Global Automotive Sensors Market: Snapshot
The global automotive sensor market is growing at a high rate due to strict regulations mandating the integration of technologies and devices to ensure the safety of the driver and passengers while driving. The use of automotive monitors helps in controlling and monitoring physical processes in the changes in automobiles. The increasing demand for automotive sensors is attributed to the changing mindset of the people towards safe driving. Moreover, the high demand for hybrid cars has also fueled the need for automotive sensors, as hybrid cars require more sensors for monitoring, hydrogen leak detection, and motor speed, position, and temperature control.
The global automotive sensor market was valued at US$ 20.27 bn in 2014. Technological advancement and rapid integration of automotive sensors in hybrid cars are likely to enable the global market reach US$ 33.17 bn by the end of 2021. This market is expected to rise at a healthy CAGR of 8.6% between 2015 and 2021.
Increasing Application of MEMS to boost Demand for Automotive Sensors
The global automotive sensor market is categorized on the basis of type and component. Based on type, the market is segmented into pressure sensor, temperature sendsor, motion sensor, gas sensor, micro-electro-mechanical-systems (MEMS) sensor. Out of these, MEMS sensor had a dominant share as compared to the other segments under this category in 2014. In addition, rising application of MEMS sensor in accelerometer, vehicle dynamics control, inertial brake lights, headlight leveling, automatic door locks, and active suspension systems amongst others, are factors responsible for the major contribution of this segment.
On the basis of component, the global market for automotive sensors is segmented into powertrain, chassis, body electronics, and safety and control.
Presence of High Number of Manufacturers enable Europe to Lead Global Market
On the basis of geography, the report has covered the regions including North America, Asia Pacific, Europe, the Middle East and Africa, and South America. As of 2014, Europe held a dominant share in the global automotive sensor market. According to TMR, the Europe market is projected to rise at 8.3% CAGR between 2015 and 2021. Recent technological advancements are fuelling the demand for automotive sensors in this region. Moreover, the presence of key automobile manufacturers and consumers in countries like Germany and the U.K. has contributed in making Europe the lead the market.
Stringent safety norms across Europe have forced the manufacturers in the automotive industry to use technologically advanced sensors, which will have a positive impact on the automotive sensor market. Higher purchasing power of the consumers in the region will accelerate the sales of the vehicles equipped with automotive sensors.
The report has also covered the key players in the automotive sensor market. Some of the key players are Continental AG, Robert Bosch GmbH., Denso Corporation, and Autoliv, Inc. The prominent players are making efforts in research and development of new and more effective products, which has in turn increased difficulties for the small players in this market.
Global Automotive Sensors Market: Overview
Globally, several governments are making efforts in bringing effective and safe driving by enforcing strict regulations on the manufacturers for using integrated technology and devices that will ensure the safety of the passengers and drivers. The use of automotive monitors helps in monitoring and controlling physical processing changing in the automobile. The demand for automotive sensors is increasing due to the changing mindset and perception of the customers towards safe driving. Furthermore, the demand for hybrid cars has increased that has triggered the demand for automotive sensors. This is because hybrid cars need more sensor monitoring, motor speed, hydrogen leak detection, position, and temperature control. Therefore, in the forthcoming years, the demand for the automotive sensor is likely to increase due to the aforementioned factors.
The global automotive sensors market is classified on the basis of component and type. Based on type, the market is segmented into the temperature sensor, pressure sensor, micro-electro-mechanical-systems (MEMS) sensor, gas sensor, and motion sensor. In 2014, MEMS sensor leading share as compared to other under this category. The reason behind this growth is the rising application of MEMS sensor in vehicle dynamics control, accelerometer, inertial brake lights, automatic door locks, headlight leveling, and others including active suspension systems.
The report also provides a complete overview of the global automotive sensors market. It discusses in detail drivers, restraints, trends, and opportunities. The report also provides regional insights and detailed understanding of segments that are based on accurate facts and figures.
Global Automotive Sensors Market: Trends and Opportunities
The global automotive sensors market is anticipated to rise significantly in the near future, due to increasing initiatives by the leading players. The major opportunities seen in the global automotive sensor market are steer-by-wire and growing automated highway driving. Although these systems are in its initial stage and leading players like Tesla Motors and Robert Bosch GmbH are experimenting in testing their automated highway driving capabilities. Thus, initiatives like these are likely to help people in the near future with safe and convenient driving.
Global Automotive Sensors Market: Regional Outlook
Geographically, Europe held the dominant share in 2014 in the global automotive sensors market. During the forecast period between 2015 and 2021, Europe is expected to expand at 8.3% CAGR. Latest technological advancements are the major reason behind the dominance of this region. In addition, the incidence of major automobile manufacturers and consumers in countries like U.K. and Germany have helped in making this region a dominant regional market. Strict safety norms have compelled the manufacturers to use technologically advanced sensors that have driven the automotive sensor market in the region. Increasing the purchasing power of the customers is likely to lead the sales of equipped with automotive sensors and fueling the market growth.
Global Automotive Sensors Market: Competitive Landscape
The report gives a detailed analysis of the competitive landscape in the global automotive sensor market. Some of the leading players contributing in the market are Continental AG, Autoliv, Inc., Denso Corporation, and Robert Bosch GmbH. The leading players in the market are putting conscious efforts in research and development activities to come up with better and more effective products and to ensure their position in the market.
Market segmentation based on geography:
- North America
- South America
- Asia Pacific
- Middle East and Africa
This report gives access to decisive data, such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report include:
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments