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Report: U.S. Automotive Sensors Market 2015-2020
June 10, 2015 | Business WireEstimated reading time: 1 minute
Research and Markets has announced the addition of the "U.S. Automotive Sensors Market - Growth, Trends & Forecasts (2014-2020)" report to their offering.
The U.S. automotive sensors market is expected to increase to $7.75 billion by 2018 at a CAGR of 10.35% 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. Leading the auto industry, U.S. is the home to top Original Equipment Manufacturers (OEMs), namely General Motors, Ford, and Chrysler participating as great benefactors to the growth of the North American automotive sensors market. The rising economy of Mexico has been at the forefront in terms of inward Foreign Direct Investments when it comes to the automotive industry over the past few years.
The major trend driving the U.S. 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 U.S. automotive sensors market is anticipated to grow momentum due to government initiatives for passenger safety and security.
Automotive sensors have increasingly become an important part of automobiles, which detect physical parameters such as speed and heat and take preventive measures in case of any danger. Rising demand for automobiles positively impact market growth over the forecast period. Strict legal and regulatory standards have mandated inclusion of sensors in a vehicle, which is further estimated to drive the U.S. automotive sensors market.
The U.S. Automotive Sensors Market is segmented on the basis of Type (Temperature, Pressure, Speed, Level/Position, MEMS, Magnetic, Gas, and Inertial), and Application (Powertrain, Body Electronics, Vehicle Security Systems, Alternative Fuel Vehicle, and Telematics).
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