Soaring to altitudes and heading towards new technologically transformative horizons, the automotive industry is at the tipping point of profitability wherein the associated markets are gaining massive momentum for a propitious growth. During this progressive regime in the automotive industry, the automotive pressure sensors market is experiencing a myriad of opportunities, especially due to the increasing production of vehicles, and it is further catapulted by the prospects generated from the advent of electric and autonomous vehicles.
Apart from detecting early faults in hydraulic brakes, optimizing the fuel mix to match the air pressure, and cleaning exhaust filters automatically, automotive pressure sensors also help in reducing the fuel consumption, thereby significantly reducing the CO2 emissions. The players have been reinventing their product strategies for providing sensors that can help reducing CO2 emissions and subsequently increase their automotive pressure sensors market share. For instance, in November 2016, Robert Bosch introduced a barometric pressure sensor SMP580 which helps engine management systems reduce fuel consumption and emissions.
The consistent demand for pressure sensors from the growing automotive industry is increasing the automotive pressure sensors market size which was evaluated at $4.87 billion in 2018 and is projected to increase at a profitable CAGR of 8.55% during the forecast period 2019-2025, according to the automotive pressure sensors market report. Widespread acceptance of cost-effective pressure gauges, capacitive pressure sensors, tire pressure sensors in industrial environments, worldwide is driving the automotive pressure sensors market.
This report provides detailed information about the automotive pressure sensors market size by type and applications along with the detailed profiling of the automotive pressure sensors market share by top 5 companies and startups that are striving to rise ahead of the curve in this industry.
The growing automotive pressure sensors market size resonates with the incrementing trade in the parent industry that includes entities such as checking instruments, machines, and appliances like pressure sensors. The trade value in the parent industry was valued at $52.24 billion in 2018, and the figure had seen the growth of 11% which evinces the automotive pressure sensors market growth.
North America Topped with Automotive Pressure Sensors Market Share of 31.28% in 2018:
North America’s automotive pressure sensors market is booming because of the lucrative prospects in the automotive industry of Canada, the US, and Mexico. Canada, Mexico and the US witnessed the manufacturing of $2.02 million, $4.10 million, and $11.31 million number of vehicles respectively in 2018. This humongous production of vehicles created a gamut of opportunities for the automotive pressure sensors market players.
Another major factor driving the automotive pressure sensors market in North America is the presence of major autonomous vehicle players such as Google and Waymo in the US. The upcoming years are poised to witness commercial sustenance of the autonomous vehicles in the US, which will generate revenue sources for North America automotive pressure sensors market players.
The proliferation of electric vehicles (EVs) across in the U.S. is also making a major positive impact on the North America automotive pressure sensors market. In 2018, around 890,000 EVs are on the roads of the U.S. and the total sales of EVs were 40% up to as compared to 2017. These EVs are equipped with pressure sensors and the growing sales of EVs in the U.S. are leading automotive pressure sensors market growth in the region.
Furthermore, the trade across the U.S. and the rest of the world has been increasing leading to a definite demand for automotive vehicles and trucks on fleet. The total number of automobiles and trucks in fleets was valued to be 8,626 in 2017 – a tad more than that in 2016. The current scenario of the oil & gas sector is going to catapult the trade which will require more fleet vehicles, and the growing demand for fleet vehicles will trigger the automotive pressure sensors market demand.
Automotive Pressure Sensors Market – Global Scenario and Growth Drivers:
· Passenger Vehicles: The Key Application in the Automotive Pressure Sensors Market to Grow at a Lucrative CAGR of 9.67% through to 2025 –
The current economic boom across the globe has increased the disposable income of the working population, and this, in turn, has led to an increase in the sales of passenger vehicles. The FY-2018 witnessed the production of 70.50 million number of cars. Due to the rise in population, increasing inclination of people for convenience, and the development of the car rental market, the demand for passenger vehicles is going to increase, which will be augmenting the automotive pressure sensors market scope.
· The Automotive Industry Growth in the Developing Countries Driving the Pressure Sensors Market –
China houses the world’s largest automobile industry in the world, and it is continuously growing. The Chinese vehicle production was 27.81 million and the new energy vehicle production was 1.5 million. Additionally, Brazil is emerging out to be another progressive automotive market from which the associated markets are gaining traction. The upcoming years foresee further growth of the global automotive industry worldwide, which will generate the automotive pressure sensors market revenue avenue.
· The Advent of Electric and Autonomous Vehicles Creating Propitious Prospects for the Automotive Pressure Sensors Market –
The growing concern pertaining to fuel consumption and the reduction of CO2 emissions is increasing the electric vehicles market size which is poised to attain a value of $2.158 billion by the end of 2023. This will create abundant opportunities for the automotive pressure sensors market companies.
The growth prospects for the automotive sensors market players in the autonomous vehicles market can be gauged by the fact that self-driving trucks are going to witness an impressive valuation, because of the lack of truck drivers. The shortage of truck drivers was around 50,000 by the end of 2017 and the figure is projected to surpass 175,000 by the end of 2026. This evinces the future requirement for self-driving trucks which will be equipped with advanced automotive pressure sensors. On the other hand, the nascent autonomous cars market is also going to experience a potential arcade for profitability, which will further flourish the automotive pressure sensors market players with opportunities.
Top 10 Automotive Pressure Sensors Market Companies –
The companies with greater automotive pressure sensors market share that are striving to expand geographically are Infineon Technologies AG, Robert Bosch GmbH, DENSO Corporation, Sensata Technologies, STMicroelectronics, Honeywell International Inc., Aptiv PLC, Melexis, NXP Semiconductors N.V., Texas Instruments Incorporated, General Electric Company, Analog Devices, Inc., and TE Connectivity.