The global automotive powertrain sensors market is expected to witness a market value of US$ 19.66 billion in 2023 and is expected to accumulate a market value of US$ 30.53 billion by registering a CAGR of 4.5% in the forecast period 2023 to 2033. The market for Automotive Powertrain Sensors market registered a CAGR of 2.1% in the historical period 2018 to 2022.
Factors such as rise in the demand for electric vehicles integrated with multiple sensors, including the voltage sensors that enhance the transmission system efficiency are anticipated to propel the market growth over the analysis period. In addition, the increase in sales and production of automobiles across the globe is another factor that is likely to boost the market growth.
As per Future Market Insights - a market research and competitive intelligence provider, the global market value for Automotive Powertrain Sensors has been stimulated, owing to the factors such as rising demand for sensors in hybrid powertrains, increasing requirement of mid-sized cars from developing regions, and increase in awareness regarding reducing the carbon footprint of vehicles.
Stringent regulations in the internal combustion engines have resulted in emission standards with adherence to low hydrocarbons, NOx, as well as particulate material, such as soot. The impending emission requirements are likely to lower the sulfur content of gasoline and reduce exhaust emissions. These requirements are expected to enhance the final powertrain design including engine, transmission, and exhaust. Also, manufacturers will be able to monitor and control mechanisms for complying with the emission standards and increasing fuel economy. These control systems require sensors to track as well as monitor the various aspects of the powertrain, which in turn is anticipated to accelerate the market growth in the near future.
Furthermore, there has been an increase witnessed in mid-range vehicles with better fuel efficiency technology, as a result of R&D investment by automakers, driven by consumer demands for more product variety, better performance, improved safety, higher emission standards, and lower costs. This is one of the major factors that will be responsible for the market growth in the coming time.
On the regional aspect, the European automotive powertrain sensors market is expected to hold the maximum share, attributed to the presence of prominent automotive companies as well as the implementation of stringent emission norms in the region. Factors such as the presence of most of the vehicle manufacturers and Tier-1 suppliers in Europe, including Robert Bosch GmbH, Delphi Technologies, and Continental AG, coupled with the large-scale research and development facilities related to powertrain sensors are expected to escalate the regional market growth during the forecast period.
On the other hand, the market in the Asia Pacific is expected to account for a significant share, on the back of a rapid increase in the vehicles’ sales and production across the region. In addition, the growth in sales of electric vehicles in China is also anticipated to fuel regional growth in the near future.
Recent developments in technology, mergers, acquisitions, and partnerships within the companies involved in the designing of automotive sensors (including startups) are expected to create lucrative opportunities for the growth of the automotive powertrain sensors market over the analysis period.
For instance, In July 2021, Continental AG acquired a minority stake in Feelit, an industry 4.0 startup based in Tel Aviv, Israel. The latter offers highly advanced and proactive maintenance solutions for industrial equipment and machinery, through proprietary hardware sensors and algorithms. Its objective is to create a structural sensing technology that is generally more sensitive than current applications.
Moreover, in October 2021, the Infineon Technologies AG launched the XENSIV TLE4972 automotive current sensors. The new coreless current sensors employ Infineon’s well-proven Hall technology, for precise and stable measurements.
Automotive powertrain sensors are the device that detect or measure a property, such as pressure, temperature, speed, proximity, etc., and respond with feedback. Automotive powertrain sensors find a wide range of applications in the powertrain of the vehicle such as clutch position, gear position, and air temperature, among others. Automotive powertrain sensors maintain check for the proper balance of pressure, the temperature in the transmission system and engine of the vehicle.
Nowadays, due to rapid modernization and demand for electronics in automobiles from domestic to commercial sectors, significantly increases the production of premium vehicles which in turn boost the growth of the automotive powertrain sensors market over the forecast period.
Improving monetary conditions in emerging nations over the globe, increasing spending power and growing dual-income households among middle-class families are some important factors that will boost the sales of automobiles and are expected to affirmatively fuel the growth of automotive powertrain sensors market over the assessment period. Light and heavy commercial vehicles find various applications in different end-use industries such as construction, logistics, and transportation among others.
Due to the increasing application of commercial vehicles, fleet size also increased along with the regular repair and maintenance activities which are estimated to accelerate the growth of the automotive powertrain sensors market.
The growing e-commerce industry is one of the key drivers for the growth of commercial vehicles which will aid in the growth of the global powertrain sensors market. Electric vehicle's deployment has been increasing in the emerging countries across the globe due to government initiative for the green and clean environment which supports the growth of electric vehicles.
In developed economies, factors such as increasing environmental awareness, volatile fuel prices and several governmental regulations targeting a reduction in emission of harmful gases, are anticipated to enhance the chances of consumer preference for electric vehicles. These factors are estimated to hamper the growth of the powertrain sensors market.
The Asia Pacific is expected to hold a significant share in the global automotive powertrain sensors market due to increasing fleet of vehicles and sales of used cars across the region which is expected to increase the repair and maintenance activities and positively affect the growth of automotive powertrain sensors market.
Also increasing sales of commercial vehicles in the emerging economies of Asia Pacific such as India, China, and ASEAN are also an important factor for the growth of the automotive powertrain sensors market. An increasing fleet of Luxury vehicles in the countries of Western Europe such as Germany, Italy, and France is expected to boost the growth of the automotive powertrain sensors market.
Automobile manufacturers are launching new premium models of light commercial vehicles in the North America Market which is expected to boost the growth of the automotive powertrain sensors market. Eastern Europe and the Middle East & Africa are expected to grow with the healthy CAGRs over the forecast period due to improving economic conditions and spending power of individuals.
Examples of some of the market participants identified across the value chain of the global Automotive Powertrain Sensors Market includes:
The Automotive Powertrain Sensors research report presents a comprehensive assessment of the market and contains thoughtful insights, facts, historical data, and statistically supported and industry-validated market data. It also contains projections using a suitable set of assumptions and methodologies. The research report provides analysis and information according to market segments such as geographies, application, and industry.
The Automotive Powertrain Sensors market report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain.
The Automotive Powertrain Sensors market report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The Automotive Powertrain Sensors report also maps the qualitative impact of various market factors on market segments and geographies.
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