Automotive Pressure Sensors Market Analysis, Growth Opportunities, Future Demand And Leading Players Updates By Forecast 2020-2027
The automotive pressure sensors are used to monitor the pressure of fluids and gases used in a vehicle. They can be used in different parts of a vehicle such as anti-lock braking system (ABS), engine control system, airbags, and tire monitoring system. The engine control system is estimated to hold the largest number of these sensors. The emerging government policies related to safety and security features fuel the demand for pressure sensors. For example, the mandatory installation of ABS in passenger cars from 2018 in India boosts the automotive pressure sensors market growth. The continuing installation of these pressure sensors will benefit the customers safety.
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COVID-19 Scenario Analysis:
Majority of automotive pressure sensor manufacturers are facing issues such as closure of factories and unavailability of workforce due to the lockdown, which further affects the production of the final product such as a car.
As the governments all over the world have declared lockdown over the past few months, it disrupted both the demand and supply cycles of many automotive pressure sensors manufacturers.
Multiple automotive industries are facing adverse effects due to the lockdown, which resulted into closure of the manufacturing plant operations; thereby, disrupting the production of pressure sensors.
The real manufacturing Gross Value Added (GVA) is estimated to fall by a sharp 5% in FY21.
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Top Impacting Factors: Market Scenario Analysis, Trends, Drivers, and Impact Analysis
Rapid installation of electric sensors in the vehicles and robust growth of micro-electro mechanical system (MEMs) sensors drive the growth of the global market. However, complex manufacturing process, curbing down operation failure, and high cycle time are expected to hamper the growth of the market. On the contrary, emergence of fusion box technology and growing demand for piezoelectric automotive applications provide an opportunity for the market investments. Although this trend of pressure sensors is anticipated to provide new opportunities for the market.
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The automotive pressure sensors market trends are as follows:
Robust growth of micro-electro mechanical system (MEMs) sensors
MEMs sensors are compact and high precision sensors that serve a wide variety of automotive applications such as accelerometers, air conditioners, and airbags. Initially, it was used in high-end and high-performance vehicles because of its high cost. However, over the past few years, the installation of these pressure sensors has been increased due to implementation of stringent government regulations for the security of the passengers. The marketplace for MEMs pressure sensors is projected to experience a higher progress rate due to more advanced and integrated development in complementary metal oxide semiconductor (CMOS) technology. The MEMs are widely used in all major advanced automotive applications in a vehicle and helps maintain safety as well as stability of the car. With an increase in installation of pressure sensors, the safety of the vehicle as well as its passengers is expected to increase; thereby, boosting the growth of the automotive pressure sensors market.
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Key benefits of the report:
This study presents the analytical depiction of the automotive pressure sensors industry along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with challenges of the automotive pressure sensors market.
The current market is quantitatively analyzed from 2019 to 2027 to highlight the automotive pressure sensors market growth scenario.
We can also determine that sensors will remain a significant revenue shareholder in the automotive pressure sensors market through the predictable future.
Questions answered in the global automotive pressure sensors market research report:
Which are the leading market players active in the automotive pressure sensors market?
What are the current trends that will influence the market in the next few years?
What are the driving factors, restraints, and opportunities in the market?
What are the projections for the future that would help in taking further strategic steps?
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