South Korea Reed Sensors Switches Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 3.00 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Reed Sensors Switches Market Analysis
The South Korea automotive reed switches/sensors market is expected to register a CAGR of 3% during the forecast period (2020-2025).
- 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.
- Reliability and durability are challenges for reed switch users. 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. When leads on the reed switches are soldered into the circuit, they bend significantly, which can easily crack the glass enclosure of the switch, making the switch unusable. Therefore, reed switch manufacturers carefully provide specific installation instructions, in order to limit this breakage.
South Korea Reed Sensors Switches Market Trends
This section covers the major market trends shaping the South Korea Reed Sensors Switches Market according to our research experts:
Safety Systems to Witness High Demand for Reed Switches/Sensors
Reed sensors have been used as an effective passive safety system to alert the driver. Reed sensors for early brake sensing is one of the major and common usages of automotive reed sensors as mechanisms to alert drivers about possible collision or accident, during the application of brakes.
With a rise in the number of accidents at the global level, the demand for safety features has been increasing, especially in the mid-level vehicles. Additionally, with an aim to reduce the number of accidents and enhance consumer's safety, many countries across the world have introduced safety norms in the automotive industry.
COVID-19 will halt the Growth of the Market
There is a slowdown in automobile sales and production which is because of the trade tensions between two major economies of the world China and the United States, also the ongoing Pandemic COVID-19 is also responsible for the slowdown in the economy as it has forced the world economy to lockdown for almost 3 months and now the growth is expected to resume in the second half of 2021, as the governments are providing stimulus to the demand as well as the supply side to revive the economy.
South Korea Reed Sensors Switches Industry Overview
The automotive reed switches/sensors market is highly fragmented in nature, due to the presence of many regional players. However, some of the major players, like Continental AG, Standex International Corp., TE Connectivity, and PIC GmbH, captured significant shares in the market.
The reed switch manufacturers are currently focusing on making the existing switches smaller, better, and durable. These developments are expected to accelerate the demand for the aforementioned type of reed switches in the market.
South Korea Reed Sensors Switches Market Leaders
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Aleph America Corporation
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Continental AG
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Standex International Corp.
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TE Connectivity Ltd
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PIC Gmbh
*Disclaimer: Major Players sorted in no particular order
South Korea Reed Sensors Switches Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Drivers
- 4.2 Market Restraints
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4.3 Industry Attractiveness - Porter's Five Forces Analysis
- 4.3.1 Threat of New Entrants
- 4.3.2 Bargaining Power of Buyers/Consumers
- 4.3.3 Bargaining Power of Suppliers
- 4.3.4 Threat of Substitute Products
- 4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 By Application Type
- 5.1.1 Cruise Control
- 5.1.2 Infotainment Systems
- 5.1.3 Safety Systems
- 5.1.4 Other Applications
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5.2 By Vehicle Type
- 5.2.1 Passenger Cars
- 5.2.2 Commercial Vehicles
6. COMPETITIVE LANDSCAPE
- 6.1 Vendor Market Share
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6.2 Company Profiles
- 6.2.1 Aleph America Corporation
- 6.2.2 Coto Technology
- 6.2.3 SMC Corp.
- 6.2.4 TE Connectivity Ltd
- 6.2.5 Littelfuse Inc.
- 6.2.6 Continental AG
- 6.2.7 Reed Relays and Electronics India Limited
- 6.2.8 Standex International Corp.
- 6.2.9 PIC GmbH
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablitySouth Korea Reed Sensors Switches Industry Segmentation
The South Korea automotive reed switches/sensors market covers the latest trends and technological development and provides analysis on the market demand by application type, vehicle type, and market share of major reed switches/sensors manufacturing companies across South Korea.
| By Application Type | Cruise Control |
| Infotainment Systems | |
| Safety Systems | |
| Other Applications | |
| By Vehicle Type | Passenger Cars |
| Commercial Vehicles |
South Korea Reed Sensors Switches Market Research FAQs
What is the current South Korea Reed Sensors Switches Market size?
The South Korea Reed Sensors Switches Market is projected to register a CAGR of greater than 3% during the forecast period (2024-2029)
Who are the key players in South Korea Reed Sensors Switches Market?
Aleph America Corporation, Continental AG, Standex International Corp., TE Connectivity Ltd and PIC Gmbh are the major companies operating in the South Korea Reed Sensors Switches Market.
What years does this South Korea Reed Sensors Switches Market cover?
The report covers the South Korea Reed Sensors Switches Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the South Korea Reed Sensors Switches Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
South Korea Reed Sensors Switches Industry Report
Statistics for the 2024 South Korea Reed Sensors Switches market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Reed Sensors Switches analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
