The powertrain sensor market is experiencing robust growth, rising from $20.85 billion in 2023 to $22.03 billion in 2024, with a CAGR of 5.7%. This growth is driven by increasing demand for e-mobility, luxury vehicles, and the adoption of powertrain sensors in automotive applications. By 2028, the market is projected to reach $27.91 billion, growing at a CAGR of 6.1%. Factors contributing to this growth include higher sales of commercial vehicles and advancements in automotive technologies. Major trends include the development of hybrid sensor solutions and the integration of artificial intelligence for predictive maintenance.
Major Driver In The Powertrain Sensor Market
The rising production of motor vehicles is forecasted to boost the powertrain sensor market. As global motor vehicle production expands due to increased consumer demand and advancements in manufacturing technology, powertrain sensors enhance vehicle performance, safety, and efficiency through real-time diagnostics and valuable data. The European Automobile Manufacturers' Association reported that global motor vehicle production reached 85.4 million units in 2022, reflecting a 5.7% increase from 2021. Therefore, the rising production of motor vehicles is driving the growth of the powertrain sensor market.
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Powertrain Sensor Market Competitive Landscape
Robert Bosch GmbH, Panasonic Corporation, Denso Corporation, Continental AG, Texas Instruments Incorporated, Aptiv plc, Schaeffler AG, TE Connectivity Ltd., Infineon Technologies AG, Kyocera Corporation, NXP Semiconductors N.V., BorgWarner Inc., Amphenol Corporation, Renesas Electronics Corporation, Hella GmbH and Co. KGaA, Littelfuse Inc., Allegro MicroSystems LLC, Melexis NV, IAV Automotive Engineering Inc., CTS Corporation, PCB Piezotronics Inc., Delphi Technologies plc
Key Powertrain Sensor Market Trend
The powertrain sensor market is evolving with the development of innovative electric vehicle powertrain systems. In March 2023, Allegro MicroSystems Inc. introduced the ACS37601, a high-precision field current sensor tailored for electric vehicle applications. This sensor optimizes powertrain systems by accurately monitoring current flow, which enhances efficiency and prolongs battery life, contributing to the advancement of electric mobility.
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Powertrain Sensor Market Segmentation
The powertrain sensor market covered in this report is segmented –
1) By Type: Position Sensor, Speed Sensor, Pressure Sensor, Temperature Sensor, Other Sensors
2) By Subsystem: Drivetrain, Engine, Exhaust
3) By Propulsion: Internal Combustion Engine, Electric Vehicle
4) By Application: Passenger Car, Commercial Vehicle
By Geography:The regions covered in the powertrain sensor market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
North America was the largest region in the powertrain sensor market in 2023.
The Powertrain Sensor Global Market Report 2024 furnishes information about the global powertrain sensor market, encompassing details like market size, projections for growth, segmentation across various sectors and regions, and an overview of competitors, including their revenues, profiles, and market shares. Furthermore, the report pinpoints potential opportunities and strategic directions derived from market trends and the strategies adopted by key competitors. The report also offers an assessment of how the COVID-19 pandemic, the Russia-Ukraine conflict, and increasing inflation have affected both global and regional markets, furnishing valuable strategic insights for businesses.
