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Global Automotive Sensors Market Is Estimated To Reach $39.8 Billion By 2024, Says Accurize Market R
Global Automotive Sensors Market report published by Accurize Market Research forecast that the global market is expected to reach $39.8 billion by 2024; growing at a CAGR of 7.1% from 2017 to 2025. By geography, the Asia Pacific and North America are expected to grow at a CAGR of XX% and XX%, respectively, during the forecast period.
Increasing growth of wireless sensing in an automotive application and rising demand for automotive sensors in electric power steering application across the globe to drive the growth of the market
Increasing the growth of wireless sensing in an automotive application and rising demand for automotive sensors in electric power steering applications fuels the demand for the global automotive sensors market. Moreover, the growing use of ADAS applications also boosts the growth of the market.
The global automotive sensors market has been bifurcated on the basis of type, component, and geography. By type, the segment is bifurcated as a gas sensor, motion sensor, MEMS sensor, pressure sensor, and temperature sensor. A component is further classified as chassis, body electronics, powertrain, and safety & security.
By geography, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). The U.S., Canada, and Mexico are covered under North America wherein Europe covers the UK, Germany, France, Italy, and others. Asia-Pacific covers China, India, Japan, South Korea, and others. While Rest of the World covers South America, The Middle East, and Africa.
“MEMS sensors accounted for the largest market share in the type segment", says Accurize
By type, MEMS sensors held the largest market share in 2017, while, the gas sensor will attain the fastest CAGR. The component segment includes chassis, body electronics, powertrain, and safety and security. Power trains accounted for the largest share in this segment, and body electronics will dominate with the highest market rate during the forecast period.
“Europe dominated the global market with the highest market share over the forecast period", says Accurize
In 2017, Europe accounted for the largest market share with 35%, owing to the increasing popularity of connected cars, and availability to a variety of advanced technologies. Asia-Pacific accounted for the second-largest market share with 31% and is expected to grow with the highest CAGR during the forecast period, driven by increasing demand for an enhanced communication system, high vehicle sales, and increased disposable income.
Top players in the market
The key market players include Robert Bosch GmbH, DENSO Corporation, Delphi Automotive PLC, Continental AG, Analog Devices, Inc., Hitachi Appliances Inc., Autoliv Inc., Infineon Technologies AG, Sensata Technologies, Inc., and STMicroelectronics among others.
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