Market Trends of Automotive Temperature Sensor Industry
This section covers the major market trends shaping the Automotive Temperature Sensor Market according to our research experts:
Passenger Cars Expected to Hold a Significant Share
- Due to the rising purchasing power of the millennial population, the demand for passenger cars is growing, which results in increasing automotive sales. According to the OICA, in 2018, around 70.5 million passenger cars were produced across the world. Utility Vehicles, such as sports utility vehicle (SUV) and multi-purpose vehicle (MPV) segments is gaining popularity in passenger car due to higher ride position, flexible interior space for passengers or cargo and improved fuel efficiency. Thus, with the growing demand for passenger cars, the demand for temperature sensors are expected to rise over the forecast period.
- Considering stringent emission regulations, safety and comfort factors, temperature sensors are playing a vital role in the passenger car. These sensors are used for a wide range of applications. The most significant and standard applications are power train and HVAC systems, followed by body electronics and alternative fuel.
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Asia-Pacific Expected to Have the Largest Share
- The growth of Asia-Pacific market can be attributed to the developing automotive industry in countries, such as China and India. According to the IBEF, the Indian automotive sector became the 4th largest in the world, with sales increasing 9.5% year-on-year to 4.02 million units in 2017. It was the seventh-most significant manufacturer of commercial vehicles in 2018.
- To keep up with the growing demand, various automotive makers are heavily investing in various segments of the industry, which in turn, is expected to drive the adoption of temperature sensors in the region. For instance, Mercedes Benz increased the manufacturing capacity of its Chakan Plant to 20,000 units per year, highest for any luxury car manufacturing in India.
- The market for electric vehicles in the region is booming in various countries such as China, supported by subsidies and other incentives. In 2018, China remains the world’s largest electric car market, followed by Europe and the United States. The Japanese company, Honda Motors Company, in 2018, set up its third factory in India for launching hybrid and electric vehicles. Such trends will further impact the growth of automotive temperature sensor market in the region.
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