Global Automotive Pressure Sensors Market 2020-2024| Growing Demand for Automobiles to Boost Market Growth | Technavio
LONDON--(BUSINESS WIRE)--Feb 20, 2020--
The automotive pressure sensors market is expected to grow by USD 614.21 million during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Automotive Pressure Sensors Market 2020-2024 (Graphic: Business Wire)
The global automobile market has grown significantly over the past few years, especially in developing countries in APAC. The significant growth in APAC can be attributed to low vehicle penetration when compared with the other regions and growing disposable income. Moreover, growing environmental and safety concerns due to increasing vehicle population, especially in fast-growing cities are prompting governments to impose stringent vehicle emission and safety norms that are in line with those mandated in the developed regions. Thus, a large number of automobiles are being equipped with various systems such as EGR system, ABS, and airbag, which require pressure sensors for functioning.
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As per Technavio, increased adoption of MEMS technology by automakers will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Pressure Sensors Market: Increased adoption of MEMS technology by automakers
The increased adoption of MEMS technology by automakers is one of the major trends being witnessed in the global automotive pressure sensors market. Micro-electro-mechanical systems are miniature systems that combine minute mechanical structures with electronic circuits. Typical individual structures have a size of a few micrometers. The MEMS sensor element is usually packaged together with an ASIC and made into a single unit. Cost reduction, size, and weight reduction, reliability, and enhanced functionalities are some of the advantages of MEMS. MEMS pressure sensors have replaced the traditional silicon-based pressure sensor in almost every automotive application, such as ABS, airbags, and in engine transmission systems.
“Factors such as the development of fiber optic pressure sensor for application in harsh conditions, and the introduction of carbon nanotubes in pressure sensors will have a positive impact on the growth of the automotive pressure sensors market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Pressure Sensors Market: Segmentation Analysis
This market research report segments the automotive pressure sensors market by end-user (passenger vehicles and commercial vehicles), and geography (APAC, Europe, MEA, North America and South America).
The APAC region led the automotive pressure sensors market in 2019, followed by Europe, North America, South America, and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to factors such as the growth in disposable income which in turn is leading to a subsequent increase in vehicle adoption in emerging economies such as India. Moreover, the booming production of electric vehicles in China is also contributing to the growth of the market.
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Some of the key topics covered in the report include:
- Passenger vehicles
- Commercial vehicles
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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SOURCE: Technavio Research
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PUB: 02/20/2020 01:30 PM/DISC: 02/20/2020 01:30 PM