Powertrain Sensor Market Worth $24.7 Billion by 2027 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, Dec. 13, 2019 /PRNewswire/ -- According to the new market research report "Powertrain Sensor Market by Sensor Type for ICE Vehicle (Position, Pressure, Speed, Temperature), Sensor Type for EV (Position, Temperature, Current, Voltage), Propulsion, Powertrain Subsystem, Vehicle Type, EV Type, and Region - Global Forecast to 2027", published by MarketsandMarkets(TM), the global Powertrain Sensor Market size is projected to grow at a CAGR of 2.8% to reach USD 24.7 billion by 2027, from an estimated USD 19.8 billion in 2019. Factors such as increasing awareness about carbon emissions, fuel economy, and adoption of green vehicles would drive the market.
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Position sensor for ICE vehicles is the fastest growing segment during the forecast period
Position sensor plays an important role in understanding the operations of vehicle powertrain and identifying facult, if any, in the engine. Vehicle efficiency can be measured and analyzed with the help of signals coming from position sensors installed inside the vehicle powertrain. Apart from installation in the camshaft and crankshaft assemblies, position sensors are being installed in gearbox assembly to measure the data related to the position of gears and gear shifters. Increasing adoption of position sensors in vehicle powertrains is the main factor driving the market segment.
Heavy-duty vehicle is expected to be the fastest growing segment
Heavy-duty vehicles include trucks and buses. Trucks and buses are being installed with advanced powertrain sensors with the upgrading of powertrains. Powertrains in heavy-duty vehicles have to be powerful enough to survive robust conditions. As a result of that, they are required to be installed with sensors that offer high operational efficiency. The market for heavy-duty vehicles in developing countries is flourishing day-by-day. These are a few of the factors contributing to the growth of the heavy-duty vehicle market for powertrain sensors.
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Latin America is expected to be the fastest growing market by 2027
Most of Tier I and Tier II suppliers and OEMs are focusing on the Latin American automotive market. Countries in this region are becoming self-dependent and economically stable. The production of vehicles in this region is also increasing. Governments in these countries are also looking forward to the adoption of fuel efficient technologies. This is the reason for the growth of the powertrain sensor in the region.
The major Powertrain Sensor Market players include Bosch (Germany), Continental (Germany), Denso Corporation (Japan), Hella (Germany) Texas Instruments (US), and Aptiv (UK), among others.
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