“Robust Growth of MEMS Technology is driving the market for automotive pressure sensors”
The global automotive pressure sensors market is estimated to be USD 4.21 billion in 2017 and is projected to reach USD 8.84 billion by 2025, at a CAGR of 9.70%. MEMS-based sensors have proved to be the perfect solution in the field of automotive, where there is a growing need for smaller form factor for sensors with improved performance. Hence, the MEMS technology plays a pivotal role in downsizing the structure of automotive pressure sensors. Today’s top-end vehicles constitute up to 100 different types of sensors, of which 30 would be MEMS sensors. Pressure sensors acquire the largest part of MEMS sensors for automotive applications. A complex manufacturing process and reliability of the product can hinder the growth of the market.
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“Piezoresistive pressure sensors is estimated to hold the largest market share in terms of transduction type in 2017”
The technological evolution of the automotive semiconductor industry is revolving around piezoelectric automotive applications. The demand for higher fuel efficiency and better safety features with tech-savvy semiconductor components would, in turn, increase the demand for piezoresistive materials and components. Hence, technological advancement would create a plethora of opportunities for manufacturers of components like pressure sensors to attain a high level of efficiency and robustness.
“HEV market of pressure sensors is estimated to experience the highest growth rate during the forecast period”
The pressure sensors market for hybrid electric vehicles (HEV) is estimated to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the engine structure of the vehicle, which combines a conventional internal combustion engine (ICE) system with an electric propulsion system. Due to the presence of IC engine, which has the maximum installation rate of pressure sensors, this segment of the electric vehicle is estimated to experience the highest growth rate during the forecast period.
“Asia Pacific is estimated to be the fastest growing automotive pressure sensors market”
The automotive pressure sensors market for Asia Pacific is estimated to grow at the highest CAGR during the forecast period. High volume markets with increased demand for high-end electronic and safety features in passenger cars make Asia Pacific the largest and fastest growing market for automotive pressure sensors. Also, the upcoming safety legislation in developing countries will further drive the market growth in the region.
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies and OEMs. The break-up of the primaries is as follows:
• By Company Type – Tier 1 – 50%, Tier 2 – 33%, Others – 17%
• By Designation – C level – 45%, D level – 35%, Others – 20%
• By Region – North America – 22%, Europe – 45%, Asia Pacific – 20%, Rest of the World – 13%
Major players profiled in the report are:
Robert Bosch (Germany), Continental (Germany), Denso (Japan), Delphi (UK), Sensata (US), Analog Devices (US), Infineon Technologies (Germany), NXP Semiconductors (Netherlands),Texas Instruments (US), Melexis (Belgium), General Electric (US), TE Connectivity (Switzerland)
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Related Report:
Pressure Sensor Market by Product (Absolute Differential Gauge Vacuum and Sealed) Technology (Piezoresistive Capacitive Electromagnetic Resonant) Application (Automotive Medical Industrial Utilities) and Geography - Global Forecast to 2023
“Pressure sensor market expected to grow at a significant rate between 2017 and 2023”
The pressure sensor market is expected to grow at a CAGR of 5.27% between 2017 and 2023 and would be worth USD 8.30 billion in 2017. The key factors driving the growth of the pressure sensor market are advancements in MEMS technology and its rapid adoption in connected devices, growing demand from automotive and medical device industries, increasing adoption of pressure sensors in consumer goods and wearables, and stringent government regulations. Moreover, the development strategies implemented by the players operating in the pressure sensor market, such as agreements, product launches and developments, partnerships, collaborations, mergers and acquisitions, further help boost the market growth. However, the major restraining factor for the growth of this market is the intense pricing pressure.
Read More: https://watchersofmarkets.com/products/pressure-sensor-market-by-product-absolute-differential-gauge-vacuum-and-sealed-technology-piezoresistive-capacitive-electromagnetic-resonant-application-automotive-medical-industrial-utilities-and-geography-global-forecast-to-2023
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