer. The approach is significantly more precise in determining the position of the crankshaft, allowing the ECU to determine the exact position of the crankshaft and other associated components at any given time to within a few degrees.
Principal Consultant
The automobile sector in East Asia has been particularly dynamic in recent years, thanks to rising middle-class per capita income and cost benefits for original equipment manufacturers (OEMs). The region is known for making small and cost-effective automobiles, and it includes some of the world's fastest-growing economies, such as China and Japan.
From 2021 through 2031, East Asia is expected to be the world's largest vehicle market. The growing population and rising income levels in East Asia have resulted in higher demand for automobiles, which has fueled the expansion of the crankshaft position sensor market.
Due to cheap automobile production costs, easy availability of inexpensive labor, safety standards and government attempts to support foreign direct investments, the crankshaft position sensor market in East Asia has a great growth potential. The rising level of automobile manufacturing is being accompanied by a growing customer preference for comfort and safety, which is likely to drive up demand for crankshaft position sensor in East Asia.
Some of the leading manufacturers and suppliers include
Key international players are expected to lead the market, followed by mid-sized industry players. These companies are expected to boost their market position by investing heavily in R&D, expanding their product portfolio, and investing in new crankshaft position sensor technology.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
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Crankshaft Position Sensor Market
