The increasingly tough governmental norms regarding safety have strongly influenced the remarkable changes in the automotive sensors market. The growing demand for advanced automotive sensors is also a result of changing consumer mindsets about safety and driving experiences. Car buyers are showing a keen interest in technologically advanced sensors as they offer comfort and economy, which are the two key factors that decide car purchases. The growing demand for hybrid cars is also propelling the automotive sensors market as these require more sensors for monitoring, motor speed and position, hydrogen leak detection, and temperature. As manufacturers develop more hybrid car models to minimize their carbon footprint, they will also fuel the automotive sensors market.
According to a new report published by Transparency Market Research, the global automotive sensors market was valued at US$20.27 bn in 2014 and is expected to reach US$33.17 bn by 2021, progressing steadily at a CAGR of 8.6% between 2015 and 2021. The technological advancements and their rapid integration in developing automotive sensors will also ensure increased safety features, comfort, and improved performance of futuristic vehicles. Manufacturers are also developing sensors that will have the ability to factor in the surroundings and identify dangerous situations to provide well-informed assistance to drivers in the near future. Lane change monitoring, adaptive cruise control, and roundabout shunt prevention are likely to be the futuristic technologies offering growth opportunities to automotive sensors market.
Wide Applications of MEMS Sensors Keep Segment in the Lead
The global automotive sensors market is segmented on the basis of type into pressure sensors, gas sensors, temperature sensors, motion sensors, and MEMS sensors. Of these, micro-electro-mechanical-systems (MEMS) sensors are expected lead the global market due to their growing number of applications. These sensors are primarily used in applications such as headlight leveling, accelerometer, inertial brake lights, automatic door locks, vehicle dynamics control, and active suspension systems amongst others.
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Furthermore, MEMS sensors are also applied in anti-lock braking systems (ABS). The regulatory compulsion for ABS and airbags in entry-level and high-end vehicles has boosted the uptake of MEMS sensors in recent years. This trend has especially had an influence in North America and Europe. Owing to these strong market drivers, the MEMS sensor segment is expected to register a CAGR of 8.3% between 2015 and 2021.
Europe Leads Global Market with 8.3% CAGR from 2015-2021
Europe was the key regional segment of the global automotive sensors market in 2014 and is expected the lead market with a CAGR of 8.3% between the forecast period of 2015 and 2021. This region is being driven by the technological advancements in the automotive technology. The U.K. and Germany are frontrunners in this region as they happen to be key automobile manufacturers and consumers in Europe. The strict safety norms across Europe have been challenging the automotive industry to produce some of the game-changing sensors, which in turn has had a positive impact on the overall industry. The increasing purchasing power of consumers as economies stabilize is also likely to boost the demand for automotive sensors as it will accelerate the sales of vehicles across all segments.
Some of the key players in the global automotive sensors are Denso Corporation, Robert Bosch GmbH, Analog Devices Inc., and Sensata Technologies Inc. These companies are focusing on core competencies to achieve unmatched product innovation at affordable pricing.