Automotive Temperature and Humidity Sensors Market Demand, Growth and Business Outlook 2021-2026

MarketInsightsReports has published a report entitled Global Automotive Temperature and Humidity Sensors Market Research Report 2021 that is a detailed observation of several aspects, including the rate of growth, technological advances and various strategies implemented by the main current market players. The report is based on a collective analysis of data, which is obtained through primary and secondary research. It provides a systematic approach to the current and prospective scenario of this market.

The automotive temperature and humidity sensors market was valued at USD 5.35 billion in 2020 and is expected to reach a value of USD 9.86 billion by 2026 and grow at a CAGR of 10.77% over the forecast period (2021-2026).

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Key Players:

Delphi Automotive LLP, TDK Corporation, TE Connectivity Ltd., Sensata Technologies Inc., Robert Bosch GmbH, NXP Semiconductor N.V., Continental AG, Amphenol Advanced Sensors Germany GmbH, Panasonic Corporation, QTI Sensing Solutions, Murata Corporation, Analog Devices Inc and others.

Key Market Trends

Growth in the electric and autonomous driving vehicle is expected drive the market

- Automotive manufacturers all over the world are focusing on vehicle electrification. There is a need for cars to charge more quickly and have a more extended range on a single charge. This implies, electrical and electronics circuits within the vehicle should be able to handle extremely high power and manage losses effectively, and this creates a need for robust thermal-management solutions to ensure that safety-critical applications remain operational and are expected to impact automotive temperature sensors positively.
- According to EV-volumes.com, global plug-in vehicle deliveries 2019 reached 2264 400 units, 9 % higher than for 2018, which is a clear departure from the growth rates of the previous six years, which were between 46% and 69 %. The reasons are due to the developments in the two largest markets, China and the USA, where sales were stagnated in the 2nd half of 2019 and stayed significantly below the sales boom in the second half of 2018. Europe became the center in 2019 EV sales with 44 % growth, accelerating towards the end of the year.
- With the outbreak of COVID-19, the outlook for 2020 global EV sales becomes more difficult. The sales expect high growth in Europe throughout the year, high growth in the USA, and other markets in the second half, but the sales in China are expected to remain stagnant. The early EV sales data for January and February is very positive in Europe, encouraging in the USA, but dismal in China, where the total vehicle market was down 80 % in February.
- The increasing adoption of autonomous cars is also expected to positively impact the market as there specific sensors on an autonomous vehicle such as a Coolant temperature sensor or an Intake Air Temperature sensor. In May 2020, Volvo announced LIDAR-equipped cars, where the company mentioned that users able to drive themselves on highways with no human intervention and will start rolling off the production line in 2022.

Asia-Pacific is expected to hold major share

- The growth in the Asia-Pacific region owes to the growing automotive industry in countries such as China and India. The regulations regarding safety and emission controls in the region are expected to boost the market significantly during the forecast period. Rapid urbanization in the region has also resulted in increased pollution levels, thereby propelling the demand for fuel-efficient vehicles that are equipped with a temperature sensor in the engine and exhaust. Major companies in the market, such as Panasonic and TDK, are based out of Japan.
- The growing adoption of electric vehicles in the developing countries of Asia Pacific also favoring the market growth over the forecast period. For Instance, China is the primary producer and consumer of sensors and holds a prominent position in the global market. The total number of automobile industry sales in China reached 25 million units in 2019, based out of which 21 million units were passenger cars. In terms of electric vehicles, battery electric vehicles (BEV) were sold about three times more than plug-in hybrid electric vehicles (PHEV) in 2019, with BEV sales reaching almost one million units.
- With the outbreak of COVID-19, the closure trends in India led the SIAM to estimate that nearly over INR 2,300 crore per day as revenue loss for Indian automakers and component manufacturers amidst the pandemic. Major players like Maruti Suzuki India, Hyundai, Honda, Mahindra, Toyota Kirloskar Motor, Tata Motors, Kia Motors, and MG Motor India have put their plants on temporary shutdown. The market is very likely to suffer from potential component supply chain disruption, leading to reduced sales and production from a sensor point of view.

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Important Features that are under Offering and Key Highlights of the Reports:

– Detailed overview of Automotive Temperature and Humidity Sensors Market
– Changing market dynamics of the industry
– In-depth market segmentation by Type, Application etc
– Historical, current and projected market size in terms of volume and value
– Recent industry trends and developments
– Competitive landscape of Automotive Temperature and Humidity Sensors Market
– Strategies of key players and product offerings
– Potential and niche segments/regions exhibiting promising growth.

Finally, the Automotive Temperature and Humidity Sensors Market report is the believable source for gaining Market research that will exponentially accelerate your business. The report gives the principle locale, economic situations with the item value, benefit, limit, generation, supply, request, and Market development rate and figure, and so on. This report additionally Present a new task SWOT examination, speculation attainability investigation, and venture return investigation.

Note: All the reports that we list have been tracking the impact of COVID-19. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check for with the sales team.

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