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The automotive engine oil level sensor market share is expected to increase by USD 999.67 million from 2019 to 2024, and the market's growth momentum will accelerate at a CAGR of 5.01%. This automotive engine oil level sensor market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The automotive engine oil level sensor market report also offers information on several market vendors, including Continental AG, Cummins Inc., DENSO Corp., General Motors Co., Hella GmbH & Co. KGaA, Robert Bosch GmbH, Sensata Technologies Holding Plc, TDK Corp., TE Connectivity Ltd., and Texas Instruments Inc. among others. Furthermore, this report extensively covers automotive engine oil level sensor market segmentation by end-user (OEMs and aftermarket) and geography (APAC, North America, Europe, and South America).
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The increasing penetration of automotive electronics is notably driving the automotive engine oil level sensor market growth, although factors such as low-cost manufacturing countries to lose low-cost advantage may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the automotive engine oil level sensor industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Automotive Engine Oil Level Sensor Market Driver
The increasing penetration of automotive electronics is notably driving the automotive engine oil level sensor market growth. The global automotive engine oil level sensor market is primarily driven by the growing penetration of electronics in automobile development and manufacturing. In the past decade, the use of electronic components has increased in automobiles, which has driven the demand for automotive engine oil level sensors. It is estimated that the cost of automotive electronics until 1990 was close to one-tenth of a total vehicle's cost; however, it is now about half of a total vehicle's cost. The global automotive electronics market is estimated to grow at a CAGR of more than 8% during the forecast period. The extensive use of automotive electronics is primarily driven by the growing focus on fuel efficiency, the reduction in vehicular emissions, and the increase in demand for advanced safety systems.
Key Automotive Engine Oil Level Sensor Market Trend
Declining sales of automobiles is the key trend driving the automotive engine oil level sensor market growth. The slowdown in global automobile sales had started much before the COVID-19 pandemic. As per reports, automotive sales were stagnant in 2018, and the most prominent automotive markets globally registered negative growth in the first six months of 2019. As per the European Automobile Manufacturers Association (ACEA), new passenger car registrations declined by about 3.1% in the region in the first half of 2019 compared to the corresponding period in 2017. In the US, the sales of light vehicles declined by about 3% during Q1 of 2019 and by about 2% during Q2 of 2019. Several factors were responsible for the overall decline in automobile sales from 2018 to 2019. Brexit (which led to political instability in Europe) and trade tensions between the US and China (over tariff rates) were the two major factors that resulted in dwindling consumer demand in western automotive markets. Thus, the decline in automotive sales acts as an inhibitor for the growth of the market in focus.
Key Automotive Engine Oil Level Sensor Market Challenge
The major challenge impeding the automotive engine oil level sensor market growth is the low-cost manufacturing countries to loose low-cost advantage. In the automotive industry value chain, the OEMs have been absorbing the liability for most of the warranty costs and price pressure from the demand side in the past. However, this situation has changed over the past 5-6 years, where the OEMs have pushed liabilities on Tier 1 suppliers who, in turn, push them on to component manufacturers. This has led to cost optimization across the industry to maintain profitability. One such means was to outsource manufacturing activities to countries with low operational costs such as Taiwan, China, South Korea, and India. The primary reason for a high concentration of automotive component manufacturers in these countries is because of the cost advantage through the means of low-cost labor as compared with Western countries, established raw material supply chains, and easy availability of raw materials.
This automotive engine oil level sensor market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2020-2024.
Technavio categorizes the global automotive display system market as a part of the global auto components and accessories market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the automotive engine oil level sensor market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the automotive engine oil level sensor market encompasses successful business strategies deployed by the key vendors. The automotive engine oil level sensor market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The automotive engine oil level sensor market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the automotive engine oil level sensor market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
The report has further elucidated on other innovative approaches being followed by manufacturers to ensure a sustainable market presence.
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60% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for the automotive engine oil level sensor market in APAC. Market growth in this region will be faster than the growth of the market in other regions.
The advancements in the regional automotive powertrain market will facilitate the automotive engine oil level sensor market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 across the region slowed down the growth of the automotive industry in 2020, which negatively impacted the market in focus in APAC. Various automakers are now focusing on increasing production and reducing supply chain disruptions once the COVID-19 outbreak is contained. In addition, countries are taking initiatives to boost automotive production. For instance, in Thailand, the government introduced several measures such as a car trade-in scheme, which imposed 50% excise tax reduction until the end of 2020, and delayed enforcing Euro 5 emission standards. These measures are expected to trigger the demand for vehicles, which will drive the demand for automotive engine oil level sensors in the region during the forecast period.
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The automotive engine oil level sensor market share growth by the OEMs segment will be significant during the forecast period. E-mobility capabilities of OEMs will become critical to sustaining the competition because future innovations in the automotive industry will hinge on electronics and software. This is reinforcing positive prospects for the automotive sensors market.
This report provides an accurate prediction of the contribution of all the segments to the growth of the automotive engine oil level sensor market size and actionable market insights on post COVID-19 impact on each segment.
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Automotive Engine Oil Level Sensor Market Scope |
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Report Coverage |
Details |
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Page number |
120 |
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Base year |
2019 |
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Forecast period |
2020-2024 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 5.01% |
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Market growth 2020-2024 |
$ 999.67 million |
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Market structure |
Fragmented |
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YoY growth (%) |
4.19 |
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Regional analysis |
APAC, North America, Europe, and South America |
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Performing market contribution |
APAC at 60% |
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Key consumer countries |
China, US, Japan, India, and Germany |
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Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
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Key companies profiled |
Continental AG, Cummins Inc., DENSO Corp., General Motors Co., Hella GmbH & Co. KGaA, Robert Bosch GmbH, Sensata Technologies Holding Plc, TDK Corp., TE Connectivity Ltd., and Texas Instruments Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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Executive Summary
Market Landscape
Market Sizing
Five Forces Analysis
Market Segmentation by End-user
Customer landscape
Geographic Landscape
Vendor Landscape
Vendor Analysis
Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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