Portland, OR -- (SBWIRE) -- 10/02/2017 -- 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
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Automotive Sensors Market Report, published by Allied Market Research, projects that the global 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 world automotive sensors market revenue in 2015.
Automotive sensors are swiftly gaining popularity among OEM especially in Asia-Pacific. TE Connectivity Ltd. is one of the prevalent manufacturers in global automotive sensor market, helping consumers to get reliable vehicle performance even in extreme conditions. Additionally, need for sensors in powertrain systems is constantly increasing, driven by stringent government regulations to increase fuel efficiency and reduce emission. However, high cost pressure on OEMs is restraining the market growth. Moreover, advanced technologies and innovations such as advanced driver assistance systems (ADAS), lane departure warning (LDW) systems are likely to open new growth opportunities for players operating in the automotive sensors market.
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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.
Key Findings of Automotive Sensors Market:
- 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 expectedto 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.
Major companies profiled in the report include Robert Bosch GmbH (Germany), Denso Corporation (Japan), Valeo Pvt. Ltd (France), Delphi Automotive LLP (UK), Hitachi Appliances Inc. (Japan), Continental AG Corporation (Germany), Sensata Technologies Inc. (US), Infineon Technologies AG (Germany), Autoliv Inc. (US), NXP semiconductors (US), and STMicroelectronics N.V (Switzerland).