World Thermocouple Temperature Sensors Market Outlook to 2025 - Market Forecast to Register a CAGR of 3.68%

The thermocouple temperature sensors market is expected to register a CAGR of over 3.68% during 2020-2025. The increasingly popular trend of the development of smart cities in countries is contributing to the high growth of the electronic security market.

Thermocouple temperature sensors are mainly used for thermal management and automatic transmissions systems in the automotive industry. Therefore, the stringent emission norms for automobiles, aggressive development in an autonomous vehicle, and increasing penetration of electric vehicle (EV) globally are some of the major factors driving the market growth.

For instance, the Indian government is focusing on creating charging infrastructure and policy framework, so that by 2030, more than 30% of vehicles are electric vehicles.

In February 2019, STMicroelectronics' has entered into a partnership with Hyundai Autron launch development lab for eco-friendly automotive sensor solutions. The collaboration will provide the environment for engineers to collaborate on pioneering solutions for eco-friendly vehicles, with a focus on powertrain controllers.

The United States is expected to have a prominent share in the thermocouple temperature sensor market. The country is one of the largest automotive markets in the world and is home to over 13 major auto manufacturers. Electric vehicle use in the United States has risen rapidly, with an estimated 1% of automotive sales in the US market from electric vehicles.

California dominates the US market in terms of sales of electric vehicles (EVs). It's Zero Emission Vehicle (ZEV) program is driving the demand for EVs, by requiring automakers in the state to sell a certain percentage of electric cars. US auto market, which is likely to further pressurize automakers to expand their affordable EV offerings, thereby fueling the demand for a thermocouple temperature sensor in the country.