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Automotive Sensor Market Expected To Grow Owing to Technological Advancement in Vehicles and Growing Concern for Safety & Security Till 2022 | Million Insights
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The Global Automotive Sensor Market was anticipated at USD 18.68 billion in 2014. Approving initiatives of government for the security and safety of passenger are expected to propel the growth in the revenue. Automotive sensors help in the detection of parameters which include speed and heat and take preventive measure when in danger, thus it becomes an important part of automobiles. Owing to technological improvement vehicles are provided with various sensing devices which give information on numerous parameters thus confirming security, safety, and comfort.
Due to the increasing demand of consumers for comfort and fuel-efficiency as well as agreeable regulations of government on safety along with emission standards, there has been an increase in the number of devices used per vehicle.
The switch for self-driving cars could notably drive the market of automotive sensors as some devices are required to process intelligent data for making autonomous decisions. For instance, Google’s self-driving cars make use of quad-core PCs which process 1.3M laser measurements thus comes to the 20 driving decisions every second.
Full Research Report On Automotive Sensor Global Analysis available at: https://www.millioninsights.com/industry-reports/automotive-sensor-market?utm_source=pressrelease&utm_medium=referral&utm_campaign=openpr_shree_sep12&utm_content=Content
Product Insights
Product segment comprises of chemical property, proximity and positioning, process variable and physical property. Chemical property devices scale pH levels, NOx, oxygen and information of other gases. Owing to rising popularity of ADAS (Advanced Driver Assistance Systems), image-sensing devices of vehicles have observed an acute rise in the past few years. ADAS examples are automated parking, adaptive cruise control, and lane departure warning.
Devices of proximity and positioning are employed for controlling electronic stability in information display along with control. Process variable comprises of flow and level, temperature and pressure sensing devices. In 2014, the segment was valued at USD 4.60 billion and is anticipated to grow at a CAGR of 8.2% from 2015 to 2022.
Physical property devices are utilized to measure physical parameters like speed, motion, vibration, and force. The segment has a revenue share of 24% in 2014 and is anticipated to dominate throughout the forecast period.
Application Insights
The application segment comprises of safety and security, emission control and engine and drivetrain. Safety and security accounted for over 24% of overall revenue in 2014 and is anticipated to grow at a CAGR of 10.4% from 2015 to 2022. Sensing devices for security and safety applications evaluate tire inflation of occupant position along with the speed of the wheel.
For example, Jaguar F-type makes use of these sensors to monitor blind spot and closed vehicle sensing devised to make the driver alert regarding the existence of another vehicle in an near lane through a visual indicator that gives warning in the door’s mirror.
These applications are important for the growth of industry due to the rising adoption of features which includes anti-lock brake, rollover detection, electronic stability control and TPMS. Engine and drivetrain segment lead the global revenue share of USD 6.66 billion in 2014.
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Devices based on MEMS show the most promising growth due to their reduced costs and their diverse applications range in chassis, control, security, powertrain and body electronics. They measure pressure, flow, inertia and other parameters.
For monitoring and regulating combustion temperatures, emission control devices are used. Compulsions of government for controlling emission globally are expected to have a contribution to the growth of revenue throughout the forecast period. The regulations of Environmental Protection Agency in 2007 and 2010 greatly minimize the allowable discharge of fuel nitrogen oxides along with diesel particulate matter.
Regional Insights
Due to the existence of major automobile manufacturers in the Asia Pacific region, particularly India and China, the automotive sensor market of Asia-Pacific was the largest regional segment and is anticipated to grow at a CAGR of 9.9% from 2015 to 2022.
It is followed by Europe which accounted for over 22% of the revenue share in 2014. North America also had a substantial share of revenue and is anticipated to grow at a CAGR of 8.6% from 2015 to 2022. The growth is owing to the pleasant legal situations particularly in U.S.
The U.S. FMCSA (Federal Motor Carrier Safety Administration) has a goal to minimize the commercial vehicle crashes by integrating with the truck industry to provide, test and monitoring the use of onboard safety systems.
Competitive Market Share Insights
The key players in the industry are Delphi Automotive, Analog Devices, Freescale Semiconductor, Sensara, Denso Corporation and Robert Bosch. Denso Corporation and Robert Bosch dominated the overall share of automotive sensor market at over 25% in 2013.
Related Reports of this Category available at Million Insights: https://www.millioninsights.com/industry/sensors
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