Knock Sensor Market is Expected to Grow with a CAGR of 3.4% from 2021 to 2028
As stated by an extensive report by Vantage Market Research, providing insights on vehicle type, frequency range, and application, the global knock sensor market is expected to grow at a CAGR of 3.4% over the forthcoming years.
The knock sensor is an integral component of automotive vehicles as it plays a major role in the protection of vehicular engines. It is present on the outside of the engine, where it records the vibrations coming from the engine, converts it into a signal, which is sent to the electronic control unit of the vehicle. It is predominantly used to reduce the consumption of fuel and enhance the torque of the engine.
Rising automotive production volume, rapid urbanization rate, surging technological advancements, and changing government regulations are some of the key factors that are augmenting the growth of the knock sensor market worldwide.
However, the COVID-19 pandemic brought in worldwide lockdown and business shutdowns, forcing people to stay indoors to prevent the spread of the virus. Due to this, the demand, revenue, and supply chain of the automotive industry were disrupted. This, in turn, halted the expansion of the knock sensor market.
Moreover, the challenges associated with the utilization of knock sensors such as massive competition between industry players and high infrastructure expenses, further restrain their market. Although, the colossal benefits offered by the knock sensor markets such as enhanced driving efficiency and safety, provide an enthralling opportunity for the growth of the knock sensor market.
Globally, North America is dominating the knock sensor market and this dominance can be attributed to the increased expenditure power and enhanced consumer awareness, in the region. Subsequently, Asia-Pacific is anticipated to be the region that grows most rapidly, during the forecast period. This surge is accredited to the economic growth and development, increased disposable incomes, and surging automotive industry in the region.
Some of the major players operating in the global knock sensor market are Robert Bosch GmbH, Continental AG, Aptiv Plc, Denso Corporation, Hitachi Ltd., NGK Spark Plugs Inc., Hyundai Motor Company, Infineon Technologies AG, Standard Motor Products Inc., and Mitsubishi Electric Corporation among others.