LONDON--(BUSINESS WIRE)--The global automotive temperature sensors market is expected to grow at a CAGR of 6% during the period 2018-2022, according to a new market research study by Technavio.
The report categorizes the global automotive temperature sensors market by application which includes passenger vehicles and commercial vehicles. The report also determines the geographic breakdown of the market in terms of detailed analysis and impact, which includes key geographies such as APAC, the Americas, and EMEA.
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Market driver: automobile electronics market grows with increasing concern about safety and security in vehicles
With advancements in technology, automobile electronics are becoming very popular and preferred by the consumers. Advanced electronic control units facilitate operations, such as driver assistance through navigation systems, in-vehicle infotainment through audio-video devices, and internet facility through in-built or plug-in modems. Automotive electronics assist in the functioning of GPS system, entertainment system, airbag restraint system, power-steering system, anti-lock braking system, engine management system, and transmission control system.
According to a senior analyst at Technavio for automotive electronics research, “Automotive electronics have a diversified portfolio whose applications can be witnessed in heavy vehicles, passenger vehicles, SUVs, MUVs, and luxury vehicles. With increasing concern for safety and security in vehicles, the demand for automotive electronics is bound to increase during the forecast period. The increase in purchasing power of consumers is also a major factor for the increasing demand of automotive electronics.”
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Market trend: Growing automotive HVAC market to push wider adoption of temperature sensors
HVAC systems have more than 97% penetration in developed regions like North America and Europe, whereas, they lag in the case of emerging nations. However, with an increase in disposable income and availability of financing options, consumers are considering buying vehicles with HVAC systems in emerging markets, such as India. APAC being the hub for automotive industry, the increase in adoption of HVAC systems is expected to increase the adoption of temperature sensors during the forecast period.
Advancements in technology also play a crucial role in determining the rate of adoption. The objective is always toward developing efficient HVAC systems for the automotive industry, which has led to the development of zoned climate control systems that allow an individual to adjust the temperature of his or her seating area.
Market challenge: increasing cost pressure on automotive OEMs
Rising consumer demands and dynamism in the regulatory environment have subjected OEMs to cost pressures as they must change their vehicle and engine designs in a short period to comply with the newer regulations. OEMs are constantly struggling to find ways to minimize the overall cost so that it is not transferred to the consumers as this transfer may reduce the demand for the vehicle.
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Some of the major contributors in the global automotive temperature sensors market:
- Bosch
- Continental
- Delphi
- DENSO
- NXP Semiconductors
- Sensata Technologies
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