Automotive Sensor Market - Generated 24.10 Billion in 2017, Anticipated to Grow at a CAGR of 9.7
Posted: Oct 29, 2018
The global Automotive sensor market generated 24.10 billion in 2017 and is anticipated to grow at a CAGR of 9.7% during the forecast period according to a new study published by Polaris Market Research.
Automotive sensors are used in vehicles for transforming physical quantities such as pressure or acceleration into output signals serving as inputs for control systems. The different types of sensors used in automobiles include oxygen sensor, mass air flow sensor, throttle position sensor, vehicle speed sensor, and others. The mass air flow sensor is used in vehicles for monitoring the volume and density of air entering the engine. It combines it’s functioning with the O2 sensor for determining the fuel delivery on the front end.
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The demand for automotive sensor has increased owing to the global growth in the automotive industry, and growing demand for vehicles from emerging economies. The rising demand for electric vehicles, and increasing modernization of vehicles has resulted in the automotive sensor market growth. The growing need for improved fuel efficiency and integration of ADAS systems into vehicles increases the demand for automotive sensors. The introduction of stringent government regulations regarding safety and vehicular emissions further increases the demand for automotive sensors. Growing demand from emerging economies, and technological advancements are factors expected to provide numerous growth opportunities in the coming years.
The report provides an extensive qualitative and quantitative analysis of the market trends and growth prospects of the Global Automotive Sensor Market, 2017-2026. This report comprises a detailed geographic distribution of the market across North America, Europe, Asia-Pacific, Latin America, and MEA. North America is further segmented into U.S., Canada, and Mexico. Europe is divided into Germany, UK, Italy, France, and Rest of Europe. Asia-Pacific is bifurcated into China, India, Japan, and Rest of Asia-Pacific.
The Asia-Pacific Automotive Sensor Market generated the highest revenue in the market in 2017 owing to increasing disposable income and improved living standards in the region. The established automotive industry, and strict government regulations have resulted in increasing adoption of automotive sensors in the region. The high penetration of electric vehicles, and increasing adoption of ADAS systems further boost the automotive sensor market growth in the region.
The global automotive sensor market is characterized by the presence of well-diversified international and small and medium-sized vendors. These companies are consistently launching new products to enhance their offerings in the market. With the advancement of technologies, companies are innovating and introducing new customized products to cater the growing needs of the customers. Leading companies are also acquiring other companies, and enhancing their product offerings to improve their market reach. Acquisitions enable key players to increase their market potential in terms of geographic expansion and expansion of customer base.
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The leading companies profiled in the Automotive Sensor Market report include Denso Corporation, TE Connectivity Ltd., Continental AG, Analog Devices Inc., Eaton Corporation, Ford Motors, Robert Bosch GmbH, Autoliv Inc, AMETEK Inc., and General Electric.
About Polaris Market Research:
Polaris Market Research is a global market research and consulting company. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.
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Polaris Market Research
Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises.