The sector of automotives offers a robust pedestal for the worldwide sensor market. The fundamental applications of sensors in automotives are electrical systems and electronics for security and ease. Makers of vehicles are utilizing state-of-the-art electronic ingredients to offer bio-friendliness, protection and fuel effectivity. The worldwide automotive sensors market has undergone increased demand in the last few years.
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Uses of Automotive Sensors
Sensors are utilized in gauging, identifying or recording physical phenomenon and consequently acting in response by beginning alterations or passing on data. Automotive sensors are a vital part of vehicles and are made to pass on, identify, study and exhibit data with regard to the performance of automotives, from their interior as well as exterior. Sensors find uses in various vehicles, from heavy duty lorries to two wheelers.
The most widespread sectors across which automotive sensors find uses are lighting, wipers, dashboards, seat, parking, anti-theft alarm, rear door, etc. Rising demand for automotive sensors across these sectors is anticipated to drive the demand for the automotive sensors market during the forecast period.
The worldwide market is divided further into three categories. These include applications, products and geographical regions. The applications automotive sensors market includes body electronics, power trains, vehicles safety systems, alternative fuels, safety and controls and telematics. The products market includes magnetic, temperature, MEMS, NOX, pressure, level, inertial and others. The geographical regions automotive sensors market encompasses Europe, North America, Asia Pacific and rest of the world.
Drivers and Restraints
Augmented demand for automotives sensors across the aforementioned applications is predicted to steer the market further. Rising manufacture of vehicles and increased technological innovations are also projected to expand the automotive sensors market. Apart from these, changing client tendencies towards automotive sensors and growing governmental approvals regarding the same are also anticipated to drive the sales of the market.
Constant expansion in technologies and applications of electronic sensors is also anticipated to propel the automotive sensors market ahead. Augmented security concerns and rising demand for mechanization in vehicles are the other factors, driving further growth of the market. Boosting demand for concept cars and escalated utilization of sensors in electric and hybrid cars are also likely to raise the demand for the automotive sensors market.
The major factors, hindering the pace of the market include pricing problems, lack of aftermarket and high anticipations from vehicular OEMs. Escalated demand for hybrid and electrical automobiles is expected to serve as a future growth prospect for the market.
The automotive sensors market is anticipated to rise to about USD 35.8 billion in 2022. It is estimated to record a CAGR of around 8.5 percent during 2014 to 2022. This market is one of the most rapidly expanding markets in the sector of automobiles. It is certified with a double digit CAGR.
North America dominates the automotive sensors market. It is followed by Europe and Asia Pacific. Germany dominates the region of Europe and China and Japan dominate the Asian Pacific automotive sensors market. Asia Pacific is estimated to witness the fastest expansion. This is owing to augmented fiscal conditions of some countries in the region.
Information Source: Grand View Research