According to a Reports-and-Reports research study, the automotive sensors market is valued at $22.94 billion and is expected to reach $36.42 billion growing at a CAGR of 6.71% between 2017 and 2023. The report covers the top 20 companies, competitive strategies, top segments, market trends, share, regional outlook in near future and overall industry analysis. 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. With the increase in concern over greenhouse gases emissions, fuel economy and emission norms are becoming stringent in many parts of the world.
The automotive sensors ecosystem comprises major players such as Robert Bosch GmbH (Germany), Continental AG (Germany), DENSO Corporation (Japan), Analog Devices, Inc. (US), Sensata Technologies, Inc. (US), Delphi Automotive PLC (UK), Infineon Technologies AG (Germany), and STMicroelectronics (Switzerland).
Automotive manufacturers are facing pressure to use advanced technology to reduce the emission and increasing fuel economy to reduce the carbon footprint. Automotive sensors are playing a crucial role in containing themselves in the regulation limits, and thereby helping the market to grow. However, factors such as the price competitive market, underdeveloped retrofit, and lack of uniform fabrication process for MEMS are the major barriers inhibiting the growth of this market.
The automotive OEM expects the sensor manufacturer to provide the best possible technology at a lower cost. This increases the pricing pressure on the sensor manufacturer and has to slim down on profits. This could continue the automotive sensors to undergo price erosion during the forecast period. Stiff competition is another reason for the declining prices of automotive sensors. Price is the major competitive factor because automakers who buy sensors and other automotive components in large volumes are extremely price sensitive.
- Power train to continue to hold the largest share of the automotive sensors market during the forecast period
- APAC to hold the largest share of the automotive sensors market during the forecast period
If your curiosity is piqued, you can browse 68 tables and 56 figures, 20 Company profiles spread across 207 pages, or order a copy of Automotive Sensors Market by Type, and/or ask for a sample Copy of the report.