The total automotive sensor market is expected to reach $33.59 billion by 2022 at a CAGR of 7.8 percent; and the volume of sensors is expected to reach 8930.00 million units in 2022 from 2,965.37 million units in 2012, at an estimated CAGR of 11.7 percent from 2013 to 2022, according to a new market research report, “Sensors Market For Automotive Applications 2012 – 2022,” published by MarketsandMarkets.
In modern automobiles, numerous types of sensors fulfill many important tasks ranging from engine performance and passenger safety to comfort and vehicle dynamic behavior. The need for sensors is evolving and is continuously growing. Earlier, sensors were analog devices, which had very few applications in automobiles, but today’s sensors mainly utilize digital technology, which means betterment and enhancement in efficiency and sensing performance. For example, on an average, in engine control applications, the number of sensors used, has increased from, approximately, ten in 1995, to more than thirty in 2012. The future of automotive sensor is highly dependent on sensor technologies like MEMS sensor, wireless sensor, radar, and many more; out of which, the MEMS is the most promising sensor technology; and is likely to emerge as a game changer for the automotive world.
The revenue for sensors market for automotive applications is expected to grow from $15.94 billion that it accounted for in 2012 to $33.59 billion by 2022, at an estimated CAGR of 7.8 percent from 2013 to 2022. The volume of sensors used for automotive applications, estimated to be 2,965.37 million units, is expected to rise up to 8,930 million units by 2022, with a CAGR of 11.7 percent from 2013 to 2022.
The automotive sensor market is poised to grow due to several enabling factors; however, there continues to be some restraint to the growth. For automotive sensor market – worldwide vehicle production, technology developments, customer preference, and government mandates are acting as drivers; whereas pricing issues, high expectations from automotive OEM, and inadequate aftermarket services and products are acting as restraints. The increasing demand of Advance Driver Assistance Systems (ADAS), and hybrid and electric vehicles (EV), are the future opportunities for automotive sensors.
In addition to market sizes and forecasts, the report also provides a detailed analysis of the market trends and factors influencing the market growth; offering an in-depth geographic analysis of the automotive sensor market in North America, Europe, Asia-Pacific, and ROW; and further segmented to different countries. The report draws the competitive landscape of the automotive sensor market, providing an in-depth comparative analysis of the technological and marketing strategies that the key players are adopting in order to gain an edge over their competitors.