SEATTLE–(BUSINESS WIRE)–#AutomotivePositioningSensors–According to Coherent Market Insights, the global motor vehicle sensor market was valued at US$ 28,659.0 Mn in 2019 and is expected to exhibit a CAGR of 11.2% during the forecast period (2020-2027).
Key trends and analysis of the global motor vehicle sensor market:
The demand for vehicles equipped with various sensors is rapidly increasing. The major contributing factors to the increasing demand are concerns about safety and security and strict government policies about driving safety. The vehicles are using various sensors such as cameras and laser among others which assist drivers in various driving situations and also increase the drivers’ safety. For instance, a vehicle equipped with a rear camera can assist drivers while changing lane and reduce the chances of accidents.
Moreover, various government organizations are making installation of advanced emergency braking, drowsiness, and attention detection systems in vehicles mandatory in order to enhance the safety of the passengers. For instance, according to Coherent Market Insights analysis, from 2021, the government of the U.K. is implementing several safety systems in order to safeguard human life. The safety systems include alcohol interlock installation facilitation, event (accident) data recorder, Lane-keeping Assist, reversing camera or detection system, and others. All these systems heavily depend upon various sensors which will positively impact the global motor vehicle sensors market during the forecast period.
However, there are certain factors which may hamper the growth of the motor vehicle sensor market including high initial and maintenance cost.
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Key Market Takeaways:
The global motor vehicle sensor market was valued at US$ 28,659.0 Mn in 2019 and is expected to reach a value of US$ 75,447.5 Mn by 2027, exhibiting a CAGR of 11.2% between 2020 and 2027
Asia Pacific held a dominant position in the global motor vehicle sensor market in 2019 and is expected to retain its dominance throughout the forecast period due to the growing automotive market in India. According to the India Brand Equity Foundation report published in March 2020, the automotive market in India witnessed rapid growth. In 2018, the Indian auto market registered sales of 3.99 million units with year-on-year growth of 8.3 percent. Furthermore, due to implementation of government policies such as Make in India, the country witnessed rapid growth in the electronics manufacturing industry. Due to these factors, Asia Pacific is expected to witness significant growth in the global motor vehicle sensor market during the forecast period.
Among applications, the engine and drivetrain segment held a dominant position in the market in 2019 and is expected to retain its dominance throughout the forecast period as the engine plays a crucial role in vehicle safety and pollution control. The sensor provided to the engine includes a carbon emission sensor, spark ignition sensor, piston moment sensor, and others. All these sensors play an important role in maintaining efficiency and safety of the engine due to which its demand is expected to increase during the forecast period.
Competitive Landscape:
Major players operating in the global motor vehicle sensor market are Hitachi Ltd, Robert Bosch GmbH, Eaton Corporation, Denso Corporation, Continental AG, Delphi, and Valeo.
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Market Segmentation:
Related Market Intelligence Report:
Next Generation In-vehicle Networking (IVN) Market, by Vehicle Type (Passenger Car, LCV, HCV, and AGV), by Connectivity Standards (CAN, LIN, FlexRay, RF, Ethernet, and MOST), by Application (Powertrain, Safety, Body Electronics, Chassis, and Infotainment), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) – Size, Share, Outlook, and Opportunity Analysis, 2019 – 2027
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