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Global Automotive Sensors Market Expected to Grow USD 35.95 million by 2023, Key Players - Analog Devices, Inc., Denso Corporation, Robert Bosch GmbH, Sensata Technologies, Inc., Asahi Kasei Corporation, Freescale Semiconductor, Inc., AG, Measurement Spec
Global Automotive Sensors Market
The global market for automotive sensors is growing at an accelerated pace due to the strict regulations that require the integration of technologies and devices to ensure the safety of the driver and passengers while driving. The use of automotive monitors helps to control and track physical processes during changes in automobiles. The growing demand for automotive sensors is attributed to the changing mind-set of people about safe driving. In addition, strong demand for hybrid cars has also fuelled the need for automotive sensors, as they require more sensors for monitoring, hydrogen leak detection, position and speed control. The market for automotive sensors was valued at USD 22.14 million dollars in 2016 and is expected to reach USD 35.95 billion dollars in 2023, with a CAGR of 6.21% between 2016 to 2023.
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Global Automotive Sensors - Drivers and restraints:
The increase in the number of strict regulations that require the integration of devices and technologies that make driving safer for both the driver and passengers is one of the key factors for the growth of the global automotive sensor market. Therefore, from conventional airbags to frontal collision warning systems, several safety devices have begun to appear on the vehicles. To enable such features among others, there is also greater adoption in vehicles. The growing global demand for automotive sensors that can improve the overall driving experience is also a key factor for the automotive sensor market. The lack of spare parts for sensors is one of the main obstacles in the market for the development of these kind of sensors for automobiles.
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Global Automotive Sensors - Geographical segmentation:
Geographically, the market covers the regions of North America, Asia-Pacific, Europe, Middle East and Africa, and South America. In 2014, Europe had a dominant market share in the global automotive sensor market. It is expected that the European market will increase 8.3% of the CAGR between 2015 and 2021. Recent technological advances are fueling the demand for automotive sensors in this region. In addition, the presence of leading car manufacturers and consumers in countries such as Germany and the United Kingdom has helped to turn Europe into the market leader. Strict safety standards in Europe have forced automakers to use state-of-the-art sensors, which will have a positive impact on the automotive sensor market.
List of Key Market Players in Global Automotive Sensors:
Analog Devices, Inc., Denso Corporation, Robert Bosch GmbH, Sensata Technologies, Inc., Asahi Kasei Corporation, Freescale Semiconductor, Inc., AG, Measurement Specialties, Tekscan, Inc., Texas Instruments Incorporated and GE Measurement and Control Solutions are among the leading players in the automotive sensor market.
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