According to Goldstein Research, “Growing sales of vehicles across the globe and emergence of new technologies such as autonomous vehicles are the major factors driving the growth of automotive sensors market.” Connected and autonomous vehicles are creating huge demand for sensors. Implementation of onboard sensors and internet connectivity, the connected cars are changing driving experience by optimising its own maintenance and operation.
Automotive Sensors Market
The global automotive sensors market is segmented based on sensors, by application and by vehicle type. Vehicle segment is further bifurcated into passenger cars and commercial vehicles. Growing sales of passenger cars positioned this segment as the largest revenue generating segment with more than 75% revenue share in automotive sensors market. In 2016, more than 60 million passenger cars were sold across the globe which is expected to expand at a CAGR of +4% in coming years.
Global automotive sensors market accounted for USD 24.7 billion in 2016 owing to huge growth in sales of automobiles around the world. Further, the market is anticipated to expand at a CAGR of 7.8% over the forecast period i.e. 2016-2024.
Asia-Pacific region holds largest of automotive sensor market share in 2016 and is expected to dominate the market during the forecast period of 2016-2024. Asia-Pacific automotive sensors market valued USD 6.2 billion in 2016 and is estimated to reach USD 10.3 billion by 2024. China is expected to dominate the automotive sensors market followed by India due to large automobile production in these countries.
Autonomous vehicles: Future of automotive sensors
The connected car and autonomous vehicles have turned into mega-trends that surge for greater use of advanced sensors in vehicles. Additionally, as a part of autonomous driving trend, the powertrain system, lightings and security features play a complementary role to intelligent functionality enabled by sensors, radars and associated devices. MEMS sensors for safety systems and powertrain sensors that add additional functions and reduce wiring complexity in applications such as battery monitoring are the areas of strong growth. Growth opportunities around the development of automotive sensors are drawing attention of new potential buyers and investors. For instance, Sensata bought DeltaTech in 2014 for worth USD 190 million. The acquisition enabled company to expand its product portfolio with new and existing customers in heavy and off-road vehicles market.
“Global Automotive Sensors Market Outlook 2024” contains detailed overview of the global automotive sensors market in terms of market segmentation by sensors type, by application type and by vehicle type.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, market challenges, risk analysis, market attractiveness, BPS (Base Point Scale) analysis, Porter’s five force model and SWOT analysis.
Global automotive sensors market report also provides competitive outlook of some of the major players which includes profiling of companies such as Robert Bosch GmbH, General Electric Company, Denso Corporation, Freescale Semiconductor, Delphi Automotive, Analog Devices Inc., Casco Automotive Group, Infineon technologies, Sensata Technologies etc. The company profiles include business strategy, geographical revenue distribution, major information of the companies which encompasses business outlook, products, services and industries catered, financial analysis of the company and recent developments.
Overall, the report represents comprehensive synopsis on the global automotive sensors market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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