Government Norms Play Key Role in Development of Automotive Sensors
Stringent norms pertaining to the safety of drivers have been driving the developments in the automotive sensors market over several years. Focused on safety, these sensors have come a long way from ejection of airbags to forward-collision warning systems that are predicted to change the game for drivers over the forecast period. The remarkable evolution of commonly used sensors used in vehicles such as pressure sensor, temperature sensor, gas sensor, motion sensor, and MEMS sensors has enhanced not just the safety of drivers and passengers but also improved the overall driving experience by giving the driver better control over the vehicle.
The rapid pace of technological developments and advancements has been pivotal in this transition in the automotive sensors market as it has introduced and generated a demand for upgraded sensing abilities of vehicles. Growing consumer awareness about safety and efficiency-oriented changes in the automotive industry has also created a positive impact on the automotive sensors market. The changing perspectives towards fuel economy and hybrid technology that comes with sensors for hydrogen leak detection, motor speed, current monitoring, temperature, and position will also steer the global market.
Wide Applications of MEMS Sensors Keep Segment in the Lead
The global automotive sensors market is segmented on the basis of type, component, and geography. The types of automotive sensors sold in this market are pressure sensors, temperature sensors, motion sensors, gas sensors, and MEMS sensors. The components of the global automotive sensors market are body electronics, powertrain, chassis, and safety and control. Geographically, the global automotive sensors market is divided into Europe, North America, Asia Pacific, and Rest of the World.
Out of all the types of automotive sensors in the market, the micro-electro-mechanical (MEMS) sensors segment held the biggest share due to growing demand for electronic stability programme (ESP), vehicle dynamic control (VDC), and anti-lock braking system (ABS) in emerging economies of Asia Pacific. Amongst the components, the powertrain segment held the dominant share in the global automotive sensors market. Automotive sensors are also used in climate control, airbag restraint systems, engine management systems, power steering systems, crankshaft position sensors, and camshaft position sensors.
Europe Leads Global Market due to High Consumer Awareness about Safety
The global automotive sensors market will represent an opportunity worth US$33.17 bn by 2021 as compared to US$20.27 bn in 2014, with the market expected to register a steady CAGR of 8.6% between 2015 and 2021. The micro-electro-mechanical (MEMS) sensors will drive the global market in top gear due to their multiple applications such as headlight leveling, inertial brake lights, automatic door locks, vehicle dynamics, accelerometer, and active suspension systems, amongst others. During the forecast period of 2015 and 2021, the MEMS sensors segment will expand at a CAGR of 8.3% to reach US$14.18 bn by 2021.Europe held the largest share in the global automotive sensors market.
This review is based on Transparency Market Research’s report, titled “Automotive Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2021.”
Some of the key players in the global automotive sensors market 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. Keeping up with radical changes in the automotive industry such as electrification, connectivity, and upcoming self-driving vehicles will help companies remain competitive in the overall market.
- Global automotive sensors market reaches US$33.17 bn by 2021 as awareness about vehicle driver safety increases
- MEMS sensors will lead the overall market due to their growing applications in various vehicles parts
- Europe sets benchmark for regional markets with stunning revenue contribution of US$11.48 bn by 2021
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