Market Size of South Korea Reed Sensors Switches Industry
| 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 |
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 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 Size Summary
The South Korea automotive reed sensors and switches market is poised for growth, driven by technological advancements that have led to the development of advanced, miniature, and highly reliable reed switches. These innovations are increasingly being adopted in the automotive industry to meet changing consumer demands for safer driving experiences. Manufacturers are focusing on enhancing safety features such as pedal angle sensors, ABS, and EBS to improve vehicle safety. Despite the benefits, challenges such as the susceptibility of reed switches to breakage during installation, shock, and vibration, as well as limited durability and mechanical wear, pose significant hurdles. Manufacturers are addressing these issues by providing detailed installation guidelines to minimize breakage and enhance the longevity of the switches.
The demand for automotive reed sensors is further fueled by the rising need for passive safety systems, particularly in mid-level vehicles, as a response to the increasing number of global accidents. This demand is supported by the introduction of safety norms in various countries aimed at reducing accidents and improving consumer safety. However, the market faces challenges due to a slowdown in automobile sales and production, influenced by trade tensions between major economies and the impact of the COVID-19 pandemic. Despite these challenges, the market remains fragmented with numerous regional players, while key companies like Continental AG, Standex International Corp., TE Connectivity, and PIC GmbH hold significant market shares. These companies are focusing on enhancing the size, performance, and durability of reed switches, which is expected to drive market growth in the coming years.
South Korea Reed Sensors Switches Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Industry Attractiveness - Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION
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2.1 By Application Type
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2.1.1 Cruise Control
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2.1.2 Infotainment Systems
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2.1.3 Safety Systems
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2.1.4 Other Applications
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2.2 By Vehicle Type
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2.2.1 Passenger Cars
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2.2.2 Commercial Vehicles
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South Korea Reed Sensors Switches Market Size 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.
