The automotive sensors market is forecast to grow to a value of around $17.5 billion by the end of 2018. The industry is suggested to be driven by a number of key factors, including the growing integration of electronic components into automobiles and the increased awareness of road safety.
Another key driver of revenue in the automotive sensors market is the increased concerns about the environment, with automotive drivers looking to reduce their amount of vehicular emissions. One of the key technological innovations which are helping with emissions is the stop-start system. This technology automatically turns off the vehicle when it is idle of waiting at traffic lights, therefore reducing fuel consumption and emissions when at a stationary position.
Government regulations on the use of technologies that enhance safety and reduce pollution are also helping to drive growth in the automotive sensors industry. In the United States legislation has already been passed which focuses on these two issues. For example Tire Pressure Monitoring Systems and Electronic Stability Control systems are already mandatory for vehicles in the United States.
The largest region for automotive sensors is currently Europe. Despite this, Asia-Pacific is the region with the fastest growth, and between the years 2012 to 2018, the region will see a CAGR growth rate of around 7.8%. Despite have in number of challenges to attend to, the Asia-Pacific automotive manufacturing industry is currently in a period of steady growth. This continuous growth has helped the automotive sensors market to thrive in this region. The Asia-Pacific region is a manufacturing hub for a number of key automotive manufacturers due to the low-cost of facilities in China and India, and this will also aid in transforming the region into a lucrative automotive sensors region.
For more information on the automotive sensors market, see the latest research: Automotive Sensors Market Research
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