Market Size of Automotive Temperature Sensor Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 6.17 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Temperature Sensors in Automotive Market Analysis
The Automotive Temperature Sensor market was valued at USD 12.13 billion in 2020 and is expected to reach USD 8.47 billion by 2026, at a CAGR of 6.17% over the forecast period 2021 - 2026. The automotive industry has grown significantly in the past few years, aided by the growth in unit volumes and the emergence of new technologies, whether it be for safety, entertainment, or for pure innovation.
- Government organizations in many countries are implementing safety and emission control standards that mandate the installation of sensors. Automotive companies are thereby required to comply with these safety and emission control regulations set by these authorities. This trend is expected to increase the demand for automotive temperature sensors over the forecast period.
- In line with this trend, companies such as MS Motorservice International GmbH, in 2018, launched aftermarket exhaust gas temperature sensors that feature temperature resistance in the range from - 40° to + 1,000°C and exceptional accuracy. These sensors monitor the hot exhaust gas flow and protect temperature-sensitive components, like turbochargers from overheating. In the case of critical overheating, the control unit responds with suitable actions to reduce the temperature, for example, reducing the performance.
- Moreover, the growing automotive HVAC market, which is facilitating the broader adoption of temperature sensors, is one of the major trends contributing to the growth of the automotive temperature sensor market. Temperature sensors are the most commonly used sensors for HVAC as they can monitor ambient conditions inside a car.
- Along with the aforementioned factors, increasing adoption of electric vehicles is also favoring the market growth over the forecast period as these vehicles also require temperature monitoring. Companies such as Sensor Scientific Inc. is developing thermistor temperature sensors for electric cars.
