The market is estimated to reach $6.76 billion by 2022 at a CAGR of 6.7% through the forecast period.
The global commercial vehicle sensor market is expected to grow with a significant rate during the forecast period and factors such as future demand for autonomous vehicle and emerging technologies such as combo sensors are expected to propel the market growth. However, the market consists of some constraints such as underdeveloped aftermarket and complexities in testing and validating which are hampering its overall growth.
The sensor industry has undergone rapid technological advancements and factors such as low cost, continuous product development, and easy- to- use micro-controller platforms have widened its range of applications. These technological developments have raised the overall demand for sensors in commercial vehicles owing to factors such as government regulation for efficient and safer vehicle, expansion of global commercial vehicle manufacturers in developing countries, and easy availability of compact size and low cost sensor.
Pressure sensor contributed the maximum in in terms of revenue to the market and accounted for -16% share in 2015. Pressure sensor finds its application in all three fundamental parts of an automobile namely chassis, power train, and body system and is the most common sensor type used in automobile.
The analysis has identified that APAC was the maximum revenue generating and fastest growing region in comparison to other regions in 2015. Government safety regulations, technological advancements, and availability of low cost sensors are some of the factors propelling the market growth in APAC.
- Continental Ag
- Delphi Automotive
- Robert Bosch Gmbh
- TE Connectivity Ltd
Key Topics Covered:
1 Executive Summary
2 Report Scope
3 Research Methodology
4 Industry Analysis
5 Market Dynamics
6 Competitive Insights
7 Commercial Vehicle Sensors Market, By Type
8 Commercial Vehicle Sensors Market, By Application
9 Commercial Vehicle Sensors Market, By Geography
10 Key Players Analysis
For more information visit http://www.researchandmarkets.com/research/jpm7zw/global_commercial
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/global-commercial-vehicle-sensor-market-worth-676-billion-by-2022---underdeveloped-aftermarket--complexities-in-testing-restraining-growth---research-and-markets-300282425.html
SOURCE Research and Markets