How Is Healthcare Sector Fueling Electroceramics Demand?
The International Organization of Motor Vehicle Manufacturers (OICA) records that 1,427,074 units, 2,014,055 units, 3,394,446 units, 257,187 units, and 1,435,335 units of automobiles were manufactured in Thailand, Brazil, India, Argentina, and Russia, respectively, in 2020. The rising vehicle production creates an enormous requirement for electroceramics, as they are employed in spark plugs, oxygen sensors, knock sensors, and combustion sensors. Automakers deploy these sensors in internal combustion engine (ICE)-powered vehicles to monitor their major qualitative and performance indicators. Additionally, the booming healthcare industry, on account of the mounting demand for healthcare services, soaring number of public and private partnerships in this industry, and rising expenditure, is expected to drive the electroceramics market at a CAGR of 5.9% during the forecast period (2018–2023). According to P&S Intelligence, the market revenue will grow from $8,590.9 million in 2017 to ...