The global power train sensor market is projected to grow at a CAGR of 3.2 % to reach USD 24.7 billion by 2027, from an estimated USD 20.41 billion in 2020. The power generation subsystem of the power train is the engine. Using various moving parts, it converts the chemical energy of the fuel into mechanical energy. All these parts need to be observed using a lot of sensors. Power train sensors include multiple pressure, speed, position, and temperature sensors. Manufacturers across the world are looking forward to enhancing the power train sensors, which will make the vehicle more efficient and reliable. Due to the increasing demand for power train sensors, manufacturers are encouraged to build more enhanced sensors, which is expected to boost the growth of the power train sensor market.
Rise in demand for fuel-efficient vehicles is estimated to boost the automotive power train sensors market across the globe. Various governments across the globe have enacted regulations regarding vehicle emission norms to prompt developments in transmission and drive train in order to enhance vehicle performance. This, in turn, is anticipated to boost the global automotive sensors market. Various vehicle manufacturers across the globe are trying to increase the penetration of sensors in their vehicles to boost vehicle safety and vehicle performance, which is likely to propel the automotive power train sensors market across the globe.
Rise in vehicle sales and production across the globe is expected to fuel the automotive power train sensor market across the globe. Increase in demand for electric vehicles, which are integrated with numerous sensors, including voltage sensors that increase the efficiency of the drive train, is likely to boost the global automotive power train sensor market.
The major power train sensor market players include Bosch (Germany), Continental (Germany), Denso Corporation (Japan), Hella (Germany) Texas Instruments (US), and Aptiv (UK), among others. These companies have strong distribution networks at a global level.
The Asia Pacific market is estimated to be the largest during the forecast period. The region comprises some of the fastest developing economies of the world such as China and India. Also, Asia Pacific is the largest market for automotive as the growing purchasing power of consumers has triggered the demand for automobiles. Also, increasing sales of commercial vehicles and passenger cars in the region are driving the market. Many European and North American OEMs are entering the sub continental markets and launching new vehicle models, considering the requirement of the demographics in the region. Hence, Asia Pacific is expected to show incremental growth during the forecast period.
Europe dominates the global automotive power train sensor market due to significant presence of automotive industries and enactment of stringent rules regarding the emission norms in the region. High presence of vehicle manufacturers and Tier-1 suppliers, including Continental AG, Delphi Technologies, and Robert Bosch, who have major research and development facilities regarding power train sensors, is estimated to propel the automotive power train sensor market in Europe.