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Technavio’s market research analysts have predicted the sensor module market in the automotive sector to grow at a CAGR of more than 6% over the forecast period. The implementation of stringent regulations for emission control is one of the critical factors driving the growth of this market in the coming years. Sensors help to increase the efficiency of vehicles by monitoring their engines. The governments of countries around the world have set up emission control regulations to control the pollutants emitted from vehicles, for example, powertrain sensors such as airflow, pressure, and throttle position sensors are used to control emissions. Moreover, an augmented demand for automotive sensors from the manufacturers will also contribute to the growth of this market. Temperature sensors for an automobile are used for multiple applications, such as air intake temperature checks, engine coolant, transmission oil for measuring the temperature of transmission fluid, and in cylinder heads to inform the driver about engine overheating.
In this industry research report, the analysts have estimated factors such as the increasing demand for electric cars to propel the growth prospects for this market in the coming years. Recently, there has been an augmented demand for electric vehicles because of government promotions of campaigns and a considerable reduction in the cost of building electric vehicle batteries. Moreover, these batteries are envisaged to cost lesser than the internal combustion engine in the coming years, thereby fueling the demand for electric vehicles. This is expected to hamper the oil market and will, in turn, lead to a reduction in the price of sensor modules until the end of 2020.
During 2015, the powertrain and engine control segment dominated this market and accounted for more than 76% of the market share in terms of revenue. The powertrain and engine control section of the car needs high-end sensor modules, which are essential to drive the sensors and other microcontrollers. Moreover, the sensors used in this section form an important component of the engine, as they monitor the temperature of the engine and keeps the engine from overheating. These factors are expected to aid in the growth of the powertrain and engine control segment until the end of 2020.
APAC held the highest market share, accounting for more than 49% of the market share in 2015. The market in this region is expected to grow as all the major car manufacturers such as Hyundai, Nissan, and Toyota have their bases in APAC.
This market is highly fragmented and is characterized by the presence of a large number of established manufacturers and a significant number of small- and medium-sized enterprises. The market also has the presence of well-diversified global and regional vendors. The competitive nature of this market is envisaged to intensify as more sensors enter the mass market, which is inevitable in the wake of increasing government regulations and consumer demand for automotive safety and advanced features.
The key market vendors are -
Other prominent vendors analyzed in this market study are First Sensor, Heraeus Sensor Technology, National Instruments, and SHINYEI Technology.
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PART 01: Executive summary
PART 02: Scope of the report
PART 03: Market research methodology
PART 04: Introduction
PART 05: Market landscape
PART 06: Market segmentation by application
PART 07: Market segmentation by vehicle type
PART 08: Geographical segmentation
PART 09: Market drivers
PART 10: Impact of drivers
PART 11: Market challenges
PART 12: Impact of drivers and challenges
PART 13: Market trends
PART 14: Vendor landscape
PART 15: Appendix
PART 16: Explore Technavio
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