Automotive Temperature Sensor Market: Assessing Growth Potential and Market Share
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According to a report by TechSci Research the Global Automotive Temperature Sensor Market was valued at USD 15.92 billion in 2023 and is anticipated to project robust growth in the forecast period with a CAGR of 6.06% through 2029. This growth is largely attributed to the enforcement of safety and emission control standards by government organizations across various countries, mandating the installation of sensors in vehicles. Automotive manufacturers are thus compelled to adhere to these regulations, consequently driving up the demand for automotive temperature sensors.
In response to this regulatory trend, companies like MS Motorservice International GmbH have introduced aftermarket exhaust gas temperature sensors boasting temperature resistance ranging from -40°C to +1,000°C along with exceptional accuracy. These sensors are designed to monitor the flow of hot exhaust gas and safeguard temperature-sensitive components such as turbochargers against overheating. In instances of critical overheating, the control unit initiates appropriate actions to mitigate the temperature, such as performance reduction.
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Furthermore, the expansion of the automotive HVAC market, which promotes the broader adoption of temperature sensors, stands as a significant trend contributing to the market’s growth. Temperature sensors are widely used in HVAC systems as they effectively monitor ambient conditions within vehicles. Alongside these factors, the increasing adoption of electric vehicles also augments market growth, as these vehicles necessitate temperature monitoring. Companies like Sensor Scientific Inc. are developing thermistor temperature sensors specifically tailored for electric cars.
The report provides insights based on vehicle type, where the Passenger Type segment emerged as the dominant segment in 2023. The increasing purchasing power of millennials has led to a surge in demand for passenger cars, thereby driving global automotive sales. Utility Vehicles, such as SUVs and MPVs, are also gaining popularity due to their elevated ride positions, adaptable interior spaces, and enhanced fuel efficiency. Consequently, the rising demand for passenger cars is expected to fuel the need for temperature sensors in the foreseeable future, given the stringent emission regulations and considerations of safety and comfort in passenger cars.
Key market players in the Global Automotive Temperature Sensor Market are:
- NXP Semiconductors N.V.
- Sensata Technologies Inc.
- American Phenolic Corp.
- Robert Bosch GmbH
- Continental AG
- Texas Instruments Inc.
- TE Connectivity Ltd
- Panasonic Corporation
- Murata Manufacturing Co. Ltd.
- TDK Corporation
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In terms of region, Asia Pacific is projected to dominate the market throughout the forecast period. The growth of the Asia-Pacific market is primarily driven by the burgeoning automotive industry in countries like China and India. To meet the rising demands, automotive manufacturers are heavily investing in various segments, thereby spurring the adoption of temperature sensors in the region. For instance, Mercedes Benz expanded its Chakan Plant capacity to 20,000 units annually, setting a record for luxury car manufacturing in India. Moreover, the electric vehicle market is flourishing, particularly in China, supported by subsidies and incentives. These trends are expected to further influence the growth of the automotive temperature sensor market in the region.
Table of content
1. Product Overview
1.1. Market Definition
1.2. Scope of the Market
1.2.1.Markets Covered
1.2.2.Years Considered for Study
1.2.3.Key Market Segmentations
2. Research Methodology
2.1. Objective of the Study
2.2. Baseline Methodology
2.3. Formulation of the Scope
2.4. Assumptions and Limitations
2.5. Sources of Research
2.5.1.Secondary Research
2.5.2.Primary Research
2.6. Approach for the Market Study
2.6.1.The Bottom-Up Approach
2.6.2.The Top-Down Approach
2.7. Methodology Followed for Calculation of Market Size & Market Shares
2.8. Forecasting Methodology
2.8.1.Data Triangulation & Validation
3. Executive Summary
4. Impact of COVID-19 on Global Automotive Temperature Sensor Market
5. Voice of Customer
6. Global Automotive Temperature Sensor Market Overview
7. Global Automotive Temperature Sensor Market Outlook
7.1. Market Size & Forecast
7.1.1.By Value
7.2. Market Share & Forecast
7.2.1.By Vehicle Type (Passenger Cars, Commercial Vehicles)
7.2.2.By Application (Powertrain, Body Electronics, Alternative Fuel Vehicles)
7.2.3.By Region
7.3. By Company (2023)
7.4. Market Map
In conclusion, the report highlights several key drivers propelling the growth and innovation of the global automotive temperature sensor market. These drivers include the steady increase in global vehicle production, stringent emission regulations, rising demand for electric vehicles, technological advancements in automotive systems, and industry focus on fuel efficiency and engine optimization. The report aims to provide comprehensive market intelligence to aid decision-makers in making sound investment decisions, and identifying emerging trends, drivers, challenges, and opportunities in the Global Automotive Temperature Sensor Market.
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