(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Jan. 03, 2025 (GLOBE NEWSWIRE) -- The "Saudi Arabia Automotive Temperature Sensor Market, By Region, Competition, Forecast & Opportunities, 2019-2029F" report has been added to ResearchAndMarkets.com's offering.
A notable surge in the Saudi Arabia Automotive Temperature Sensor Market demonstrates the country's increasing emphasis on advanced automotive technologies and stringent environmental regulations. With a valuation of USD 473.21 Million in 2023, the market is predicted to reach USD 716.72 Million by 2029, escalating at a CAGR of 7.24%. This growth is fueled by the rising demand for electric and hybrid vehicles, advancements in sensor technology, and the burgeoning automotive industry within the region.
Technological Innovations Spur Growth
Progressions in sensor technology have been pivotal to market advancements, improving sensor accuracy, reliability, and size - essential for meeting the demands of modern electric and hybrid vehicles. As global trends lean towards electrification, Saudi Arabia's uptick in demand for these environmental-friendly vehicles is further accelerating market growth, with temperature sensors being integral to managing battery and engine thermal conditions.
Regulatory Environment Drives Demand
Enforcement of stringent environmental mandates has led to the adoption of sophisticated sensors essential in emission control systems and engine management, especially important in Saudi Arabia, where there is a significant increase in vehicle acquisition due to rising disposable incomes and conducive governmental measures.
Challenges and Trends in Market Dynamics
Despite the optimistic outlook, the market faces hurdles such as the higher costs associated with advanced sensors and challenges arising from the integration of new technologies into current vehicle architectures. Furthermore, disruptions in supply chains and volatile raw material pricing continue to impose significant challenges. However, the market is witnessing a trend towards integration with Advanced Driver-Assistance Systems (ADAS) and a preference for connected and premium vehicles, anticipated to spur the demand for automotive temperature sensors further.
The report presents a comprehensive analysis of the market, segmented into various categories - by vehicle type, product, technology, application, and region - and offers a detailed examination of competitive landscapes and market players.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 82 |
| Forecast Period | 2023 - 2029 |
| Estimated Market Value (USD) in 2023 | $473.21 Million |
| Forecasted Market Value (USD) by 2029 | $716.72 Million |
| Compound Annual Growth Rate | 7.2% |
| Regions Covered | Saudi Arabia |
Companies Featured
Robert Bosch GmbH Continental Automotive Technologies GmbH PHINIA Inc Sensata Technologies, Inc RS Components Ltd Amphenol Corporation STMicroelectronics International N.V. TE Connectivity Corporation ZF Friedrichshafen AG Analog Devices, Inc
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Saudi Arabian Automotive Temperature Sensor Market
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