Global Automotive Temperature Sensor market, which accrued revenue worth 8.2 (USD Billion) in 2019, will register a CAGR of approximately 6% during the period from 2020 to 2026.
Automotive Temperature Sensor Market
The global Automotive Temperature Sensor market, which accrued revenue worth 8.2 (USD Billion) in 2019, will register a CAGR of approximately 6% during the period from 2020 to 2026. The report offers an assessment and analysis of the Automotive Temperature Sensor market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, sales estimates, opportunities, evolving trends, and industry-validated data. The report offers historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Automotive temperature sensors are utilized for measuring temperatures at many locations in the vehicle. It mainly comprises of infrared equipment, a resistance temperature detector, a thermistor, and a thermocouple. They play a key role in regulating fuel emissions. Thermocouples are utilized for measuring high temperatures and an infrared device is used for testing whether direct interaction with any object is desirable or not. Apparently, resistance temperature detectors respond to the alterations in temperatures linearly along with authenticity. Furthermore, thermistors offer information about the direction of change in resistance w.r.t rise in the temperature.
The need for improving the performance of vehicles along with the growing trend toward reduction of fuel emissions will steer the market trends. The product gives appropriate feedback pertaining to parameters to be regulated. In addition to this, a rise in the inputs or outputs from HVAC systems will propel the market growth in the years ahead. Apart from this, the massive popularity of advanced automatic control systems and the need for comprehensive data pertaining to the status of automobiles will steer the market expansion over the ensuing years. In addition to this, strict government laws pertaining to emission control will catapult the growth of the market in the years to come. Nonetheless, high costs of automotive temperature sensors will result in rising in the production costs of automobiles, thereby hampering the industry growth over the foreseeable future.
Asia Pacific Market To Attain Scalable Heights Over 2020-2026
The growth of the market in the Asia Pacific over the period from 2020 to 2026 is owing to the enforcement of strict fuel emission laws along with large-scale production of vehicles in countries like China, Vietnam, India, Malaysia, Thailand, Japan, and South Korea. The rise in demand for ADAS systems in the region will further drive the regional market growth over the estimated timespan.
Key players profiled in the report include Delphi, Continental, Panasonic, Robert Bosch, and TDK Corporation.
The global automotive temperature sensor market is segmented as follows:
Need for improving performance of vehicles along with growing trend towards reduction of the fuel emissions will steer the market trends over forecast timespan.
The CAGR of the industry is expected to be nearly approximately 6% during the forecast timeline.
Asia Pacific will contribute remarkably towards the global market share over the estimated timeline.
The key market players include Delphi, Robert Bosch, Panasonic, Continental, and TDK Corporation.
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