According to the report published by Zion Market Research, global demand for the Passenger Car Sensors market was valued at approximately USD 5.6 Billion in 2019, and is expected to generate revenue of around USD 7.1 Billion by end of 2026, growing at a CAGR of around 3.2% between 2020 and 2026.
Global Passenger Car Sensors Market: Overview
The car sensor is used to indicate the pollution level of the car and manage the engine. Due to the introduction of several federal emission norms, the use of sensors in the passenger car market is increasing that drives the original equipment manufacturers (OEMs) to create a balance with government regulations, robustness, and manufacturing ability. The use of sensors in the passenger car has resulted from the complexity of vehicle electronics to new levels. Developed technology helps OEMs to deal with increasing pressure from the government. In order to meet the requirement of the passenger car owners, the passenger car sensors market has witnessed a number of developments. Microprocessor-based sensors were initially used to control emissions in passenger cars and prevent unwanted accidents. These sensors detect any changes that occur in automobile parts and indicate the same to the user. Passenger car sensors are generally used in body control, powertrain, and chassis where they examine vacuum, pressure, temperature, currents, and other related factors.
Global Passenger Car Sensors Market: Growth Factors
The increasing use of sensors in passenger cars is anticipated to boost the global passenger car sensors market growth globally in the coming years. The increasing application of pressure sensors in the engine and safety system of the vehicle is anticipated to drive the market. Stringent government regulations and global pressure for pollution levels may hamper the global market growth. The key factor for the growth of the passenger car sensors market is growing safety concerns among passengers which will drive the market demand in the near future.
Global Passenger Car Sensors Market: Segmentation
On the basis of sensor type, the global passenger car sensors market is segmented as pressure sensors, position sensors, speed sensors, temperature sensors, O2 and NOx sensors, safety and comfort sensors, and others. The application segment is divided into powertrain/drivetrain, exhaust, interior/comfort, body control, and driver assistance system. Of which, the body control segment accounted for the major market share across the globe owing to weight reduction, multiplex compatibility, and stringent safety regulations.
Region-wise, the global market is segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Global Passenger Car Sensors Market: Regional Analysis
Based on regions, the global Passenger Car Sensors market can be divided into five main regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.
North America is the dominating market in the global passenger car market owing to its increasing population and stable financial conditions. Additionally, Japan and China are witnessing considerable growth in the passenger car sensors market. The booming market for passenger car sensors in South Korea is a major driving factor in the market. In addition, Asia Pacific is growing at the fastest pace owing to increasing dual-income allowing the use of safety technologies. Unstable financial conditions in Europe encourage other niche markets to grow in countries such as China and India.
Global Passenger Car Sensors Market: Competitive Players
Some of the major key players in the global passenger car sensors market are Eclipse Recreational Vehicles Inc., Coachmen Recreational Vehicle Company, Thor Industries Inc., Gulf Stream Coach, Inc., and Heartland Recreational Vehicles. Other key players influencing the global market are Forest River, Inc., Universal Trailer Corporation, Fleetwood RV, Monaco RV, Jayco Inc., Starcraft RV Inc., and Skyline Corporation.
Passenger Car Sensors Market: Regional Segment Analysis
- North America
- The U.S.
- Canada
- Europe
- France
- The UK
- Spain
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Southeast Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
Frequently Asked Questions
The increasing use of sensors in passenger cars is anticipated to boost the global passenger car sensors market growth globally in the coming years. The increasing application of pressure sensors in the engine and safety system of the vehicle is anticipated to drive the market.
According to Zion Market Research, the global demand for the passenger car sensors market is expected to generate revenue of around USD 7.1 Billion by end of 2026, growing at a CAGR of around 3.2% between 2020 and 2026.
North America is the dominating market in the global passenger car market owing to its increasing population and stable financial conditions. Additionally, Japan and China are witnessing considerable growth in the passenger car sensors market. The booming market for passenger car sensors in South Korea is a major driving factor in the market.
