According to a market research report by BIS Research, titled ‘Global Automotive Sensors Market - Analysis and Forecast: 2017 to 2021’, “the automotive sensors market by volume is estimated to grow at a CAGR of 7.6% from 2017 to 2021. This growth is attributed to the rising collaborations between key market players and an increasing number of OEMs. In addition to this, the increased market penetration of MEMS technology and safety sensors is expected to be a key factor in the growth of the automotive sensors market.” Moreover, by value, the automotive sensors market is expected to grow at a CAGR of 7.5% from 2017 to 2021. The market report includes a thorough analysis of the impact of the five major forces to understand the overall attractiveness of the industry.
Automotive sensors have undergone rapid technological advancements in communication capabilities, electronic control systems, and size. Easy to use micro-controller platforms, continuous product development, lower cost, newer application, and above-mentioned technological advancements have widened the applications of automotive sensors. Functions of sensors have remained same, however, sensors have largely evolved in terms of compactness, packaging, design, integration and in terms of requirement of hardware support. Rapid advancements in the automotive sensor industry have laid the path for several new sensors in the market such as LiDARs, radars, cameras, and ultrasonic sensors, among others.
The automotive industry is primarily focusing on the advanced control and autonomous driving systems for transmission, emission control, engine management, and safety application which requires sensors that provide highly reliable and accurate information. The ongoing integration of semiconductor and Internet of Things (IoT) is further expected to drive the market growth in the forecast period. In addition to this, the impending demand of automotive sensors and an intense competition between suppliers has resulted in a sharp decline in the Average Selling Price (ASPs) of the sensors, thereby expanding the range of opportunities to target a greater customer pool.
BIS Research Analysis: bisresearch.com/industry-report/global-automotive-sensors-market-2021.html
The automotive sensors market is also proportionally relative to the development of the automobile industry. The need for personal transportation, rapid urbanization, and the increasing disposable income of the middle-income population of developing countries have influenced the vehicle market to substantially enhance its sales, subsequently propelling the growth in the automotive sensors segment. The automotive sensors market is driven by a number of factors such as the stringent government regulations on automobile safety and emissions, an increasing demand for luxury cars, and expansion of global auto-manufacturers in the newly emerging market. High cost associated with the safety sensors, fluctuation in the prices of raw material, and a lack of standardized fabrication process for MEMS are some of the major factors hampering the overall market growth.
Few companies mentioned in the report:
• Takata Corporation
• TE Connectivity Ltd.
• ST Microelectronics N.V
• Stoneridge Inc.
• Sensata Technologies, Inc.
• Robert Bosch GmbH
• NXP Semiconductors NV
• Infineon Technologies Inc.
• General Electric Co.
• Elmos Semiconductor AG
• Denso Corporation
• Delphi Automotive PLC
• Continental AG
• Bourns Inc.
• Allegro Microsystems, LLC
• Autoliv, Inc.
• Analog Devices Inc.
Key questions addressed in the report:
• What is the global automotive sensors market size in terms of volume and value from 2017-2021?
• Which is the dominant sensor type by volume and value for automotive sensors market?
• What is the revenue generated by the different applications in the global sensors market 2017-2021?
• Which application will lead by volume and value in the automotive sensors market by the end of the forecast period?
• Which vehicle type in the automotive sensors market is expected to grow the fastest from 2017-2021?
• What are the different factors driving the market forward in the forecast period?
• What are the major factors challenging the growth of global automotive sensors market?
• Which type of new strategies are being adopted by existing market players to make a mark in the industry?
• Which region will lead the global automotive sensors market by the end of the forecast period?
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