Dublin, Jan. 09, 2024 (GLOBE NEWSWIRE) -- The "Automotive Temperature Sensor Global Market Report 2024" has been added to ResearchAndMarkets.com's offering.
The automotive temperature sensor market size has grown steadily in recent years. It will grow from $9.28 billion in 2023 to $9.69 billion in 2024 at a compound annual growth rate (CAGR) of 4.5%. The growth in the historic period can be attributed to the increased adoption of electronic components in vehicles, a growing focus on energy efficiency and emission reduction, advancements in automotive safety regulations, a rise in consumer demand for comfort and convenience features, and the expansion of the electric vehicle market.
The automotive temperature sensor market size is expected to see continued strong growth in the next few years, growing to $12.02 billion in 2028 at a compound annual growth rate (CAGR) of 5.5%. The growth in the forecast period can be attributed to the integration of temperature sensors in autonomous vehicles, a surge in demand for electric and hybrid vehicles, emphasis on in-cabin comfort and climate control systems, the growing implementation of advanced driver assistance systems (ADAS), and the expansion of the Internet of Things (IoT) in automotive applications.
Major trends in the forecast period include the miniaturization of temperature sensor components, a shift towards MEMS (Micro-Electro-Mechanical Systems) technology, the development of smart temperature sensing solutions, increasing use of temperature sensors in powertrain management, and the integration of temperature monitoring in connected car platforms.
The anticipated rise in autonomous vehicles is poised to drive significant growth within the automotive temperature sensor market. Autonomous vehicles operate without direct human intervention, relying on temperature sensors to monitor engine temperatures and activate cooling fans, thereby optimizing engine performance. In December 2022, the Insurance Institute for Highway Safety projected an estimated 3.5 million autonomous vehicles on American roads by 2025, with an expected increase to 4.5 million by 2030. This surge in autonomous vehicle prevalence serves as a catalyst propelling the growth of the automotive temperature sensor market.
The increasing adoption of electric vehicles (EVs) is set to significantly bolster the automotive temperature sensor market. EVs, powered by electric motors and rechargeable batteries, necessitate advanced temperature monitoring systems crucial for vehicle safety, efficiency, and longevity. The rising demand for electric vehicles has escalated the need for sophisticated temperature monitoring and control systems. According to a report published by the US Department of Energy in March 2022, EV sales surged by 85% in 2021, nearly doubling from 308,000 units in 2020 to 608,000. This robust increase in EV sales, which constituted 73% of all plug-in electric car sales in 2021, underscores the pivotal role of temperature sensors in ensuring optimal performance and safety within the EV ecosystem, thus propelling the automotive temperature sensor market growth.
Rapid technological advancements represent a prominent trend shaping the automotive temperature sensor market landscape. Leading companies within this sector are intensely focused on advancing sensor technologies to maintain a competitive edge. For example, in May 2022, Continental, a prominent Germany-based automotive parts manufacturing company, unveiled two cutting-edge sensors including the Current Sensor Module (CSM) and the Battery Impact Detection (BID) system, specifically designed for electrified vehicles. The CSM, functioning as a two-channel sensor, combines shunt technology and hall technology within a single unit, allowing temperature measurement within the range of -40C to 125C. This innovative sensor technology signifies the ongoing drive among industry leaders to develop state-of-the-art temperature sensors, marking a significant trend in the automotive temperature sensor market's evolution.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Report Scope
- Markets Covered:
- By Product Type: Thermistor; Resistance Temperature Detector; Thermocouple; IC Temperature Sensor; Mems Temperature Sensor; Infrared Sensor
- By Technology: Contact; Non-Contact
- By Usage: Gas; Liquid; Air
- By Vehicle: Passenger Cars; Commercial Vehicle
- By Application: Engine; Transmission; HVAC; Exhaust; Thermal Seats
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
Company Profiles:
- Continental AG
- Panasonic Holdings Corporation
- Sensata Technologies Holding plc
- NXP Semiconductors NV
- Analog Devices Inc.
- Microchip Technology Inc.
- TE Connectivity Ltd.
- Rohm Semiconductor
- Murata Manufacturing Co Ltd
- ZF Friedrichshafen AG
- Amphenol Corporation
- Denso Corporation
- Locon Sensor Systems Inc
- MTI Industrial Sensors
- Temperature Specialists Inc
- Robert Bosch
- Texas Instruments Incorporated
- Siemens
- Honeywell International Inc.
- Asea Brown Boveri Ltd.
- Endress+Hauser Management AG
- Maxim Integrated
- Emerson Electric Co.
- Tokyo Denki Kagaku Corporation
- Infineon Technologies AG
- Kongsberg Gruppen
- Delphi Technologies
- Automotive Electronics Council (AEC)
- Semiconductor Components Industries LLC
- Melexis NV
For more information about this report visit https://www.researchandmarkets.com/r/4cztyr
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