PUNE, India, July 17, 2017 /PRNewswire/ --
Automotive sensors market was valued at $22.94 billion and is expected to reach $36.42 billion growing at a CAGR of 6.71% between 2017 and 2023. Research Report covers top 20 Companies, Competitive Strategies, Top Segments, Market Trends, Share, Regional Outlook in near future and Overall industry analysis.
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"The automotive sensors market estimated to grow at a CAGR of 6.71% between 2017 and 2023"
The automotive sensors market was valued at USD 22.94 billion in 2016 and is expected to reach USD 36.42 billion by 2023, at a CAGR of 6.71% between 2017 and 2023. The growth of the automotive sensors market is driven by the factors such as increasing motor vehicle production worldwide, increasing vehicle electrification, stringent government regulations, and growing consumer demand for sensors for the convenience and comfort. With the increase in concern over greenhouse gases emissions, fuel economy and emission norms are becoming stringent in many parts of the world.
The automotive sensors ecosystem comprises major players such as Robert Bosch GmbH (Germany), Continental AG (Germany), DENSO Corporation (Japan), Analog Devices, Inc. (US), Sensata Technologies, Inc. (US), Delphi Automotive PLC (UK), Infineon Technologies AG (Germany), and STMicroelectronics (Switzerland).
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Automotive manufacturers are facing pressure to use advanced technology to reduce the emission and increasing fuel economy to reduce the carbon footprint. Automotive sensors are playing a crucial role in containing themselves in the regulation limits, and thereby helping the market to grow. However, factors such as the price competitive market, underdeveloped retrofit, and lack of uniform fabrication process for MEMS are the major barriers inhibiting the growth of this market.
The automotive OEM expects the sensor manufacturer to provide the best possible technology at a lower cost. This increases the pricing pressure on the sensor manufacturer and has to slim down on profits. This could continue the automotive sensors to undergo price erosion during the forecast period. Stiff competition is another reason for the declining prices of automotive sensors. Price is the major competitive factor because automakers who buy sensors and other automotive components in large volumes are extremely price sensitive.
"Power train to continue to hold the largest share of the automotive sensors market during the forecast period"
Power train application is expected to hold the largest share of the automotive sensors market in 2016.Sensors are primarily used in power trains, and currently holds the leading position in the overall automotive sensors market. The extensive use of automotive sensors in power train application is attributed to the early adoption of automotive sensors for lower emissions, improved fuel economy, and on board diagnostic requirements.
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"APAC to hold the largest share of the automotive sensors market during the forecast period"
APAC is expected to hold the largest share of the automotive sensors market in 2016. The automobile sensors market in APAC is expected to be driven by strong automobile manufacturing industries in this region and also the increase in demand for automobiles in emerging economies such as India and China.
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