Global Automotive Sensors Market
Posted by geeta narwade on February 25th, 2020
Global Automotive Sensors Market was valued US$ XX Bn in 2018 and is expected to reach US$ XX Bn by 2026, at a CAGR of 9 % during a forecast period.
The major trend driving the global automotive sensor market is the miniaturization of functionalities and devices along with improved communication capabilities which enable their integration into vehicles without interfering with the basic functionalities of the vehicle.
The growing demand for safety and security in the automobiles are the main factor playing a vital role in the growth of this market. As per the statistics of International Organization of Motor Vehicle Manufactures, the total automotive production which comprises cars and commercial vehicles crossed XX million marks in 2018. The World Health Organization data reveals that, more than XX million people are killed in road accidents every year and about XX million people get injured.
Countries across the globe are formulating stringent regulations so as to tackle this issue of grave importance. For instance, in the U.S., major automakers have agreed to install automatic emergency braking systems in nearly all vehicles by September 2022. EU commission too is considering to introduce automatic braking system mandatory for cars. Thus, automotive sensors demand is expected to have an upward trajectory in near future.
The increasing motor vehicle production worldwide, stringent government regulations, increasing vehicle electrification, and growing consumer demand for sensors for the convenience and comfort are the key forces driving the automotive sensors market. Fuel economy and emissions norms have garnered widespread attention in many parts of the world with the increase in concern over global warming and greenhouse gas emissions. Automotive manufacturers are facing pressure to cope up with these issues, thus making sensors a talk of the automotive town.
Automotive sensors market is segmented on the basis of type, Vehicle, application, and geography. The market based on sensor type has been further segmented into temperature, position, inertial, speed, pressure, image, and other sensors. Among these, in 2018, Position sensors held the XX% market share; the increasing production of cars will further propel the demand for position sensors.
In the case of applications, telematics segment is expected to grow at the XX% CAGR during the forecast period. Its utility in navigation and infotainment applications would definitely help the telematics application to grow. The increasing competition in the automotive industry has led manufacturers to include telematics in budget cars for which the demand is very high in developing countries like India and China.
Among Regions, APAC is hold the XX market share and expected to witness the highest growth rate for the automotive sensors market during the forecast period. The rapid growth in overall macroeconomic indicators of the emerging economies like China, India, increase in purchasing power of the consumer, infrastructure development, and increasing demand for more efficient and safer vehicles and governments being more vigilant about safety are the main factors that are driving the growth of the automotive sensors market in this region.
The objective of the report is to present comprehensive analysis of Automotive Sensors market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with analysis of complicated data in simple language. The report covers all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
The report also helps in understanding Automotive Sensors market dynamics, structure by analyzing the market segments, and project the Automotive Sensors market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Automotive Sensors market make the report investor’s guide.
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Automotive Sensors Market, by Type
• Pressure Sensor
• Passenger vehicle
• North America
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About the Authorgeeta narwade
Joined: September 2nd, 2019
Articles Posted: 100
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