Sophisticated safety systems and pervasive electronic systems have affected almost every sector of the automobile operations from engines to seat controls. In doing so, temperature sensors have become an unavoidable component of every automotive vehicle. The rising purchasing power of the millennial population is further resulting in a growing demand for various upgraded vehicles equipped with those sensors, thereby creating a demand influx in the automotive temperature sensor market. Mounted on battery, exhaust pipe, engine, and air duct, the automotive temperature sensors such as humidity sensor, infrared sensor, thermocouple, and others are used to gauge the temperature measurement of a vehicle. The increasing fuel-efficient technologies combined with growing demand in engine control management is further paving opportunities for the automotive temperature sensor market in the upcoming years. With the developing concern for global warming, the stringent governmental laws to decrease CO2 emissions are building, which are equally driving the automotive temperature sensor industry. Amidst the global CO2 emission, transportation sector contributes 14%. Therefore, with the evolution and expansion of the automotive temperature sensor marketplace, this rising concern can be controlled. Sensirion has got a breakthrough innovation named SCD40, which is a first miniaturized CO2 and RH/T sensor that can be fitted in just one cubic centimeter space and can accelerate environmental sensing expertise by incorporating a best-in-class humidity and temperature sensor. This innovation will create an impact on the environment boosting the automotive temperature sensor market across the globe.
As of 2018, the global automotive temperature sensor market size was evaluated at 7.88 billion, which is estimated to escalate at a CAGR of 5.67% during the forecast period 2019-2025. The report details the automotive temperature sensor market size by type and by applications; automotive temperature senor market share by top 5 companies and also the market share by startups.
Automotive Temperature Sensor Market Analysis: Key Application
Temperature sensors in a vehicle are implemented in several places to provide for temperature measurement through an electrical signal. However, its major utilization is seen in engines. Recently, DENSO Corporation developed a novel eco-friendly plant-derived resin radiator tank, which works as an automotive engine cooler, using an organic synthesis derived from the castor oil tree. This product will work as an automotive engine coolant temperature sensor benefiting the environment by releasing less CO2 and consuming less oil. The global automotive engine cooling market is estimated to grow at a CAGR of 4.8% during the forecast period 2018–2023. Hence, a part of this will also contribute to the growth of the automotive temperature sensor market in the engine sector. The application of automotive temperature sensors in engines is projected to increase at a CAGR of 7.02% during the forecast period 2019-2025.
APAC Automotive Temperature Sensor Market Overview:
The global temperature sensors market estimated at $56.02 billion in 2018, projected to reach $108.2 billion by 2023 growing at a CAGR of more than 11.65% during the forecast period 2018 to 2023. Amidst the global market, Asia Pacific will be the dominant region with a share of approximately 46.6%, generating a revenue of $43.92 billion by 2023 at a CAGR of 12.40%. A part of this temperature sensor’s revenue will impact the growth of the automotive temperature sensor market in the APAC region. In 2018, APAC grabbed the largest automotive temperature sensor market share with 30.67% amongst the global market. Here are the latest innovations that would drive the APAC automotive temperature sensor market further in the upcoming years –
· Toyota's Moisture-Sensing Auto Defrost Technology to Increase APAC Automotive Temperature Sensor Market Revenue –
In Septemeber 2017, Toyota Motor Corporation patented the moisture-sensing auto defrost mechanism to clear windows. This technology will implement a group of sensors to measure outside-inside moisture levels and outside-inside air temperature. Thus, this innovation will create an impact on the APAC automotive temperature market.
· Continental's Latest Innovation to Drive the APAC Automotive Temperature Sensor Marketplace –
In January 2018, Continental introduced its most advanced exhaust gas sensor technology in the Chinese market to reduce vehicle emissions. The differential pressure sensor (DPS) and the high-temperature sensor (HTS) supply data for an impactful control of the emission by the exhaust gas after-treatment. This innovation will directly impact the automotive temperature sensors market outlook in the upcoming years in the APAC region.
Automotive Temperature Sensor Market Trends & Growth Drivers:
The global automotive sensors market collected Revenue Avenue of around $26.08 billion in 2017, which is projected to grow at a healthy CAGR of over 12% from 2018 to 2023. A part of this will influence the global automotive temperature sensor market in the upcoming years.
· Global HVAC Sensors Industry to Directly Contribute to the Global Automotive Temperature Sensor Market Outlook –
The heightening inputs and outputs from several existing electronics in the HVAC systems are creating an impact on the automotive temperature sensors market. The global HVAC sensors market is poised to witness a valuation of $2.41 billion by the end of 2023 at a CAGR of 5.1%. This increase will pave opportunities for the automotive temperature sensor market players in the upcoming years.
· Mercedes Benz Latest Technologies to Boost the Automotive Temperature Sensor Market –
While Mercedes-Benz’s big S-Class sedan supported several features, the latest 2018 version was equipped with Energizing Comfort function that can adjust the cars' climate, heats the seat, and balances the ambient light. These implement the usage of several temperature sensors. Also, the company announced the wireless charging facility for its S550e plug-in hybrid luxury sedan through various temperature sensors, thereby escalating the global automotive temperature sensor market size.
· Bosch's Latest NOx reduction Emission Technology to Bring Positive Disruption to the Automotive Temperature Sensor Market Overview –
High and low-pressure exhaust-gas gases must be hotter than 200-degree Celcius to get optimum NOx conversion. Many cars fail to reach this temperature, thus Bosch discovered a sophisticated thermal management system involving temperature sensors to balance the required temperature. This innovation will create an impact on the automotive temperature sensor market paving opportunities for the market leaders in the upcoming years.
Automotive Temperature Sensor Market: Competitive Landscape
The principal business leaders who are currently holding maximum automotive temperature sensor market shares in the world and are focusing on the expansion of their manufacturing capacity to gain an edge over other market players are Robert Bosch GmbH, Continental AG, Panasonic Corporation, Delphi Technologies, TDK Corporation, DENSO Corporation, NXP Semiconductors N.V., Sensata Technologies, Analog Devices, Inc., and Microchip Technology Inc.
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