Global automotive sensor market is projected to surpass a market valuation of USD 54.92 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides complete overview of automotive sensor Market considering all the major industry trends, market dynamics and competitive scenario.
The global automotive sensor market demand is primarily driven by the expanding automotive sector, in consort with surging demand for passenger vehicles across the globe. Furthermore, the report also states that the demand for electric vehicles has amplified considerably due to the presence of a stringent regulatory outlook pertaining to vehicular emissions, thus augmenting the industry growth. Other factors fueling market demand are the increasing demand for ADAS systems, technological enhancements, and upgradation of vehicles, cites the report. New evolving markets, emerging customer demographics, and surging demand for vehicles will boost the growth prospects of the automotive sensor market in the years to come.
Key highlights of the automotive sensor market have been enumerated below:
- In terms of revenue, the engine & drivetrain application segment amassed the biggest share of the global market in 2017.
- In terms of regional segmentation, Asia-Pacific dominated the global market in the year 2017.
- The distinguished players partaking in automotive sensor market share are investing heavily in R&D programs and technological modernization to fabricate innovative products to meet the rising consumer demands.
- The evolution of self-driving vehicles has added positive stimulus to the demand for automotive sensors. Autonomous cars deploy technologies such as augmented reality for driver information, sensors for collision avoidance, and GPS sensing for navigation.
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The key enterprises profiled in the automotive sensor market include TE Connectivity Ltd., Denso Corporation, Continental AG, Eaton Corporation, Analog Devices Inc., Ford Motors, Autoliv Inc, Robert Bosch GmbH, General Electric, and AMETEK Inc. To expand their global presence and customer base these companies employ business tactics such as collaboration with other market magnates and new product launch.
According to the report, in the year 2017, Asia-Pacific amassed the biggest share of the global automotive sensor market. The key propellers fueling the market growth in the region include the well-established automotive industry, technological improvements, and high investment in research and development. Moreover, the imposition of strict regulations by the government pertaining to vehicular safety and emissions further expedite the implementation of automotive sensors in the region. The economic progress in nations like Japan, China, and India, ascent of autonomous vehicles, and increasing automotive modernization will boost the product demand in the region.
The report also provides valuable insights about ecosystem analysis, market drivers, market challenges, Porter’s five forces, regional outlook, competitive profiling, types of sensors, and application spectrum.