Key Revenue Pockets - Smart Relative Humidity & Temperature Sensor Market
Increasing growth in the market for alternative fuel vehicles (AFVs) such as electric and hybrid cars is expected to lead to their emergence as the highest growth areas for automotive temperature & humidity sensor market.
The idea of electric vehicles or hybrid vehicles is not new. The market initially suffered from hiccups, partly due to the high prices involved and also because the technology was not matured enough. However, the market is currently witnessing high growth rates, which is evident from the numerous launches of electric and hybrid models of conventional cars by major automobile manufacturers. A few examples are BMW i3 and i8, Aston Martin DBX concept, Porsche Cayenne S E-hybrid, and Audi R8 hybrid among others. The Nissan Leaf is the highest selling hybrid car in the U.S.
This growth in the electric car market is expected to increase the demand for digital sensors. On the basis of geography, APAC is the biggest market for automotive digital sensors. The APAC region has a number of leading manufacturers and a large consumer base which would further drive the market,
Currently, China is the biggest car market in the world, and along with India, it is expected to grow further in the coming years. In the current automotive industry scenario, every three out of five cars sold across the world come from a Korean/Japanese OEM.
Major American and European car manufacturers are setting up manufacturing plants in India and China, in order to bring down costs and increase sales in the largest automotive markets of the world.
Related Reports:
Digital Temperature and Humidity Sensor Market for Automotive Application by Technology (CMOS, MEMS, TFPT), Packaging Type (SMT, Pin Type), Application (Powertrain, Body Electronics, Alternative Fuel Vehicle), & Geography Forecast to 2020
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