The sensor converts the mechanical energy to electrical energy and measure the heat of liquids and gases stored in the vehicle. The sensor reading decides the condition of the vehicle and keeps it in good condition. The sensor has various applications such as charging phone through automobiles, handling the security concerns of the automobile, checking fuel emission rate etc. There are various new opportunities taking place in this market such as sensor fusion technology and increasing development in automobiles.
Demand Scenario
The global automotive temperature sensor market was USD 7.95 billion in 2018 and is estimated to reach USD 11.38 billion by 2025 at a CAGR of 5.26% during the forecast period. The passenger cars will grow at the highest rate among other products of this market.
Growth by Region
Asia Pacific will be the dominant region of this market in the forecasted period followed by North America. In the recent years, Europe and Latin America have moved to more safety concern approach which will aid in the growth of the market in these regions. Middle East and Africa will showcase stagnant growth in this market.
Drivers vs. Constraints
The increasing concern of the safety of the vehicles and support of the government led to increase in the market growth. The increase in automobiles and electric - based vehicles also led to increase in the market growth. New technological advancements such as support of responsive system in cars, fuel emission checks, wider temperature range checker etc. increase the sale of the market products. However, high cost of sensors and greater rate of inaccuracies hinder the market growth
Industry Structure and Updates
• January 2018 - Continental launched its latest innovation in the exhaust gas sensor technology to the Chinese market, to lower vehicle emissions. The sensor provides data for closer control of emission-relevant exhaust gas after-treatment
• June 2018 - Mercedes-Benz announced all the cars manufactured by the company will follow BS VI norms to curb the emission rate in India. They said the move will be accomplished even before the government deadline of April 2020
• June 2018 - Robert Bosch announced that they will team up with a new start-up to figure out a new technology to connect the automobiles wirelessly. This will enhance the sale of cars and hence increase the sale of the automotive temperature sensors