How Is The Global Automotive Pressure Sensor Market defined?
An automotive pressure sensor is a device used to measure pressure within a vehicle's systems, such as the engine, transmission, fuel system, or braking system, and it converts the physical pressure exerted on it into an electrical signal that can be interpreted and used by the vehicle's electronic control unit (ECU) or other monitoring systems. These sensors are crucial for ensuring optimal performance, efficiency, and safety in automotive operations by providing real-time pressure data.
Automotive Pressure Sensor Global Market Report 2024 provides data on the global automotive pressure sensor market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The automotive pressure sensor market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.
How Is The Global Automotive Pressure Sensor Market Size Expected To Expand, And At What Annual Growth Rate?
The automotive pressure sensor market has shown strong growth, rising from $11.09 billion in 2023 to $11.88 billion in 2024, at a CAGR of 7.1%. Growth in the past has been supported by increased vehicle production, stricter emission standards, demand for fuel-efficient cars, and rising disposable incomes. The market is forecasted to grow to $15.70 billion by 2028, achieving a CAGR of 7.2%. Future growth will be driven by the electrification of vehicles, connected car technologies, government initiatives for smart transportation, and the rising need for enhanced safety features. Notable trends include advancements in miniaturized sensors, sensor fusion technologies, ADAS integration, and increased use in autonomous vehicles.
What Are The Key Drivers Fueling Growth In The Automotive Pressure Sensor Market?
The increasing demand for electric vehicles is expected to drive the growth of the automotive pressure sensor market. As EV sales rise due to environmental awareness, government incentives, and technological advancements, the need for automotive pressure sensors increases. These sensors are essential for managing critical systems in electric vehicles, such as battery management, tire pressure monitoring, and cooling systems. In April 2024, the International Energy Agency reported that 14 million electric cars were registered globally in 2023, a 35% increase from the previous year, driving the growth of the automotive pressure sensor market.
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What Are The Principal Market Segments In The Global Automotive Pressure Sensor Industry?
The automotive pressure sensor market covered in this report is segmented –
1) By Technology: Piezoelectric, Capacitive, Optical, Electromagnetic, Resonant, Other Technology
2) By Fuel Type: Petrol, Diesel, Electric, Hybrid, Other Fuel Types
3) By Vehicle Type: Passenger Vehicles, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)
4) By Application: Heating Ventilation And Air Conditioning (HVAC) Pressure Sensor, Fuel Pressure Sensor, Oil Pressure Sensor, Manifold Pressure Sensor, Tire Pressure Monitoring Sensor, Airbag System, Engine Control System, Power Steering, Transmission, Antilock Braking System (ABS), Other Applications
5) By Sales Channel: Original Equipment Manufacturer (OEM), Aftermarket
Which Emerging Market Trends Are Altering The Automotive Pressure Sensor Sector?
Companies in the automotive pressure sensor market are introducing advanced tire pressure sensors to enhance vehicle safety, improve performance, and provide real-time monitoring. These sensors help maintain optimal tire conditions, preventing accidents and boosting fuel efficiency. For example, in September 2023, Infineon Technologies AG, a Germany-based semiconductor manufacturer, launched the XENSIV SP49 tire pressure monitoring sensor. This sensor integrates MEMS and ASIC technologies to support functionalities like auto-position sensing, blowout detection, and load identification, driven by its 32-bit Arm M0+ core and optimized acceleration sensing.
What Is The Leading Region In The Automotive Pressure Sensor Market?
Asia-Pacific was the largest region in the automotive pressure sensor market in 2023. North America is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive pressure sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
