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(MoneyNewsWire.Net, March 09, 2018 ) The automotive sensors market was valued at USD 22.94 Billion in 2016 and is expected to reach USD 36.42 Billion by 2023, at a CAGR of 6.71% between 2017 and 2023. The major factors that drive the market for automotive sensors are increasing motor vehicle production worldwide, increasing vehicle electrification, stringent government regulations, and growing consumer demand for sensors for the convenience and comfort. With the increase in concern over greenhouse gases emissions, fuel economy and emissions norms are becoming stringent in many parts of the world. Automotive manufacturers are facing pressure to use advance technology to reduce the emission and increasing fuel economy to reduce the carbon footprint. Automotive sensors are playing a crucial role in containing themselves in the regulation limits, and thereby helping the market to grow.
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The automotive sensors market based on sensor type has been further segmented into temperature, position, inertial, speed, pressure, oxygen, NOx, image, and other sensors. Others sensors include radar, ultrasonic, rain, relative humidity, particulate matter, LIDAR, and proximity sensors. Position sensors held the largest share in the market in 2016. Crankshaft and camshaft position sensors, among others, form vital parts in the functioning of a car. The increasing production of cars will further drive the demand for position sensors.
The automotive sensors market has been segmented on the basis of various applications such as powertrain, exhaust, chassis, body electronics, safety and control, and telematics. Others category includes vehicle security systems, vehicle tracking systems, and vehicle monitoring systems. The market for telematics is expected to grow at the highest CAGR during the forecast period. The rise in the use of sensors in navigation and infotainment applications would help the telematics application to grow. The increasing competition in the automotive industry has led manufacturers to include telematics in budget cars. The demand for such cars is very high in emerging economies such as India and China, which is helping the market to grow at a rapid pace.
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The automotive sensors market has been segmented on the basis of region into the Americas, Europe, APAC, and RoW. APAC has the highest market share and is expected to witness the highest growth rate for the automotive sensors market during the forecast period. The increase in purchasing power of the consumer, infrastructure development, and increasing demand for more efficient and safer vehicles are the main factors that are driving the growth of the automotive sensors market in this region. The presence of developing countries such as India and China contributes to the growth of automotive sensors market in this region.
The automotive sensors market has been segmented by vehicle type into passenger cars, light commercial vehicles (LCV), and heavy commercial vehicles (HCV). Passenger cars currently account for the largest share in the automotive sensors market. Sensors in passenger cars help in improving the performance of the car along with significantly enhancing the safety and reducing the emission. The adoption of ADAS technology and growth of autonomous cars is helping the automotive sensors market to grow in developed countries such as the US, Germany, and the UK.
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Factors such as the price competitive market, underdeveloped retrofit, and lack of uniform fabrication process for MEMS pose a restraining block in the automotive sensors market. The key players in the automotive sensors market are Robert Bosch GmbH (Germany), Continental AG (Germany), DENSO Corporation (Japan), Analog Devices, Inc. (US), Sensata Technologies, Inc. (US), Delphi Automotive PLC (UK), Infineon Technologies AG (Germany), and STMicroelectronics (Switzerland), among others.
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