Automotive Sensors Market In-depth Analysis of Key Players viz-a-viz Continental AG, Robert Bosch GmbH, Denso Corporation
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Aggressive marketing in prominent countries in Latin America and the Middle East & Africa region is expected to further benefit major players in the market. A well-structured and efficient supply chain along with an amended retailing network for aftermarket automotive sensors is also a core growth strategy for reaching out to customers. The players are incessantly striving to maintain their position in the global automotive sensors market. Some of the companies operating in the market are Continental AG, Robert Bosch GmbH, Denso Corporation, Delphi Technologies PLC, HELLA GmbH & Co. KGaA, TE Connectivity, CTS Corporation, NXP Semiconductors N.V., Microchip Technology Inc., Infineon Technologies AG, and Panasonic Corporation.
Rise in the Average Vehicle Age to Create a Positive Adoption Framework for Automotive Sensors
With developments in materials and technology employed for the manufacturing of automotive, the average operational age of vehicles has risen extensively. In Thailand, the number of vehicles on road aged between 5 and 8 years was around 6 million in 2017. The number of vehicles aged more than 12 years is projected to surge by 15% over the next five years worldwide. The dependability of vehicles has augmented significantly over the last few years. According to a survey, consumers are progressively keeping old cars as their second vehicle option rather than reselling or scraping them. As a result of the growing vehicle age, there is a pressing need for replacement of parts, repair and maintenance, which, in turn, is driving the aftermarket for sensors.
Moreover, the sales of automotive sensors is directly related to automotive production and vehicle parc. Despite unstable economic conditions in the market in the recent past, on an average, the global automotive industry has witnessed satisfactory growth. The production of automotive is anticipated to be higher in the developing countries in comparison to the developed ones. This has significantly contributed to the rising demand for automotive sensors in the regions.
Negative Impact on Aftermarket Owing to Low Replacement Rate to Inhibit Growth
Automotive sensors function with an average life span of around 6- 10 years; nevertheless, some of the sensors come with a life-time operational efficiency, which shrinks the need for replacement. Usually, automotive sensors are replaced during accidental cases. This is one of the key aspects disturbing the growth of aftermarket sales.
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Automotive Sensors Market Reports - Table of Contents
1. Executive Summary
2. Market Introduction
3. Global Automotive Sensor Market Analysis Scenario
4. Global Automotive Sensor Market Analysis 2013–2017 and Forecast 2018–2028, By Sensor Type
5. Global Automotive Sensor Market Analysis 2013–2017 and Forecast 2018–2028, By Vehicle Type
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