Global Automotive Sensors Market to Reach $36.4 Billion by 2023 - Analysis By Sensor Type, Vehicle Type & Application

The automotive sensors market was valued at USD 22.94 billion in 2016 and is expected to reach USD 36.42 billion by 2023, at a CAGR of 6.71% between 2017 and 2023.

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. 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.

Powertrain application is expected to hold the largest share of the automotive sensors market in 2016. Sensors are primarily used in powertrains, and currently holds the leading position in the overall automotive sensors market. The extensive use of automotive sensors in powertrain application is attributed to the early adoption of automotive sensors for lower emissions, improved fuel economy, and onboard diagnostic requirements.

Companies Mentioned

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Automotive Sensors Market, By Sensor Type

7 Automotive Sensors Market, By Vehicle Type

8 Automotive Sensors Market, By Application

9 Geographic Analysis

10 Competitive Landscape

11 Company Profiles

For more information about this report visit https://www.researchandmarkets.com/research/khcwxx/automotive

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