“The automotive sensors market estimated to grow at a CAGR of 6.71% between 2017 and 2023”
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 growth of the automotive sensors market is driven by the factors such as 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 emission norms are becoming stringent in many parts of the world. Automotive manufacturers are facing pressure to use advanced 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. However, factors such as the price competitive market, underdeveloped retrofit, and lack of uniform fabrication process for MEMS are the major barriers inhibiting the growth of this market. The automotive OEM expects the sensor manufacturer to provide the best possible technology at a lower cost. This increases the pricing pressure on the sensor manufacturer and has to slim down on profits. This could continue the automotive sensors to undergo price erosion during the forecast period. Stiff competition is another reason for the declining prices of automotive sensors. Price is the major competitive factor because automakers who buy sensors and other automotive components in large volumes are extremely price sensitive.
“Powertrain to continue to hold the largest share of the automotive sensors market during the forecast period”
Powertrain application is expected to hold the largest share of the automotive sensors market in 2016. Sensors are primarily used in powertrains, and currently holds the leading position in the overall automotive sensors market. The extensive use of automotive sensors in powertrain application is attributed to the early adoption of automotive sensors for lower emissions, improved fuel economy, and onboard diagnostic requirements.
“APAC to hold the largest share of the automotive sensors market during the forecast period”
APAC is expected to hold the largest share of the automotive sensors market in 2016. The automobile sensors market in APAC is expected to be driven by strong automobile manufacturing industries in this region and also the increase in demand for automobiles in emerging economies such as India and China.
The breakup of primaries conducted during the study is depicted in below.
- By Company Type: Tier 1 = 45%, Tier 2 = 30%, and OEMs = 25%
- By Designation: C-Level Executives = 45%, Directors = 33%, and Managers = 22%
- By Region: North America = 40%, Europe = 23%, APAC = 22%, and RoW = 15%
The automotive sensors ecosystem comprises major players such as 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).
This report includes the market statistics pertaining to sensor type, vehicle type, application, and geography, along with their respective market sizes.
- Major drivers, restraints, opportunities, and challenges for the automotive sensors market have been detailed in this report.
- Illustrative segmentation, analysis, and forecast for the markets based on sensor type, vehicle type, application, and geography have been conducted to give an overall view of the automotive sensors market.
- A detailed competitive landscape includes key players, in-depth analysis, and market share of the key players.
Reasons To Buy the Report
The report would help leaders/new entrants in this market in the following ways:
- This report segments the automotive sensors market comprehensively and provides the closest market size estimation for all subsegments across different regions.
- The report helps stakeholders understand the pulse of the market and provides them with the information on key drivers, restraints, challenges, and opportunities for the market growth.
- This report is expected to help stakeholders understand their competitors better and gain more insights to improve their position in the business.
- The competitive landscape section includes competitor ecosystem, product launches and developments, partnerships, and mergers and acquisitions.