Powertrain sensors are fitted in the subsystems of the powertrain to sense the relevant measurement values and transmit signals to ECUs of subsystems using closed loop algorithms to ensure that the drive functions in a vehicle are always set perfectly. Powertrain sensors include various types of pressure, temperature, speed, position, current, oxygen, and NOx sensors. Powertrain sensors inside a vehicle are spread across subsystems of the powertrain. The ultimate goal of using multiple sensors inside a vehicle powertrain is to improve vehicle efficiency and get updates about the health of powertrain subsystems.
The global Powertrain Sensor Market is expected to register moderate growth during the forecast period. It is estimated to grow at a CAGR of 2.8% from USD 19.8 billion in 2019 to USD 24.7 billion by 2027. The market growth can be attributed to increasing awareness about environment-friendly and fuel-efficient vehicles. The adoption of modern transmission systems and increasing use of e-mobility in developing regions are also factors driving the market for powertrain sensors.
Countries across the globe are focusing on deployment of electric vehicles on commercial basis. They are deciding on the policies related to electric vehicles. China has made the resolution of commercializing green vehicles at the earliest. Whereas Eastern European countries are front runners in the adoption of green vehicles. Developing countries across the globe have understood the importance of e-mobility and are deciding policies on the same. This would offer revenue generating opportunities for powertrain sensor suppliers. HEVs have a combination of traditional ICE drivetrain with modern electric drivetrains. This presents an opportunity for the adoption of powertrain sensors required for both types of drivetrains. Among all types of green vehicles, HEVs are expected to hold the largest market share in the powertrain sensor market. OEMs in developing countries are commercializing HEVs to tap the market potential. This would create revenue generating opportunities for Tier I and Tier II suppliers in developing economies.
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The engine powertrain subsystem segment is expected to be the largest market during the forecast period. Engine is the power generation subsystem of the powertrain. It converts chemical energy of the fuel into mechanical energy using various moving parts. These parts need to be monitored using a lot of sensors. Engine sensors include multiple pressure, position, speed, and temperature sensors. Moreover, OEMs across the globe are looking forward to modernization of engines. This would make vehicles more efficient and ensure lesser emissions. All these factors make the engine powertrain subsystem segment the largest for powertrain sensors.
ICE propulsion is estimated to be the largest segment by propulsion type. Increasing adoption of HEVs and growing vehicle production equipped with traditional ICE drivetrains are the main factors contributing to the growth of this segment. Vehicles equipped with ICE propulsion are more popular among people across the globe. According to industry experts, the popularity of ICE propulsion will continue for the next decade. This also depends on government policies related to vehicle emissions.
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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 subcontinental 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.