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New York, United States, Tue, 24 Nov 2020 08:27:48 / Comserve Inc. / — Global automotive sensors market is expected to flourish at a significant CAGR of 7.8% during the forecast period. Moreover, the global automotive sensors market is expected to garner USD 45.76 Billion by the end of 2024.
The global automotive sensors market is segmented into type such as temperature sensor, position sensor, current sensor, pressure sensor, image sensor, speed sensor, gas sensor, LiDAR, MEMS, Oxygen Sensor, NOX sensor and other sensors. Among these segments, automotive position sensors segment is expected to occupy top position in overall automotive sensors market during the forecast period. Wide scale utilization of position sensors in automotive parts such as crankshaft, camshaft and throttle are driving the growth of the automotive position sensors market. Further, increasing number of position sensors in economy cars is expected to accelerate the growth of position sensors market.
Global automotive sensors market is expected to flourish at a significant CAGR of 7.8% during the forecast period. Moreover, the global automotive sensors market is expected to garner USD 45.76 Billion by the end of 2024. Increasing sale of automotive across the globe, rising disposable income, stringent government regulations, rising electrification of vehicle are some of the key factors driving the growth of automotive sensors market.
The powertrain segment by area of system application is estimated to significant register a CAGR during the forecast period. Moreover, the powertrain segment is expected to account for the largest share of revenue across the globe. Surging demand for automatic transmission is one of the key factors bolstering the growth of the automotive sensors market.
Rising Number of Vehicle Production across the Globe
Increasing sale of vehicles in the world is one of the key factors behind the growth of automotive sensor market. According to Organisation Internationale des Constructeurs d’Automobiles (OICA), number of passenger vehicles sales and registration increases from 45,407,298 in 2005 to 69,464432 in 2016. Moreover, rising trend of electrification of vehicles is expected to spur the growth of the market.
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Stringent Government Regulations
Strict government regulations regarding safety standard and fuel emission is predicted to trigger the growth of the automotive sensors market. For instance, implementation of advanced vehicle safety features by European Commission such as mandating tyre pressure monitoring systems (TPMS), automatic emergency braking systems are increasing the usage of sensors in automotive.
Although, integration of automotive sensors increases the overall cost of automotive. Moreover, this may hamper the growth of automotive market which is likely to dampen the growth of automotive sensors market during the forecast period.
The report titled “Automotive Sensors Market : Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global automotive sensors market in terms of market segmentation by type, by area of system application, by vehicle type and by region.
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