Global Automotive Temperature Sensors Market - Segmented by vehicle type (light commercial vehicles, heavy commercial vehicles, alternative fuel vehicles), by application (power train, body electronics), and Region - Growth, Trends and Forecasts (2018 - 2023)
The automotive temperature sensor market is projected to register a moderate CAGR of nearly 6.47% during 2018 - 2023 (the forecast period). The report includes regions like North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Based on type of the vehicles, the studied market has been segmented into light commercial vehicles, heavy commercial vehicles, and alternative fuel vehicles. On the basis of application, it is limited to powertrain and body electronics.
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, which resulting in growing automotive sales. For an average consumer, truck is an reliable option, as it has good fuel efficiency and safety features. These factors drive the growth of heavy weight vehicles. 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.
General Applications of Temperature Sensors
Temperature sensors are used for a wide range of applications. The most significant and conventional applications are power train and HVAC systems, followed by body electronics and alternative fuel. Growing demand from customers for automatic control of systems, information about a vehicle’s status, and government support for the utilization of alternative fuels have led to an increase in the demand for automotive temperature sensors.
Asia-Pacific to be the Primary Market for Automotive Temperature Sensors
The growth of Asia-Pacific market can be attributed to the developing automotive industry in countries, such as 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 likely to witness a stagnant growth during the forecast period.
Key Recent Developments