LONDON--(EON: Enhanced Online News)--The global automotive pressure sensors market is expected to grow at a CAGR of more than 6% during the period 2017-2021, according to Technavio’s latest market research.
“Market growth is powered by the increased demand for occupant and vehicle safety, convenience, reduced emissions, and a comfortable travel experience. The need for smarter systems also drives the market forward”
In this market research report, Technavio covers the market outlook and growth prospects of the global automotive pressure sensors market for 2017-2021. The market is further categorized into two segments based on application, which include passenger vehicle (PV) and commercial vehicle (CV). The passenger vehicle segment accounted for more than 94% of the market in 2016.
“Market growth is powered by the increased demand for occupant and vehicle safety, convenience, reduced emissions, and a comfortable travel experience. The need for smarter systems also drives the market forward,” says Neelam Barua, an industry expert for automotive electronics research from Technavio.
Technavio’s heavy industry research analysts segment the global automotive pressure sensors market into the following regions:
In 2015, with a market share of over 50%, APAC emerged as the market leader in the global automotive pressure sensors market, followed by the Americas with over 27% and EMEA with over 22%.
Automotive pressure sensors market in APAC
The automotive pressure sensors market in APAC is expected to grow at a CAGR of close to 8%, due to promising growth potential in emerging countries like China and India. Huge market opportunities for passenger cars is attracting the global automobile manufacturers to this region. These players are investing in technology and modern mass production systems, and these factors are expanding the demand for automotive sensors. China, India, Japan, and South Korea are the key countries in the region, with China leading the market for passenger cars.
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Automotive pressure sensors market in the Americas
Strict emission norms and increasing road safety, passenger safety, and vehicle security concerns are expected to boost the automotive pressure sensors market in the Americas. The region comprises technologically advanced nations and mature markets like the US and Canada, and this has resulted in the development of advanced engines and a high concentration of commercial vehicle manufacturers. Such factors should boost demand for sensors in the Americas.
Moreover, many vehicle manufacturers are shifting their manufacturing facilities to Mexico to leverage labor arbitrage and low production costs, and this has increased vehicle production in that country, thereby increasing demand for automotive sensors.
Automotive pressure sensors market in EMEA
The implementation of Euro VI norms to drive the market for automotive emission sensors. European emission legislations have become tougher than ever, and this has led to increased utilization of pressure sensors in engine exhaust management and exhaust after treatments.
Apart from emission, increased penetration of tire pressure monitoring system (TPMS) across all vehicle segments owing to EU regulations which mandate the installation of TPMS in all vehicles manufactured after 2012 will benefit the automotive pressure sensors market.
“Reducing automotive emission and fuel consumption are the primary objectives behind setting tougher emission norms. Such legislations mandate the use of emission sensors in most new vehicles, which will influence the automotive pressure sensors as they are considered as an important component in emission systems,” says Neelam.
The top vendors in the global automotive pressure sensors market as highlighted in this market research analysis are:
- Infineon Technologies
- Sensata Technologies
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