BOSTON, May 7, 2013 /PRNewswire/ -- The new Strategy Analytics study: "Strategy Analytics: Global Automotive Sensor Demand to Exceed $25 Billion by 2020", predicts that the market for automotive sensor will grow at a CAGR of 6.8 percent - expanding from $16.9 billion in 2012 to $23.5 billion in 2017. This analysis shows the global economic recovery has triggered a rebound in demand for vehicles worldwide, though slow vehicle sales in Europe tempered overall sensor growth rates.
Planned vehicle safety, emission and fuel economy enhancements will drive automotive sensor shipments to over 5.5 billion units and be worth over $25.2 billion in 2020.
"Global automotive sales continue to rebound from economic downturn - especially in NAFTA and the emerging BRIC regions. This combined with vehicle makers increasing use of sophisticated electronic systems to create vehicles that are safer, fuel efficient and environmentally friendly is creating a demand for a higher number of sensors per vehicle," says the author of the study, Mark Fitzgerald, Associate Director, Automotive Practice.
"Emerging market growth is fuelled strongly by increasing vehicle production, as well as greater electronic content," commented Ian Riches, Director, Global Automotive Practice. "In established markets, growth is more concentrated on high-technology solutions such as electric and hybrid vehicles and advanced safety systems," he added.
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Strategy Analytics, Inc. provides the competitive edge with advisory services, consulting and actionable market intelligence for emerging technology, mobile and wireless, digital consumer and automotive electronics companies. With offices in North America, Europe and Asia, Strategy Analytics delivers insights for enterprise success. www.StrategyAnalytics.com
US Contact: Mark Fitzgerald, +1 617 614 0717, email@example.com
European Contact: Ian Riches, +44 1908 423 645, firstname.lastname@example.org
SOURCE Strategy Analytics