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Automotive Sensors Market Forecast to Reach $33.37B in 2021
October 2, 2015 | Transparency Market ResearchEstimated reading time: 2 minutes
The global automotive sensors market was valued at $20.27 billion in 2014, and is expected to reach $33.37 billion by 2021, growing at a CAGR of 8.7% from 2015 to 2021, according to a new market report published by Transparency Market Research.
Exponential growth in government regulations owing to emission norms and vehicle driver safety is one of the major factors fueling demand of the automotive sensors market. The automotive sensors market has been segmented into five segments based on type. These include pressure sensor, temperature sensor, gas sensor, motion sensor, and MEMS sensor. Moreover, the automotive sensors market has been segmented into by components which include powertrain, body electronics, chassis, and safety and control.
The powertrain segment held the largest market share in the automotive sensors market. Powertrain components include camshaft and crankshaft position sensors, fuel temperature, fuel pressure, oxygen sensor and exhaust gas recirculation (EGR) valve position among others. Among the various types, micro-electro-mechanical (MEMS) sensors held the largest market share. Increasing vehicle safety features such as Anti-lock Braking System (ABS) and Electronic Stability Programme (ESP) and vehicle dynamic control (VDC) in developing countries of Asia Pacific is one of the major factors fueling demand of MEMS sensors market.
India and China are the major markets for passenger cars in Asia Pacific. In addition, increasing trend towards luxurious lifestyle is also expected to boost demand in the automotive sensors market during the forecast period. However, increasing demand for Hybrid Electric Vehicle (HEVs) and Fuel Cell Vehicle (FCVs) have resulted in the growth of current sensor, motor speed sensor and gas detection sensors in HEVs and FCVs market.
In 2014, Europe accounted for the largest market share in the automotive sensors market. Exponential growth in the logistics industry, in addition to increasing information about safety, and setup of Low Emission Zones (LEZs) in European Union is fueling the demand for HEVs which is also boosting demand of automotive sensors in this region. Asia Pacific is one of the fastest growing markets because of government regulations concerning about driver safety features. Rise in driver and occupant comfort has resulted in implications of advanced technologies.
Some of the technologies such as automatic wipers, headlight leveling, automatic climate control and parking assistance among others have resulted in the growth of automotive sensors in Asia Pacific. In addition, increasing awareness about driver safety systems such as anti-lock braking systems, electronic stability control and adaptive cruise control among others are also boosting growth of the automotive sensors market in Asia Pacific.
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