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Automotive Comparators Market Segments 2024-2033 | Size, Share And Insights
Automotive Comparators Market Segments
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According to The Business Research Company's, The automotive comparators market size has grown strongly in recent years. It will grow from $2.59 billion in 2023 to $2.72 billion in 2024 at a compound annual growth rate (CAGR) of 5.1%. The growth in the historic period can be attributed to increased customer satisfaction, growth of the automotive industry, increased demand for safety features, rise in consumer expectations, and increased demand for fuel-efficient vehicles.
The automotive comparators market size is expected to see strong growth in the next few years. It will grow to $3.35 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%. The growth in the forecast period can be attributed to increasing demand for high-quality and reliable vehicles, increasing demand for electric vehicles, increasing demand for high-precision measurement tools, growing demand for smart sensors and Internet of things (IoT) solutions in vehicles, increasing emphasis on digitalization. Major trends in the forecast period include growing demand for advanced technology, emphasis on quality control and precision engineering, the shift towards sustainable and eco-friendly designs, pricing pressure and cost-optimization strategies, and increasing demand for customized and application-specific comparators.
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Market Drivers and Trends:
The growth of the automotive industry is expected to propel the growth of the automotive comparators market going forward. The automotive industry encompasses a wide range of companies and organizations involved in the design, development, manufacturing, marketing, and selling of motor vehicles. The automotive industry's growth is due to technological advances, an increasing demand for connectivity, a shift toward environmentally friendly methods, and the growing popularity of driverless and electric cars. Automotive comparators are essential tools for automotive consumers, manufacturers, and dealerships, enabling comprehensive vehicle comparisons based on features, pricing, and performance, facilitating informed decision-making and strategic analysis within the automotive industry. For instance, in 2022, according to the European Automobile Manufacturers Association, a Belgium-based lobbying and standards group of the automobile industry, around 85.4 million motor vehicles were produced worldwide, an increase of 5.7% compared to 2021. Therefore, the growth of the automotive industry is driving the growth of the automotive comparators market.
Major companies operating in the automotive comparators market are focusing on developing innovative products, such as isolated comparators, to sustain their position in the market. Isolated comparators refer to electronic devices used in automotive systems to compare two voltages while providing electrical isolation between the input and output. This isolation is crucial for protecting sensitive components and ensuring reliable operation in various automotive applications. For instance, in February 2024, Novosense SSE, a China-based semiconductor company, launched the NSI22C1x series of isolated comparators. The unique features of NSI22C1x isolated comparators involve using capacitive isolation technology to deliver high-speed, high-voltage monitoring and protection with customizable thresholds, making them ideal for demanding industrial and automotive applications. These comparators detect overcurrent, overvoltage, overtemperature, undervoltage, and zero-crossing.
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Major Key Players of the Market:
Lear Corporation, Texas Instruments Incorporated, STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductor Inc., Analog Devices Inc., Renesas Electronics Corporation, ON Semiconductor Corporation, Microchip Technology Incorporated, Keyence Corporation, Skyworks Solutions Inc., Nisshinbo Micro Devices Inc., Rohm Co. Ltd., Maxim Integrated, Diodes Incorporated, Monolithic Power Systems Inc., Ashcroft Inc., ABLIC Inc., Mitutoyo Corporation, Mahr GmbH
Automotive Comparators Market 2024 Key Insights:
• The automotive comparators market size is expected to see strong growth in the next few years. It will grow to $3.35 billion in 2028 at a compound annual growth rate (CAGR) of 5.4%.
• Expansion Of The Automotive Industry Fuels Growth In The Automotive Comparators Market
• Novosense Launches Advanced NSI22C1x Isolated Comparators For Automotive And Industrial Applications
• North America was the largest region in the automotive comparators market in 2023
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