According to MRFR, the automotive pressure sensor market is expected to register a CAGR of almost 7%.
Over a period, the automotive pressure sensor witnessed steady development. The boom in the automobile industry is projected to have a positive impact on the demand for car pressure sensors. Growing demand for safety features in vehicles, strict regulatory requirements and increasingly increasing safety consciousness among individuals are some of the factors that drive the automotive pressure sensor market in the first place.
The rapidly rising introduction of advanced driver assistance systems into vehicles has given the automotive pressure sensor market a positive outlook. With the growing popularity of vehicle electrification among individuals, the demand for automotive pressure sensor, is expected to register high growth rate during the forecast period. Earlier available only in premium vehicles, automotive manufacturers have begun integrating these features into entry-level vehicles and expanding their customer base to drive demand in the market for automotive pressure sensors. In addition, there has been a rise in demand for automotive pressure sensor market with the increase in demand from commercial vehicles. The growth of the automotive industry in Asia-Pacific is also expected to fuel the demand over the assessment period, along with the increasing number of market entrants.
The key players of global automotive pressure sensor market, as identified by MRFR, are Robert Bosch (Germany), Infineon (Germany), Sensata (US), General Electric (US), Denso (Japan), Texas Instruments (US), NXP (Netherlands), Analog Device (US), Melexis (Belgium), Delphi (UK), and TE Connectivity (Switzerland).
The global market is substantially driven by the competitive nature of the market. Major players are likely to invest in research and development projects towards product development.
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The market has been segmented based on application, technology, and vehicle type.
By application, the market has been segmented into ABS, Airbags, TPMS, HVAC, and transmission.
By technology, the market has been segmented into MEMS, strain, and Gauge and ceramic.
By vehicle type, the market has been divided into passenger vehicles and commercial vehicles.
It is expected that the market for automotive pressure sensor systems will grow with an increase in automotive demand, mainly in the U. S. The country's demand for commercial vehicles is immense. With the rising demand for commercial vehicles, demand for automotive pressure sensor market has increased. North America 's success is also driven by the involvement of leading automotive device suppliers, concentrating mainly on key trends such as globalization, mergers & acquisitions, product launch and others. During the forecast period, the existence of major manufacturers and the availability of sophisticated technology in this region is expected to boost demand in the market for automotive pressure sensors. The region's growth is expected to grow at a rapid pace because of all of these factors.
Because of the presence of the world's most populous countries such as China and India, Asia Pacific's supremacy becomes evident in the global market value of automotive pressure sensor systems. Due to rising sales of passenger cars, emerging economies, shifting global players and technological advances, the Automotive Pressure Sensor systems market has experienced rapid growth in the last two years as they give the much-needed drive to the market. The rapid increase in the production of vehicles compliments the market for automotive pressure sensors in this region. Another major reason for Asia Pacific leading the global market is that the countries in this region were able to sustain their economies during the 2008-09 global economic crisis and showcase continued growth in automotive production and sales worldwide.
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