Surging Automobile Sales Propelling Worldwide Demand for Temperature Sensors

The mushrooming usage of temperature sensors in the automotive industry is one of the major factors fueling their sales across the world. In this industry, these sensors are used for measuring the temperature of various systems, liquids, and gases within automobiles in order to ensure their proper functioning. Heating, ventilation, and air conditioning (HVAC) systems are the major components in which these sensors are used. With the ballooning sales of automobiles, especially in the Asia-Pacific (APAC) countries such as China, South Korea, and India, the demand for temperature sensors is rising sharply.

According to the Organisation Internationale des Constructeurs d’Automobiles (OICA), 90,423,687 vehicles were sold all over the world in 2019. Besides the booming automobile sales, the soaring sales of smartphones are also pushing up the worldwide demand for temperature sensors. As per the International Telecommunication Union (ITU), smartphones account for around 50% of all handset sales in Europe and this trend is expected to spread rapidly, especially in the developing nations, in the coming years.

Get More Insights: Temperature Sensor Market Segmentation Analysis Report

Due to the above-mentioned factors, the demand for temperature sensors is exploding, which is, in turn, driving the growth of the global temperature sensor market. As a result, the market revenue is expected to surge from $6.9 billion in 2019 to $11.1 billion by 2030. Furthermore, the market is predicted to advance at a CAGR of 4.4% from 2020 to 2030. Thermocouple, temperature integrated circuits (ICs), resistance temperature detectors (RTDs), and thermistors are the most widely used types of temperature sensors across the world.

Out of these, the demand for resistance temperature detectors (RTDs) was found to be the highest in the world in 2019. This was because of the fact that these devices are highly stable, linear, and accurate. In addition to this, these devices can be easily customized and are thus, being extensively used in various consumer electronics applications. Depending on vertical, the temperature sensor market is categorized into automotive & aerospace, petrochemical and oil & gas, food & beverage, utilities, consumer electronics, pharmaceuticals, and industrial.

Out of these, the automotive & aerospace category dominated the market in 2019, mainly because of the enactment of strict government policies that mandated the incorporation of temperature sensors in vehicles. This was done to increase the fuel efficiency of automobiles, which was needed to mitigate the soaring air pollution levels and greenhouse gas (GHG) emissions from vehicles. Geographically, Asia-Pacific (APAC) held the largest share in the temperature sensor market in 2019, as per the observations of the market research company, P&S Intelligence.

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