- The industry of automotives offers a tough base for the worldwide sensors market. The fundamental applications of automotive sensors include electrical and electronic systems. These systems ensure increased protection and ease. The worldwide automotive sensors market is estimated to attain about USD 35.8 billion in 2022. It is predicted to augment further during 2014 to 2022 at a CAGR of around 8.6 percent. In the current industry of automotives, various sensors are utilized in sectors ranging from performance of engines and safety of vehicles to safety of passengers.
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Rising demand for the automotive sensors market owes to growing demand for automotive sensors in the sectors of body electronics, safety and control, powertrain, vehicle safety systems, telematics and alternative fuels. These sectors are expanding greatly and propelling further demand for the market. The automotive sensors market is pushed ahead by several factors. Some of these are innovations in technologies, manufacture of vehicles worldwide, governmental directives and client tastes.
Some of the factors that slow down the progress of the automotive sensors market are high anticipation from automotive OEMs, pricing issues and absence of aftermarkets. The accentuating demand for advance driver assistance systems and electric and hybrid automotivesserves as a future prospect for the market. Automotive sensors also possess various features. These include compressed and low cost size, energy effectivity, environment-friendliness and mass manufacturing ability. These features work in support of the automotive sensors market and steer further demand for it.
Flowing demand for private automobiles is also likely to steer the market forward. The growing utilization of automotive sensor products incommercial automobiles for enhanced protection and danger avoidance is also estimated to support the growth of the market.
The automotive sensors market is fragmented in view of three categories. These include applications, products and regions.
The applications automotive sensors market is dominated by drivetrains and engines. Both these jointly accounted for more than 35 percent of the worldwide share in 2014. This was owing to intensifying utilization of these applications in cruel environments. The products utilized in these applications assist in decreasing ejections and enhancing gas mileage. The other applications are inclusive of systems, like entertainment, comfort, navigation and communication. Magnified demand for automotive sensors from all such applications is also projected to drive the sales of the automotive sensors market during the forecast phase.
Physical property products are estimated to add considerably to increased demand for the automotive sensors market in the coming years. These products are utilized to gauge temperature, moisture, pressure, etc. They captured more than 25 percent of the market in 2014. Applications in positioning and proximity are inclusive of deterrence of accidents, steadiness control and parking help. This sector is anticipated to gain added shares during the forecast period.
Asia Pacific is projected to lead the worldwide automotive sensors market in the coming six years. This is ascribed to significant demand for and production of automotives. Japan, India and China are predicted to be significant contributors to the Asian Pacific market. The Indian automotive sensors market is also likely to undergo robust expansion in the years ahead.
Information Source: Grand View Research
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