Growing Awareness about Driver and Occupant Safety Stimulates Demand for Automotive Sensors Market
The increasingly tough governmental norms regarding safety have strongly influenced the remarkable changes in the automotive sensors market. The growing demand for advanced automotive sensors is also a result of changing consumer mindsets about safety and driving experiences. Car buyers are showing a keen interest in technologically advanced sensors as they offer comfort and economy, which are the two key factors that decide car purchases. The growing demand for hybrid cars is also propelling the automotive sensors market as these require more sensors for monitoring, motor speed and position, hydrogen leak detection, and temperature. As manufacturers develop more hybrid car models to minimize their carbon footprint, they will also fuel the automotive sensors market.
According to a new report published by Transparency Market Research, the global automotive sensors market was valued at US$20.27 bn in 2014 and is expected to reach US$33.17 bn by 2021, progressing steadily at a CAGR of 8.6% between 2015 and 2021. The technological advancements and their rapid integration in developing automotive sensors will also ensure increased safety features, comfort, and improved performance of futuristic vehicles. Manufacturers are also developing sensors that will have the ability to factor in the surroundings and identify dangerous situations to provide well-informed assistance to drivers in the near future. Lane change monitoring, adaptive cruise control, and roundabout shunt prevention are likely to be the futuristic technologies offering growth opportunities to automotive sensors market.
Wide Applications of MEMS Sensors Keep Segment in the Lead
The global automotive sensors market is segmented on the basis of type into pressure sensors, gas sensors, temperature sensors, motion sensors, and MEMS sensors. Of these, micro-electro-mechanical-systems (MEMS) sensors are expected lead the global market due to their growing number of applications. These sensors are primarily used in applications such as headlight leveling, accelerometer, inertial brake lights, automatic door locks, vehicle dynamics control, and active suspension systems amongst others.
Furthermore, MEMS sensors are also applied in anti-lock braking systems (ABS). The regulatory compulsion for ABS and airbags in entry-level and high-end vehicles has boosted the uptake of MEMS sensors in recent years. This trend has especially had an influence in North America and Europe. Owing to these strong market drivers, the MEMS sensor segment is expected to register a CAGR of 8.3% between 2015 and 2021.
Europe Leads Global Market with 8.3% CAGR from 2015-2021
Europe was the key regional segment of the global automotive sensors market in 2014 and is expected the lead market with a CAGR of 8.3% between the forecast period of 2015 and 2021. This region is being driven by the technological advancements in the automotive technology. The U.K. and Germany are frontrunners in this region as they happen to be key automobile manufacturers and consumers in Europe. The strict safety norms across Europe have been challenging the automotive industry to produce some of the game-changing sensors, which in turn has had a positive impact on the overall industry. The increasing purchasing power of consumers as economies stabilize is also likely to boost the demand for automotive sensors as it will accelerate the sales of vehicles across all segments.
Some of the key players in the global automotive sensors market are Denso Corporation, Robert Bosch GmbH, Analog Devices Inc., and Sensata Technologies Inc. These companies are focusing on core competencies to achieve unmatched product innovation at affordable pricing. Keeping up with radical changes in the automotive industry such as electrification, connectivity, and upcoming self-driving vehicles will help companies remain competitive in the overall market.
This market research study analyzes the automotive sensors market on a global level, and provides estimates in terms of revenue (USD billion) from 2015 to 2021. It recognizes the drivers and restraints affecting the industry and analyzes their impact over the forecast period. Moreover, it identifies the significant opportunities for market growth in the next few years. In recent years, there has been increasing demand for vehicle driver safety and emission control in various countries which have shifted the focus of automotive OEMs with driver assistance systems and exhaust gas recirculation systems.
Automotive sensors find application in various automobile components such as powertrain control system, climate control, Anti-lock Braking System (ABS) & Electronic Stability Programme (ESP) system, airbag restraint system, power steering system, engine management system, camshaft position sensor, crankshaft position sensor and body dynamics control system. These provide occupants of vehicles with better comfort, driver safety and security among other related benefits.
The major opportunities of automotive sensors include steer-by-wire and automated highway driving. These systems are in the conceptual stage and major players such as Robert Bosch GmbH and Tesla Motors, Inc are already testing automated highway driving which would help people drive more safely and conveniently in the future.
The increasing demand for automobiles due to the increase in disposable income in Asia Pacific is one of the major factors fueling the demand for automotive sensors. In addition, increasing government safety regulations and emission control is also boosting the automotive sensors market. Body control system, power steering system, climate control and ABS are some of the basic features provided by manufacturers as a standard option in vehicles at present. Moreover, hybrid and fuel cell vehicles have an exponential use of sensors for hydrogen leak detection, current monitoring, motor speed and position among others.
Asia Pacific is one of the most attractive regions for the market of automotive sensors market. Demand for luxury vehicles with advanced safety and comfort features are the major factors fueling demand for automotive sensors. However, Europe is the largest market for automotive sensors. The increasing number of government regulations to monitor driver safety and emission in automobiles is boosting growth of this market in Europe.
This report is segmented by type, components, and geography, and also includes the drivers, restraints, and opportunities (DROs) of the automotive sensors market. The study highlights current market trends and provides the forecast from 2015 to 2021. The study also covers the current market scenario for automotive sensors market and highlights future trends that would influence demand. By geography, the market has been segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW). The current market size and forecast till 2021 have been provided in the report.
The automotive sensors market has been segmented into five segments based on type. These include pressure sensors, temperature sensors, gas sensors, motion sensors and MEMS sensors. In addition, the automotive segment market has been segmented by components types into: powertrain, body electronics, chassis and safety & security on the basis of applications. To support the strategic decision making, the report also includes profiling of leading players in the industry, their market share and various strategies adopted by them. The value chain analysis and market attractiveness analysis included in the report provide insight in terms of industry competition.
The report also provides company market share analysis of the various industry participants with company overview, financial overview, business strategies, and recent developments in the field of automotive sensors market. Major market participants profiled in this report include Continental AG, Denso Corporation, Robert Bosch, Sensata Technologies Inc, Freescale Semiconductor Inc, Autoliv Inc., Infineon Technologies AG and among others.
Global automotive sensors market has been segmented as:
Automotive Sensors Market: By Type
- Pressure Sensors
- Temperature Sensors
- Gas Sensors
- Motion Sensors
- MEMS Sensors
Automotive Sensors Market: By Components
- Body Electronics
- Safety and Control
The report provides a cross-sectional analysis of all the above segments with respect to the below mentioned regions:
Automotive Sensors Market: By Geography
- North America
- Rest Of Europe
- Asia Pacific
- South Korea
- Rest Of Asia Pacific
- Rest of the World (RoW)
- South America
- Middle East