Press release
Automotive Temperature Sensor Market is calculated to reach USD 8.0 billion in 2029, growing at 9.7% CAGR during 2022-2029 | Size, Growth & Forecast
Automotive Temperature Sensor Market
Automotive Temperature Sensor Market was valued at USD 3.8 billion in 2021 and is projected to touch USD 8.0 billion in 2029 and the market is estimated to grow at a CAGR of 9.7%.
For Additional Insights, Click to Access Complete Report - https://www.gmiresearch.com/report/automotive-temperature-sensor-market-analysis-industry-research/
The factors driving the growth of Automotive Temperature Sensor Market includes increasing popularity of connected cars and autonomous vehicles, growing emphasis on reducing carbon emissions and rise in the number of electric vehicles charging stations around the world. According to the report published by Statista, the Global Connected Cars Market was calculated around USD 63.2 billion in 2019 and is expected to reach USD 191.83 billion by the end of 2028, which will accelerate the Automotive Temperature Sensor Market size in the approaching years. Moreover, rising awareness amongst consumers about the benefits of automotive temperature sensors, Government polices boosting the manufacturing of passenger vehicles and technological advancements in the temperature sensors, are some of the additional factors supplementing the market growth. In addition, the increasing investments by leading players on research and development, growing emphasis on enhancing the safety and comfort of the vehicles, rapid urbanization, and growing population growth rates, are further contributing towards the market growth.
However, growth of Automotive Temperature Sensor Market is hindered attributed to increasing cost of manufacturing automobiles.
The prominent players operating in the market are BorgWarner Inc., Panasonic Corporation, Continental AG, Denso Corporation, NXP Semiconductors N.V., Sensata Technologies, Inc., Robert Bosch GmbH, TDK Corporation, TE Connectivity and Infineon Technologies AG, among others.
Based on Application, the Engine segment is predicted to grow at a significant CAGR during the forecast period
As per the Automotive Temperature Sensor Market Global Forecast, coolant temperature sensor (CTS) prevents engine from overheating, active emission control and enhances engine system architecture, are some of the features pushing the growth of the segment.
Based on Vehicle, the Passenger Car segment is projected to grow at a robust CAGR over the forecast period
Increasing application of passenger vehicle for commercial use such as ridesharing and fleet management, along with growing popularity of electric vehicles, are some of the factors responsible for the segment's growth.
Based on Region, the Asia-Pacific region is anticipated to capture a sizeable market share during the forecast period
Government policies promoting the use of electric vehicles, growing concerns related to environment pollution, technological advancements in temperature sensors, rising per capita income, rapid urbanization, and high population growth rates, are some of the important factors augmenting the market growth in Asia-Pacific region.
Key Development
In 2020, BorgWarner Inc. competed the acquisition of Delphi Technologies Plc, this acquisition will strengthen BorgWarner's position in the automotive sector.
In 2020, Infineon Technologies AG acquired Cypress Semiconductor Corporation, one of the leading semiconductor design and manufacturing companies. This acquisition will enhance company's presence in the Japan and U.S. Markets.
Market Segmentation
Segmentation by Application
Engine
Transmission
HVAC
Exhaust
Thermal Seats
Segmentation by Product Type
Thermistor
Resistance Temperature Detector
Thermocouple
IC Temperature Sensor
MEMS Temperature Sensor
Infrared Sensor
Segmentation by Vehicle
Passenger Car
Commercial Vehicle
Segmentation by Region
Asia Pacific
China
Japan
India
Rest of APAC
North America
United States of America
Canada
Europe
United Kingdom
Germany
France
Spain
Rest of Europe
RoW
Brazil
South Africa
Saudi Arabia
UAE
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
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