Houston, TX -- (SBWIRE) -- 06/15/2018 -- The Global Automotive Sensors Market is accounted for $23.89 billion in 2016 and is expected to reach $40.23 billion by 2023 growing at a CAGR of 8.1% from 2016 to 2023. Automotive sensors are incorporated in vehicle systems to analyze, transmit and display vehicle working information with internal and external environment of vehicles. Growing demand for comfort, safety and convenience, rising vehicle electrification, improving government safety standards are some factors that are anticipated to stimulate the market growth globally. However, huge cost of raw materials and lack of aftermarket for sensors are acting as key barriers for the market growth.

Safety & control application segment is expected to witness high compound annual growth rate. The growth is attributed to raising awareness about vehicle safety and increasing various regulations. Position sensors are leading the market by its market revenue due to high adoption in passenger cars. By geography, Asia Pacific is projected to register the largest market share and is anticipated to grow with a highest CAGR during the forecast period attributed to rising demand for safer vehicles and growing automobile industry in emerging economies such as China and India.

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Some of the key industry players profiled in this market include Robert Bosch GmbH, Stmicroelectronics N.V., General Electric Co., CTS Corporation, Analog Devices, Inc., Sensata Technologies, Inc., Denso Corporation, Continental AG, Measurement Specialities, Inc., Freescale Semiconductor, Inc., Autoliv Inc., Elmos Semiconductor AG, Allegro, Microsystems, LLC, Infineon Technologies AG, and Delphi Automotive PLC.

Sensor Types Covered: Inertial Sensors, Magnetic Sensors, Speed Sensors, Level/Position Sensors, Temperature Sensors, Oxygen Sensors, MEMS Sensors, NOX Sensors, Pressure Sensors, Image Sensors, Other Sensors
Applications Covered: Exhaust, Powertrains, Telematics, Chassis, Safety and Control, Body Electronics, Other Applications
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As per the findings, the report has detected that the Automotive Sensors market is marked by several segments. The players in the global Automotive Sensors market are directed to understand the diverse and dynamic regulatory restrictions and plot their expansion strategies accordingly.
Geographically, the report explores the potential of the Automotive Sensors market in the regions of North America, Europe, and Southeast Asia as well as in the countries of China, Japan, and India. Moreover, the countries generating high revenue in these regions have also been analyzed along with exhaustive coverage of developments and innovation in these countries. Currently, North America and Europe serve the maximum demand for Automotive Sensors, however, emerging economies such as India and China are expected to turn in to highly profitable country-wide markets. These two Asia Pacific countries are vastly populated and are among the most promising emerging economies with increasing disposable income in the urban population.