According to the new market research report on the “Automotive Sensors Market by Type (Temperature, Pressure, Position, Oxygen, NOx, Speed, Inertial, Image), Application (Powertrain, Chassis, Exhaust, Body Electronics, Safety & Control, Telematics), Vehicle Type, and Geography – Global Forecast to 2023”, the automotive sensors market is expected to be worth USD 36.42 Billion by 2023, growing at a CAGR of 6.71% between 2017 and 2023.
Browse 68 Market Data Tables and 56 Figures spread through 207 Pages and in-depth TOC on “Automotive Sensors Market – Global Forecast to 2023“
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The growth of the automotive sensors market is driven by the factors such as increasing motor vehicle production worldwide, increasing vehicle electrification, stringent government regulations, and growing consumer demand for sensors for the convenience and comfort.
“Position sensors to hold the largest share of the automotive sensors market”
The position sensors held a major share of the automotive sensors market based on sensor type in 2016. Crankshaft, camshaft position sensors, and throttle position sensors, among others form vital parts in the functioning of a car. The number of position sensors in economy cars is increasing in applications such as seat position and window position sensing. The increasing production of cars will further drive the demand for position sensors.
“Passenger cars to have the largest share in the automotive sensors market”
Passenger cars currently account for the largest shipment, i.e., ~76% of the total automotive production worldwide. Sensors in passenger cars help in improving the performance of the car along with significantly enhancing the safety and reducing the emission. The improving infrastructure, cheap labor, and increase in purchasing power of consumer, and demand for safer vehicles have directly fueled the demand for automobiles in emerging economies such as China, India, and Brazil where the penetration of automobiles is significantly lower.
“Maximum number of automotive sensors are being installed in APAC”
APAC accounted for the largest share of the total automotive sensors market in 2016. The presence of developing countries such as India and China contributes to the growth of automotive sensors market in this region. China leads the production of automobiles in the world and is expected to lead the automobile production worldwide in the forecast period. The Government of the People’s Republic of China has placed special emphasis on promotion and adoption of energy-efficient plug-in hybrid EV and pure EV. China is expecting 35 million vehicle sales by 2025 and wants new energy vehicles (NEVs) to make up at least 20% of that total market. All these factors will further help in the growth of the automotive sensors market in the region.
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