Impact of COVID-19 on the Automotive Pressure Sensors Market
The automotive sector has been substantially disrupted due to the COVID-19 pandemic. Changing customer preference and behavior due to the global economic crisis is expected to influence the automotive pressure sensors market over the anticipated timeframe. Moreover, the outbreak of COVID-19 has initiated lockdowns in numerous countries around the world, which has also led to the closing of international borders and the implementation of strict measures by regulatory authorities in multiple countries, causing a severe decline in the demand for automotive pressure sensors across the globe. There is a high possibility that COVID-19 will have a long-term effect on the consumers’ standard of living and preferences. It may also result in lowered usage of vehicles owing to the increasing awareness regarding social distancing and the adoption of the remote working policy. Moreover, restrictions on public gatherings along with travel bans in several countries are expected to limit the market growth for automotive pressure sensors over the forecast timeframe.
Automobile sales in China, 2020 (Thousand Units)
The figure above shows the statistics for automobile sales in China from January 2020 to May 2020. Pressure sensors are majorly required in vehicles during propulsion and transportation. The figures exhibit a steady increase in vehicle sales in China and show that the automotive industry is stabilizing and will support the automotive pressure sensors market share in the country. However, the demand for automotive pressure sensors has declined severely owing to the decreasing vehicle sales across the globe, coupled with the rising COVID-19 cases. The increased focus on personal care and hygiene will also affect the future demand for rental vehicles. Thus, there is uncertainty regarding market growth over the projected timeframe.
Source: CEIC Data