July 28, 2020
According to the research report titled ‘Global Automotive Sensors Market: Analysis By Vehicle Type, By Application , By Region, By Country (2019 Edition): Opportunities and Forecast (2014-2024) -- By Region (North America, Europe, APAC, ROW), By Country available with Market Study Report, global automotive sensors market is expected to experience a y-o-y growth rate of 7.2% during 2019-2024.
Paradigm shift towards fuel efficient and low emission vehicles in consort with booming population, growing urbanization and rising disposable income are the major propellers for worldwide automotive sensors market.
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As per the report, global automotive sensors market is classified with respect to vehicle type into light commercial vehicles, passenger car, and heavy commercial vehicles. With regards to the application scope, the market is segmented into chassis & safety, powertrain, body & convenience, body electronics/infotainment, and others. Among them, passenger car and powertrain segments are reckoned to grow at rapid pace over the forecast period.
From the regional overview, the market is segmented into Asia-Pacific, Europe, North America, and rest of the world. Asia-Pacific led global automotive sensors market in 2019 and is expected to grow substantially during 2019-2024. Emphasis of automobile manufacturers towards diversifying their product portfolio and manufacturing vehicles with low pollution rating to comply with the government norms is contributing to the market growth in APAC. Also, investment in infrastructural development by government will create growth opportunities for Asia-Pacific automotive sensors market.
The study provides thorough market intelligence to assist the decision makers to take sound judgements regarding new investments. Also, it points out key trends, potential drivers, challenges, and lucrative opportunities prevailing in global automotive sensors market landscape.