Market Size of Automotive Pressure Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 7.00 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | Asia Pacific |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Pressure Sensors Market Analysis
The Automotive pressure sensors market was valued at USD 10.10 billion in 2021 and is expected to reach USD 14.60 billion by 2027 registering a CAGR of above 7% during the forecast period (2022 - 2027).
The COVID-19 pandemic has severely impacted the many automotive sensors companies owing to restrictions imposed by government. Many automotive sensors manufacturers have experienced significant resource bottlenecks in the global supply and logistics chains in the year that had a perceptibly negative effect on their businesses. However, post-pandemic as restrictions eased market is expected to gain momentum during the forecast period.
Modern vehicle restraint systems utilize side airbag pressure sensors to satisfy passenger car safety requirements. Furthermore, the air pressure sensor improves engine efficiency by effectively controlling spark advances in gasoline and diesel engines.
Hence, the market is expected to develop due to the rising use of pressure sensors in the engine and the vehicle's safety system.Increasing demand for advanced technologies, comfort and safety expected to further set positive trend for market growth. However, high Cost and limitations under bad weather conditions to act as restraints during the forecast period.
Low automotive production costs and the availability of low-cost labour characterise the Asia Pacific market, which is characterised by rising middle-class disposable income and cost benefits for OEMs. However, the number of people killed in car accidents has climbed in recent years, forcing regulators to enact more strict safety and pollution standards.
Further, key market drivers in North America and Europe that impact the automotive sensors market growth are growing demand for safety and comfort characteristics, new energy vehicles, connected vehicles, body electronics and upcoming autonomous vehicles, the rigorous regulatory framework.
