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Global Automotive Sensors Market to Hit $25.12B by 2018
December 9, 2015 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "Global Automotive Sensors Market - (2015 - 2020)"report to their offering.
The automotive sensors market is expected to increase to $25.12 billion by 2018 at a CAGR of 8.94% over the period 2014-2020.
The low cost & compact size, ecofriendly & bulk manufacturing capability and energy efficient are the key drivers which are making the automotive sensors market to grow lucratively. Development of new applications for technologies which utilize nano and micro technology will help grow the automotive sensor market. Increased research and development in the sensor industry is creating opportunities for technological advancements that open up new horizon for sensor applications.
The major trend driving the global automotive sensor market is miniaturization and improved communication capabilities, which enables their integration into vehicles without interfering with the basic functionalities of the vehicle. The proliferation of advanced electronic control systems has made sensors more accurate and reliable while increasing the response time, robustness, communications capabilities and efficiency.
The continuous innovations and investments in research and development to meet the changing consumer preferences has led to improved fabrication techniques and enhanced sensing abilities at lower costs driving market growth. North America remains the largest market for automotive sensors market, followed by Europe and Asia Pacific. Germany leads the European market and China and Japan lead the Asia Pacific market.
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