Automotive sensors are the devices, used in automobiles, which detects physical or chemical quantity such as temperature or position and transduces, indicate or respond to it. These sensors are made out of semiconductors such as cobalt and nickel. Automotive sensors are used to increase vehicle performance, safety and passenger comfort. Sensors are getting improved in terms of quality, smartness and they are more specific and robust. Further, these sensors are cheaper than the previous generation sensors. Better system and pleasures are encouraging people to buy automobiles equipped with sensors. Nowadays, people are inclining towards safety features such as Auto emergency braking, driver attention detection, Active cruise control, Airbags (passenger knee, thorax airbag with head). Government’s legislation and regulations on safety, emission reduction, fuel economy, driver assistance and onboard diagnosis systems are the factors which are driving the automotive sensors market. Automotive industry being one of the largest industries in the world with a growth rate of 2.8% is encouraging the development of connected technologies and rising the demand for automotive sensors. Moreover, the demand of automotive sensors in Asia –Pacific is bolstering the growth rate of automotive sensors market. In automobile sector, the electronic systems are expanding on the back of rising number of sensors in automobiles. Thus, automotive sensors market is expected to showcase a lucrative growth.
The market is anticipated to expand at a CAGR of 7.8% over the period i.e. 2017-2024. The global automotive sensors market is expected to reach USD 45.76 billion by 2024.The global automotive sensors market is expected to rise in terms of demand due to the invention of diverse sensors along with technological advancement of connected integrated technologies. Also, high efficiency and cheaper price of new generation sensor is expected to encourage the market growth.
Asia-Pacific automotive sensor market is the largest market and expected to dominate over the next five to six years due to extremely large number of vehicle production, increasing number of electronic systems, connected technologies and government regulations on emission. Further, growing consumer awareness is also bolstering the automotive sensor market in developing countries such as India and China. Currently, Europe is the second biggest market for automotive sensors and is expected to remain at its position during the forecast period. Europe automotive sensor market is anticipated to reach USD 9.73 billion due to the expanding popularity and demand for electronically connected automobiles. With the revision in vehicle safety system regulation, safety features such as advanced braking system, tire pressure management system, driver attention detection and seatbelt reminders have become necessary for automobile manufacturers to sell their product in the European Union.
Furthermore, North America automotive sensors market is expected to reach to USD 9.89 billion by 2024. Moreover, government regulations and awareness among the car owners about safety and comfort are the major factors which are driving the automotive sensor market. CLICK TO DOWNLOAD FREE SAMPLE REPORT
Global automotive sensors market is further classified on the basis of region as follows:
Rising concern towards safety and increasing sales of automotive vehicles are the two major factors which are driving the automotive sensors market. Further, the expanding market of hybrid and fully electric vehicle is expected to register a growth in demand of automotive sensors. Beside this, the government regulations on safety and fuel emission are increasing the growth of global automotive sensors market. Due to revision in the vehicle safety system in the General Safety Regulation (EC) No.661/2009, it has become mandatory for automobile manufacturers to incorporate various safety features such as lane departure warning systems, tire pressure management system, seatbelt reminder etc. Also, the numbers of sensors in the automobile are expanding as if now an automobile is equipped with 60-100 sensors and expected to be equipped with about 200 sensors by 2020. Further, adoption of cruise control system by automobiles OEM’s is expected to boost the market in near future. However, equipping automobiles with various automotive sensors will increase the overall cost of automobiles which creates a significant challenge for the market players. With more than 200+ sensors manufacturers, the competition in the global automotive sensors market is high.
Overview of the Parent Market
The Global automotive sensors Market is segmented as follows:
Supply & Demand Risk
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
Key Information for Players to establish themselves in current dynamic environment
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