Future Market Insights’ report, titled “Automotive Sensors Market: Global Industry Analysis, 2013 – 2017 and Opportunity Assessment, 2018 – 2028”, indicates the global automotive sensors market is expected to witness a CAGR of 7.6% from 2018 to 2028. The market was valued at over $17 billion in 2017 and is projected to snag $39 billion by the end of 2028.
- With the growing focus of automakers on integration of automotive with advanced sensors, the demand for automotive sensors will continue to increase.
- Aggressive marketing in prominent countries in Latin America and the Middle East & Africa region is expected to further benefit major players in the market.
- Companies operating in the market are Continental AG, Robert Bosch GmbH, Denso Corporation, Delphi Technologies PLC, HELLA GmbH & Co. KGaA, TE Connectivity, CTS Corporation, NXP Semiconductors N.V., Microchip Technology Inc., Infineon Technologies AG, and Panasonic Corporation.
- Rise in the Average Vehicle Age to Create a Positive Adoption Framework for Automotive Sensors
- Sales of automotive sensors is directly related to automotive production and vehicle parc.
- Negative impact on aftermarket owing to low replacement rate to inhibit growth.
Future Market Insights