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6.70% CAGR growth by 2023 in Automotive Inertial Systems Market| Dominant Players - ANALOG DEVICES, INC., BOSCH SENSORTEC GMBH, SAFRAN GROUP, HONEYWELL INTERNATIONAL, INC., TRIMBLE NAVIGATION, ST MICROELECTRONICS, ROCKWELL COLLINS, amongst others.
Market Analysis:North America to Hold Largest Market Share
In 2016, the United States defense spending was more than USD 611 billion, which represented 36% of the total world military expenditure (USD 1686 billion). Moreover, the increase in the production of helicopters and commercial aircraft will drive the market for automotive inertial systems.
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The advancement of global lifestyle has resulted in the need for equipment with greater ease of use. This has enabled the use of motion-sensing technology, which uses inertial sensors extensively. Inertial sensors are being extensively used in the automobile market to increase the safety features, improve performance, and reduce cost. The emergence of MEMS technology, increase in automotive production, and high investments in defense, military, and sub-sea vehicles are a few factors driving the automotive inertial systems market, while high cost and complexity are hindering the growth.
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Market Segments:
Automotive Inertial Systems Market is segmented by:
1. Type: Attitude Heading Reference System (AHRS), Inertial Positioning and Orientation Systems, Inertial Measurement Units (IMU), Others
2. Component: Accelerometers, Gyroscopes, Magnetometers, Others
3. End-user Application: Aerospace, Land, Marine Sub-sea, Others
4. End-user Industry: Industrial OEM, Defense, Energy & Infrastructure, Transportation, Civil Aviation, Others
5. Geography: North America, South America, Europe, Asia Pacific, Middle East & Africa
Key Developments in the Market
•November 2017 - UTC Aerospace Systems announced a definitive agreement to acquire Rockwell Collins for USD 140 per share.
•November 2017 - Analog Devices launched a series of five high-performance IMUs that address the navigation and safety-related needs of industrial applications in several emerging markets, while also reducing their system complexity and cost.
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