The global automotive sensors market has been forecast to increase at a compound annual growth rate (CAGR) of 8.2% over the next eight years, increasing from a value of $16.2 billion at the end of 2012, to hit a total of around $30.3 billion by the end of 2020.
As a key sector of the overall automotive sensors market, the automotive MEMS sensors category is forecast to grow from $2.6 billion in 2013 to over $4.7 billion by 2020.
The automotive industry provides a strong base for the global sensor market.. The basic applications of sensors in the automotive industry are electronic and electrical systems for more comfort and safety. Automobile manufacturers are making use of advanced electronic elements to provide safety, eco-friendliness, and fuel efficiency.
The automotive sensors market has experienced a surge over the past few years with a demand for sensors with increased safety and control applications like anti-lock braking system (ABS), airbags, and engine emission control.
Automotive Sensors are vital components of automotive electronic systems, as modern vehicles rely on these electronic systems to make sure vehicles meet efficiency and security standards as well as environmental regulations.
Driven by government regulations of safety and emissions, the introduction of high-end options in modern vehicles by major automobile manufacturers and consumer demand for safety, comfort, infotainment applications and fuel efficiency, automotive electronics content per vehicle is on the rise.
Primarily, government regulations in North America, Europe, Japan, China and South Korea, are driving demand for automobile safety features that ranges from passive to integrated active and passive safety systems. These developments are driving increased demand for applications such as tire pressure monitoring, electronic stability control, occupant detection and advanced driver assistant systems.
Overall, the major driving forces for increased demand for automotive sensors in vehicles include regulatory mandates for improving fuel economy and stringent emission standards as well as requirements for advanced safety systems.
The growth is also attributed by consumer demand for safety & security, comfort & convenience features and the growth of hybrid and electric vehicles which is creating enormous opportunities for new types of sensors in the automobile industry.
For more information on the automotive sensors market, see the latest research: Automotive Sensors Market
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