NEWARK, Del, Feb. 20, 2024 (GLOBE NEWSWIRE) -- The automotive pressure sensor market had an estimated market size of US$ 7.4 billion in 2023 and is expected to reach a global market size of US$ 22.6 billion by 2034, increasing at a robust CAGR of 10.4% between 2024 and 2034. By 2024, the market for automotive pressure sensors is likely to reach a valuation of US$ 8.3 billion.
The market for automotive pressure sensors is being driven by the rapid growth of electrified and driverless vehicles. Accurate pressure sensors play a major role in monitoring tire pressure, hydraulic systems, battery cooling, and other systems in these cars. The market for pressure sensors is expanding as a result of the growing popularity of electric and driverless cars.
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The development of sensors suitable for new automotive trends, such as electric and driverless cars, presents a market potential in the automotive pressure sensor market. Companies may be innovative by developing specific sensors that can track particular metrics that are important to these cars, such as braking force and battery temperature. The value proposition of sensors might be improved by incorporating advanced features like real-time data analytics and predictive maintenance.
Key Takeaways from the Market Analysis
- The global demand for automotive pressure sensors reached US$ 4.4 billion in 2019.
- The micro-electro mechanical system segment is anticipated to develop at a 10.3% CAGR during the projection period.
- It is expected that the passenger vehicles segment will attain a 10.1% global market share by 2024.
- It is projected that automotive pressure sensors in the United States will advance at a CAGR of 10.8% by 2034.
- The market in the United Kingdom is anticipated to rise through 2034 at an 11.7% CAGR.
- It is projected that China's automotive pressure sensor ecosystem will evolve at a 10.9% CAGR between 2024 and 2034.
“The growing emphasis on automotive safety and legal compliance is one factor propelling the automotive pressure sensor market. Pressure sensors are becoming more and more necessary to monitor vital systems like tire pressure and brake systems, which is fueling industry expansion as safety regulations tighten,” -says Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.)
Scope of Report:
| Report Attribute | Details | |
| Growth Rate | CAGR of 10.4% from 2024 to 2034 | |
| Market Value in 2024 | US$ 8.3 billion | |
| Market Value in 2034 | US$ 22.6 billion | |
| Base Year for Estimation | 2023 | |
| Historical Data | 2019 to 2023 | |
| Forecast Period | 2024 to 2034 | |
| Quantitative Units | US$ billion for value | |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends, and Pricing Analysis | |
| Segments Covered |
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| Countries Profiled |
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| Key Companies Profiled |
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Competitive Landscape
Prominent companies in the global automotive pressure sensor market utilize innovative technologies including piezoresistive sensing components and microelectromechanical systems (MEMS). In order to attain great precision and reliability in pressure measurement, they include these technologies in their sensor designs.
Companies also use real-time data transfer using wireless connection technologies like Bluetooth as well as RFID. Small sensors may be produced and integrated into a variety of automotive systems as a result of developments in semiconductor manufacturing processes.
Startups in the global automotive pressure sensor market are focused on innovative technologies to address industry concerns. They are utilizing modern technologies like flexible electronics and graphene-based sensors to create small and affordable sensor solutions. In order to meet the changing demands of automakers and customers, companies are also placing a strong emphasis on data analytics and connectivity technologies to offer value-added services like real-time monitoring and predictive maintenance.
Key Developments
- In 2024, NXP launched the MCX A14x and A15x family of "all-purpose" microcontrollers. MCX A is a component of the broader MCX family, which utilizes the Arm® Cortex®-M33 core platform.
The goal of MCX's founding was to create the next generation of intelligent edge devices by combining the greatest aspects of well-known NXP products with fresh, cutting-edge capabilities. An essential component of the MCX portfolio is scalability. The MCX A Series is the preferred option for all-purpose devices, and it plays a big part in this portfolio
More Valuable Insights Available:
Future Market Insights offers an unbiased analysis of the global automotive pressure sensor market, providing historical data for 2018 to 2022 and forecast statistics from 2023 to 2033.
To understand opportunities in the global automotive pressure sensor market, the market is segmented on the basis of technology (micro-electro mechanical system (MEMs), strain gauge, ceramic), vehicle type (passenger vehicles, light commercial vehicles, heavy commercial vehicles), application (engine control system, anti-lock braking system, airbags, direct tire pressure monitoring system (TPMS), heating, ventilation and air conditioning (HVAC), power steering, transmission, others), transduction type (piezoresistive, capacitive, optical, resonant, others) and region (North America, Latin America, Western Europe, Eastern Europe, South Asia and Pacific, East Asia, The Middle East & Africa).
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Key Segments Profiled in the Automotive Pressure Sensor Market
By Technology:
- Micro-Electro Mechanical System (MEMs)
- Strain Gauge
- Ceramic
By Vehicle Type:
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Application:
- Engine Control System
- Anti-Lock Braking System
- Airbags
- Direct Tire Pressure Monitoring System (TPMS)
- Heating, Ventilation and Air conditioning (HVAC)
- Power Steering
- Transmission
- Others
By Transduction Type:
- Piezoresistive
- Capacitive
- Optical
- Resonant
- Others
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South Asia and Pacific
- East Asia
- Middle East & Africa
Author By:
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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