The automotive pressure sensor market is experiencing rapid growth, with a projected valuation of US$ 22.6 billion by 2034 and an estimated market size of US$ 7.4 billion in 2023. The market is anticipated to witness significant expansion, with a robust compound annual growth rate (CAGR) of 10.4% between 2024 and 2034. The surge in demand for pressure sensors is attributed to the increasing prevalence of electrified and driverless vehicles, as these sensors play a critical role in monitoring various systems within these vehicles. As electric and driverless cars continue to gain popularity, the market for automotive pressure sensors is expanding.
A report from Future Market Insights underscores the potential for innovation in the automotive pressure sensor market, particularly in relation to the development of sensors tailored to new automotive trends, such as electric and driverless cars. The report encourages companies to focus on creating specific sensors designed to monitor important metrics for these vehicles, such as braking force and battery temperature. By integrating advanced features such as real-time data analytics and predictive maintenance, the value proposition of sensors can be significantly enhanced.
Notable findings from the market analysis include:
– Global demand for automotive pressure sensors reached US$ 4.4 billion in 2019.
– The micro-electro-mechanical system (MEMS) segment is expected to grow at a 10.3% CAGR during the projection period.
– The passenger vehicles segment is projected to achieve a 10.1% global market share by 2024.
– The automotive pressure sensor ecosystem in the United States is anticipated to advance at a CAGR of 10.8% by 2034.
– The market in the United Kingdom is expected to grow at an 11.7% CAGR through 2034.
– China’s automotive pressure sensor market will evolve at a 10.9% CAGR between 2024 and 2034.
According to Nikhil Kaitwade, Associate Vice President at Future Market Insights, the increasing focus on automotive safety and regulatory compliance is driving the forward momentum of the automotive pressure sensor market. As safety regulations become more stringent, pressure sensors are becoming increasingly indispensable for monitoring vital vehicle systems, ultimately fueling industry growth.
Leading companies in the global automotive pressure sensor market are harnessing innovative technologies, such as piezoresistive sensing components and MEMS, to achieve precision and reliability in pressure measurement within their sensor designs. Moreover, startups in the market are also leveraging modern technologies, including flexible electronics and graphene-based sensors, to develop smaller and more affordable sensor solutions to meet the evolving demands of automakers and customers.
The report also highlights significant industry developments, such as NXP’s launch of the MCX A14x and A15x family of “all-purpose” microcontrollers in 2024, providing valuable insights into the future trajectory of the automotive pressure sensor market.
As the demand for automotive pressure sensors continues to grow, industry players are prioritising data analytics and connectivity technologies to offer value-added services such as real-time monitoring and predictive maintenance. This signifies a shift towards a more integrated and connected approach within the automotive industry.
In conclusion, the automotive pressure sensor market presents substantial growth opportunities, driven by the rapid expansion of electrified and driverless vehicles. Companies that embrace innovative technologies and advanced features are well-positioned to take advantage of the expanding market landscape, ultimately shaping the future of automotive safety and compliance.
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