Growing Demand for Safety is Driving Global Automotive Sensors Market

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The global automotive sensors market was valued at $20.2 billion in 2014 and is expected to expand at a CAGR of 8.7% from 2015 to 2021 to reach an estimated value of $33.3 billion by 2021, according to market research firm Transparency Market Research. The significant growth of the global automotive sensors market in the coming years will largely be attributable to the strict government regulations pertaining to emission norms and safety of the driver.

Out of all the types of automotive sensors in the market, the micro-electro-mechanical (MEMS) sensors segment held the biggest share due to growing demand for electronic stability programme (ESP), vehicle dynamic control (VDC), and anti-lock braking system (ABS) in emerging economies of Asia Pacific. Among the components, the powertrain segment held the dominant share in the global automotive sensors market. Automotive sensors are also used in climate control, airbag restraint systems, engine management systems, power steering systems, crankshaft position sensors, and camshaft position sensors.

Geographically, Europe led the global automotive sensors market in 2014, mainly driven by the proliferating logistics industry, along with rising awareness about safety. The Europe market is also being led by the introduction of low-emission zones (LEZs) in the European Union, which is encouraging the usage of hybrid electric vehicles (HEVs). Analysts also predict that Asia Pacific will be an attractive market for automotive sensors as governments in several countries are pushing for driver safety features to be installed in automobiles.