Global Automotive Pressure Sensors Market - Segmented by Vehicle Type (Light Commercial Vehicles, Heavy Commercial Vehicles, and Alternative Fuel Vehicles), Application (Power Train and Body Electronics), and Region - Growth, Trends, and Forecast (2018 - 2023)
In 2017, the automotive pressure sensor market was valued at USD 3.98 billion and is expected to reach a value of USD 6.36 billion by 2023, registering a CAGR of about 8.14% during 2018-2023 (the forecast period). The report cover regions like North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. By type of vehicles, the scope of the report includes light commercial vehicles, heavy commercial vehicles, and alternative fuel vehicles. By application, it is limited to tire pressure monitoring systems, brake booster systems, engine management system, exhaust gas recirculation systems, air bag systems, and vehicle dynamic control.
In Terms of Product Type, the Passenger Cars Segment accounted for the Highest Market Share
Due to the rising purchasing power of the millennial population, the demand for passenger cars is growing. For an average consumer, truck is a reliable option, as it has good fuel efficiency and safety features. These factors drive the growth of the heavy weight vehicles segment. Premium vehicles and utilities continue to drive the sales rate of light vehicles, which cumulatively is expected to contribute to a growth in demand for temperature sensors during the forecast period.
The Engine Management Systems Segment Holds the Major Share in Application
The engine management systems (EMS) are small in size, therefore their engines are made eco-friendly, without compromising the performance of vehicles. Reduction in the size of engine increases the fuel efficiency, leading to a better mileage. Barometric pressure sensor is an essential part in EMS for gasoline and diesel engines. Fuel economy standards, such as carbon dioxide, carbon monoxide, and nitrogen oxide emission limits, are getting stringent worldwide, thus, there are many restrictions on emissions .This factor has compelled manufacturers to develop fuel-efficient EMS complying with emission standards, therefore, driving the demand for EMS in the pressure sensors market during the forecast period.
Asia-Pacific Holds the Major Market Share among all Other Regions
The growth in Asia-Pacific owes to the development of automotive industry in countries, like China and India. The regulations imposed, regarding safety and emission controls, in North America, Europe, and Latin America are expected to boost the market significantly, during the forecast period. The Middle East & African market is anticipated to witness a stagnant growth during the forecast period.
Key Recent Developments