LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global automotive pressure sensors market to grow at a CAGR of over 4% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
The increased adoption of MEMS technology by automakers is one of the major trends being witnessed in the global automotive pressure sensors market 2018-2022. Micro-electro-mechanical systems are miniature systems that combine minute mechanical structures with electronic circuits. Typical individual structures have a size of a few micrometers. The MEMS sensor element is usually packaged together with an ASIC and made into a single unit. Cost reduction, size, and weight reduction, reliability, and enhanced functionalities are some of the advantages of MEMS. MEMS pressure sensors have replaced the traditional silicon-based pressure sensor in almost every automotive application, such as ABS, airbags, and in engine transmission systems.
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According to Technavio analysts, one of the key factors contributing to the growth of the global automotive pressure sensors market is the growing demand for automobiles:
Global automotive pressure sensors market: Growing demand for automobiles
The growth of the global automotive pressure sensors market is dependent on the growth of the global automotive industry. The global automobile market has grown considerably in the past few years. In 2017, the global production of passenger vehicles and commercial vehicles was estimated at more than 97 million, posting a growth of 2.36% when compared with that of 2016. More than 98 million automobiles are estimated to be produced in 2018.
According to a senior analyst at Technavio for research on automotive electronics, “Growing environmental and safety concerns due to increasing vehicle population, especially in fast-growing cities in these countries, are forcing governments to impose stringent vehicle emission and safety norms that are in line with those mandated in the developed regions. Thus, more number of automobiles are being equipped with various systems such as EGR system, ABS, and airbag, which require pressure sensors for functioning. Other advanced systems such as TPMS are expected to be mandated in vehicles over the forecast period, thereby driving the demand for pressure sensors.”
Global automotive pressure sensors market: Segmentation analysis
The global automotive pressure sensors market research report provides market segmentation by end-user (passenger vehicles and commercial vehicles), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The passenger vehicles segment held the largest market share in 2017, accounting for nearly 73% of the market. This end-user segment is expected to dominate the global market throughout the forecast period.
APAC led the market in 2017 with a market share of nearly 54%. The region is expected to dominate the market through 2022, with an increase in its market share.
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