The global automotive sensors market is extensively competitive and consolidated due to the monopoly of prominent players, reveals an upcoming report by Transparency Market Report (TMR). The new entrants in the market may find it tough to enter the global market. Some of the key players in the global automotive sensors market include Continental AG, Robert Bosch GmbH., Denso Corporation, and Autoliv, Inc. These companies are adopting strategies such as heavy investment in research and development activities to introduced better products at reasonable prices. Such strategies help them strengthen their position in the market.
The increasing road rage and mishaps paves way for the growth in the global automotive sensorss market. The market is expected to growth at a robust rate of CAGR of 8.6 % over the forecast period 2015 to 2021. The global automotive sensors market may reach an estimated value of US$ 33.17 bn by 2021.
In terms of regional perspective, Europe is expected to hold a prominent position in the global automotive sensitive market during the projected period. The growth is mainly be due to the rising awareness about vehicle and driver’s safety. In terms of sensors types, the global automotive sensorss market is segmented into motion sensorss, pressure sensorss, temperature sensorss, and micro electro mechanical systems. However, micro electro mechanical systems are likely to hold a dominant position in terms of growth in the global automotive sensors market.
Rising Demand for Human Safety Accelerates Global Automotive Sensors Market
The rising number of fatal accidents is a matter of concern across the globe, this paves way for integrating technologies and devices that are safe for passengers and drivers. Therefore, numbers of features have been gaining popularity, allowing the growth of the global automotive sensors market. Additionally, rising disposable income is expected to increase the demand for automotive sensors.
Furthermore, fast paced life and increasing traffic in public transport has led to the demand for passenger vehicles with automotive sensors are expected to drive the substantial expansion of the global automotive sensors market. Also, features such as radar, image, laser are being introduced to offer safe driving experience with less emission may also add to the growth of the global automotive sensors market.
Swift Technological Advancement to Fuel Automotive Sensors Market
The rising digitalization and fast paced technological advancement and development of innovative sensors with features such as fuel leak detection, position monitoring, current monitoring, etc. is expected to provide impetus to the global automotive sensors market.
Moreover, stringent regulations by the government and pollution control bodies to keep the emission under control is projected to pave way for sensors with pollution level alerts. Further, connected vehicles are increasing the demand for sensors, thus, aiding the expansion of the global automotive sensors market in the forthcoming years.
The only factor that could dampen the global automotive sensors market is high cost of repairs in case of any damage or fault in the sensors is projected to hamper the growth of the global automotive sensors market over the forecast period.
Nonetheless, growing trends of electrification and automation in vehicles is projected to provide growth opportunities in the global automotive sensors market in the upcoming years. Growing preferences and the need for convenience is anticipated to drive the growth in the global automotive sensors market during the next few years.
This review is based on the findings of a TMR report titled, “Automotive Sensors Market (Type - Pressure Sensors, Temperature Sensors, Gas Sensors, Motion Sensors, and MEMS Sensors; Components - Powertrain, Body Electronics, Chassis, and Safety and Control)) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015–2021.”
The global automotive sensors market is segmented into:
- Pressure Sensors
- Temperature Sensors
- Gas Sensors
- Motion Sensors
- MEMS Sensors (Micro Electro Mechanical System)
- Body Electronics
- Safety and Control
- North America
- Rest of the Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America (LATAM)
- Rest of LATAM
- Middle East & Africa
- South Africa
- Rest of MEA
- GCC Countries
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