Regulations Drive Demand for Automotive Temperature Sensors
Promising economic growth potential in the Asia-Pacific is attracting global automobile manufacturers to the region.
The global automotive temperature sensors market is expected to grow at a compound annual growth rate (CAGR) of close to 6% from 2017-2021, reaching $5.27 billion by 2021, according to a recent report from Technavio. The increasing demand for safe and better automotive vehicles that are compliant with environmental regulations is driving demand for temperature sensors.
“[Asia-Pacific] is the largest regional segment of the global automotive temperature sensor market, responsible for generating almost 50% of the total revenue,” said Neelam Barua, a lead analyst at Technavio for automotive electronics research. “China, Japan and India are the leading contributors in the region.”
Promising economic growth potential in the Asia-Pacific is attracting global automobile manufacturers to the region. These players are investing in technologically advanced mass-production systems, thereby driving the demand for automotive temperature sensors.
The U.S. and Canada are the major contributors to the temperature sensors market in the Americas. The demand for temperature sensors in these countries is driven by government regulations, which are playing a crucial role in the wider application of temperature sensors in the region. Strict emission norms and increasing concerns regarding road safety, passenger safety and vehicle security are expected to boost the market growth in the Americas. In addition, the rising adoption of electric vehicles in the Americas provides notable prospects for the automotive temperature sensors market.
In Europe, the Middle East and Africa (EMEA), the adoption of emissions sensors in engine exhaust management and exhaust after-treatments is resulting in an added incentive to develop technologically advanced automotive emissions sensors that help the vehicles to meet emissions standards. The continuous monitoring of emissions in EMEA is also expected to fuel the automotive temperature sensors market.
“The automotive temperature sensors market in EMEA is driven by the imposition of stringent emission norms in Europe,” said Neelam. “The implementation of Euro VI norms will have a positive impact on the adoption of powertrain sensors in the region, thereby driving market growth.”
For more information, visit www.technavio.com.