Press release
Global Motor Vehicle Sensor Market Industry Analysis, Growth, Trends and Forecast - 2028
The global motor vehicle sensor market is anticipated to grow at a considerable CAGR 6.5% during the forecast period (2022-2028). The rise in the demand for advanced technologies such as the application of the connected car ecosystem and others is one of the key factors driving the growth of the market. For instance, Mercedes-Benz India had strengthened its connected car ecosystem, by launching the S-class Maestro Edition in 2021, featuring the Mercedes Me connect Technology. This technology integrates additional features and connected cars technology features such as magic sky control with a panoramic sunroof, front seats with memory package, and others.In addition, the Mercedes Me connects several features with Alexa Home and Google Home are supported by AI technology. Similarly, Maruthi Suzuki is set to launch the Baleno Premium hatchback with connected car tech features. It will have more than 40 connectivity features including Amazon Alexa voice commands. Thus, the rise in the connected car ecosystem is anticipated to fuel the demand for the global motor vehicle sensor market.
The rise in automotive production is another factor driving the growth of the global motor vehicle sensor market. For instance, as per the data published by India Brand Equity Foundation (IBEF) in 2022, India has sold 3.49 million units in passenger and commercial vehicle categories. In October 2021, the total production volume of passenger vehicles reached 2,214,745 units. The luxury car market had registered sales between 28000-33000 units in 2021, up from 20000-21000 units sold in 2020.
Looking toward the demand for motor vehicle sensors, key market players are adopting various strategies including mergers & acquisitions, geographical expansion, partnerships and collaborations, and new product launches, to stay competitive in the market. For instance, in July 2019, Detroit Engineered Products launched IC Sensor, which can improve efficiency and reduce the emission of internal combustion engines. The company claimed that these sensors are suitable for onboard engine diagnostics, performance, and engine-out emissions and are superior to pressure transducers. Thus, such launches are anticipated to drive the growth of the global motor vehicle sensor market during the forecast period.
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Market Coverage
• The market number available for - 2021-2028
• Base year- 2021
• Forecast period- 2022-2028
• Segment Covered-
o By Type
o By Application
• Regions Covered-
o North America
o Europe
o Asia-Pacific
o Rest of the World
• Competitive Landscape- Denso Corp., Robert Bosch GmbH, Hitachi Ltd., and Continental AG among others
Key questions addressed by the report
• What is the market growth rate?
• Which segment and region dominate the market in the base year?
• Which segment and region will project the fastest growth in the market?
• How has COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
• Who is the leader in the market?
• How players are addressing challenges to sustain growth?
• Where is the investment opportunity?
A full report of Global Motor Vehicle Sensor Market is available at:
https://orionmarketreports.com/global-motor-vehicle-sensor-market/102605/
Global Motor Vehicle Sensor Market Report by Segment
By Type
• Physical Property
• Process Variable
• Proximity & Positioning
• Chemical Property
By Application
• Engine & Drivetrain
• Safety & Security
• Emission Control
• Others
Company name: Orion Market Reports
Contact person: Mr. Anurag Tiwari
Email: info@orionmarketreports.com
Contact no: +91 780-304-0404
About us:
Orion Market Reports (OMR) endeavors to provide exclusive blend of qualitative and quantitative market research reports to clients across the globe. Our organization helps both multinational and domestic enterprises to bolster their business by providing in-depth market insights and most reliable future market trends. Our reports address all the major aspects of the markets providing insights and market outlook to global clients.
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