The global powertrain sensor market 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
NEW YORK, Jan. 7, 2020 /PRNewswire/ --
Increasing adoption of vehicles equipped with modern ICE drivetrain and HEVs are anticipated to trigger the growth of the powertrain sensor market.
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The global powertrain sensor market 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. Increasing adoption of powertrain sensors required for better fuel economy and decrease in carbon emissions are the primary enablers for the growth of the powertrain sensor market. However, decreasing price of powertrain sensors would restrain the growth of the market during the forecast period.
Other powertrain sensors segment is the largest sensor type for ICE vehicles segment during the forecast period.
Other powertrain sensors include important sensors like oxygen sensor (lambda sensor), NOx sensor, and fuel level sensors.These sensors are costlier than other sensors in a powertrain.
There is no alternative to these sensors. Hence, other powertrain sensors dominate the powertrain sensor market for ICE vehicles.
Light-duty vehicle segment is expected to dominate the powertrain sensor market.
Each light-duty vehicle is installed with the powertrain sensors for keeping an eye on proper operations of powertrain subsystems.OEMs are customizing/tuning powertrain sensors for their respective vehicle models.
Considering the availability of customization in vehicles, people are also willing to go for such vehicle offerings. This is the reason for the growth of the light-duty vehicle market in every region.
Lain America is expected to record the highest growth rate during the forecast period.
Most of Tier I and Tier II suppliers and OEMs are focusing on the Latin American automotive market.Countries in Latin America are becoming self-dependent and economically strong.
The production of vehicles in this region is increasing.People in these countries are also looking out for vehicles with more features.
This is the reason for the growth of the Latin American powertrain sensor market.
In-depth interviews were conducted with CEOs, marketing directors, innovation and technology directors, and executives from various key organizations operating in the market.
-- By Company Type: Tier I - 47%, Tier II - 33%, and OEMs - 20%
-- By Designation: C Level - 60%, Manager and Others - 40%
-- By Region: Asia Pacific - 32%, Europe - 26%, North America - 24%, Latin America and RoW - 18%
The market comprises major manufacturers such as Bosch (Germany), Continental (Germany), Denso Corporation (Japan), Hella (Germany), Texas Instruments (US), and Aptiv (UK). The study includes an in-depth competitive analysis of these key players in the market with their company profiles, recent developments, and key market strategies.
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