Global Powertrain Sensor Market Size, Share And Growth Analysis For 2024-2033
Powertrain Sensor Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company's Powertrain Sensor Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
LONDON, GREATER LONDON, UK, August 19, 2024 /EINPresswire.com/ -- The powertrain sensor market2 has experienced robust growth in recent years, expanding from $20.85 billion in 2023 to $22.03 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to increasing infrastructural developments, increasing purchasing power of the people, increasing popularity of e-mobility, growing demand for luxury vehicles and electric vehicles, and increasing adoption of powertrain sensors.
Strong Future Growth Anticipated
The powertrain sensor market is projected to continue its strong growth, reaching $27.91 billion in 2028 at a compound annual growth rate (CAGR) of 6.1%. The growth in the forecast period can be attributed to rising motor vehicle production, rising demand for automobiles, growing demand for hybrid electric vehicles, rising sales of commercial vehicles, rising demand for silicon temperature sensors, increasing sales and production of automobiles and increase in both passenger and commercial vehicle sectors.
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Growth Driver Of The Powertrain Sensor Market
The rising motor vehicle production is expected to propel the growth of the powertrain sensor market going forward. Motor vehicle production involves assembling components to build automobiles, trucks, and other motor vehicles, including designing, manufacturing, marketing, selling, repairing, and maintaining these vehicles. The rising production of motor vehicles is due to increasing consumer demand for automobiles and advancements in manufacturing technology, streamlining production processes and enhancing efficiency. Powertrain sensors benefit vehicle production by improving performance, efficiency, and safety, enabling real-time diagnostics, ensuring regulatory compliance, and providing valuable data for continuous improvement.
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Major Players And Market Trends
Key players in the powertrain sensor market include Robert Bosch GmbH, Panasonic Corporation, Denso Corporation, Continental AG, Texas Instruments Incorporated, Aptiv plc.
Major companies operating in the powertrain sensor market are focusing on developing innovative products, such as electric vehicle powertrain systems, to sustain their position in the market. Electric vehicle powertrain systems are the components and technologies that convert electrical energy stored in batteries into mechanical energy to drive the vehicle's wheels.
Segments:
1) By Type: Position Sensor, Speed Sensor, Pressure Sensor, Temperature Sensor, Other Sensors
2) By Subsystem: Drivetrain, Engine, Exhaust
3) By Propulsion: Internal Combustion Engine, Electric Vehicle
4) By Application: Passenger Car, Commercial Vehicle
Geographical Insights: North America Leading The Market
North America was the largest region in the powertrain sensor market in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the powertrain sensor market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Powertrain Sensor Market Definition
Powertrain sensors are integral components in modern vehicles, playing crucial roles in monitoring and optimizing the performance of the powertrain system. These sensors collect and transmit data to the vehicle's onboard computer system, which uses this information to optimize performance, improve fuel efficiency, and ensure smooth operation.
Powertrain Sensor Global Market Report 2024 from The Business Research Company covers the following information:
• Market size data for the forecast period: Historical and Future
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
The Powertrain Sensor Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on powertrain sensor market size3, powertrain sensor market drivers and trends, powertrain sensor market major players, powertrain sensor competitors' revenues, powertrain sensor market positioning, and powertrain sensor market growth across geographies. The powertrain sensor market report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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