PORTLAND, Oregon and PUNE, India, January 19, 2017 /PRNewswire/ --
A new report published by Allied Market Research, titled, "Automotive Sensors Market by Product and End User - Global Opportunity Analysis and Industry Forecast, 2014-2022", projects that the automotive sensors market was valued at $22 billion in 2015, and is expected to reach $37 billion by 2022, growing at a CAGR of 7.5% from 2016 to 2022. MEMS sensor is expected to dominate this market from 2016 to 2022. Europe would continue to lead, accounting for approximately 35% share of the global automotive sensors market revenue in 2015.
Summary of the Automotive Sensor Market Report: https://www.alliedmarketresearch.com/automotive-sensor-market
Increasing demand of different types of sensors, especially in autonomous cars, is expected to drive the automotive sensors market during the forecast period. Furthermore, advanced technologies such as advanced driver assistance systems (ADAS), lane departure warning (LDW) systems are likely to provide huge impetus to the market growth. Government authorities across the globe have imposed several regulations to avoid road accidents in a bid to improve the safety and security of the passengers, which would further supplement the growth of automotive sensor market.
The powertrain segment accounted for about 53% of the overall automotive sensors market revenue in 2015. Increasing demand of powertrain market for automated transmission and high utility of lightweight materials for reducing fuel consumption are the key factors driving the usage of automotive sensors. In addition, body electronics is the fastest growing segment and is projected to register a CAGR 8% during the forecast period. This is due to the increasing use of temperature sensors in body electronics for internal and ambient temperature.
MEMS sensor segment is projected to maintain its lead in the overall automotive sensors market due to its increasing application in powertrain, safety & security, body electronics and among other. The growing demand of automotive sensors in North America and Asia-pacific have further boosted the market growth. Furthermore, temperature sensor is anticipated to exhibit the fastest growth, with a CAGR of 8.2% during the forecast period. This is owed to the heightened demand of temperature sensors in semiconductors, food & beverage and plastic industries.
Europe accounted for the majority of revenue in 2015 and is expected to maintain its dominance throughout the forecast period. This is attributed to the increasing demand of emission control sensors (ECS) with the emergence of strict regulations such as EURO VI, NS VI and BS VI. Furthermore, European government has also tightened the rules for safety, which is likely to fuel the market in years to come.
"The ability of the automotive sensors to monitor vehicle safety, engine efficiency, driving comfort and vehicle dynamic behavior is expected to promote its demand in near future. On the other hand, the technological advancements coupled with rising hybrid & electric vehicle production is expected to open new opportunities for the market growth", states Preeti Bisht, Research Analyst, at Allied Market Research.
However, Asia-Pacific is expected to be the fastest growing region throughout the analysis period. Japan, being dominant in the Asia-Pacific especially in MEMS sensor market. This is a result of increasing spending in R&D. Also, improving automobile production and increasing expenditures in the emerging markets (such as India and China) to overcome the unmet consumer needs in these countries would bolster the market growth.
Automotive Sensors Market Key Findings:
- MEMS sensor would lead the overall automotive sensors market, accounting for over 40% of the automotive sensor market revenue throughout the analysis period.
- Powertrain is the predominant application segment and is expected maintain its dominance throughout the forecast period as automotive sensors are increasingly being utilized in powertrains to reduce carbon emissions and enhance fuel efficiency.
- Asia Pacific is anticipated to register the fastest CAGR of 8% during the forecast period.
- Japan is the major shareholder accounting for about 27% share of the overall Asia-Pacific automotive sensors market.
The key players in the automotive sensors market are focused on expanding their business operations in the fast-growing emerging countries with new product launches as a preferred strategy. The major players profiled in this report include Robert Bosch GmbH, Denso Corporation, Continental AG Corporation, Sensata Technologies, Autoliv Inc., Infineon Technologies, Delphi Automotive LLP, Freescale Semiconductors, Analog Devices Inc. and Asahi Kasei Corporation.
Summary of similar reports can be viewed at: https://www.alliedmarketresearch.com/semiconductor-and-electronics/semiconductors-market-report
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions". AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research