Market Research Future (MRFR) expects the automotive rain sensors market 2020 to obtain a growth rate of 6% between 2018 and 2023 (appraisal period). We will provide covid-19 impact analysis with the report. The COVID-19 impact on the market has been carefully studied, following which the report outlines the key developments post the coronavirus disease outbreak.
Leading competitors in the market are Hamamatsu Photonics K.K. (Japan), Valeo S.A. (France), Melexis Microelectronic Systems (Belgium), Hella KGaA Hueck & Co. (Germany), Mitsubishi Motors Corporation (Japan), Vishay Intertechnology (U.S), Pacific Industrial Co. Ltd (Japan), TRW Automotive (U.S), Denso Corporation (Japan), Robert Bosch GmbH (Germany), The Kostal Group (Germany), to mention a few.
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COVID-19 Analysis
The COVID-19 outbreak has disrupted the growth of every industry, including the automotive sector. The short term impact has led to shutting down of various manufacturing units due to the lockdown imposed by governments across countries. Production units are observing lack of labor owing to social distancing practice induced by the pandemic. SARS-CoV-2 has also resulted in showrooms being shut down, besides a drop in vehicle sales. The automotive industry is grappling with the aftereffects of the novel coronavirus, issues such economic crunch along with the collapsing supply chain networks worldwide.
With that said, the automotive rain sensors market can expect some relief as a result of the mitigation tactics adopted by key players across regions. To cite a reference, the European Union is lending support to the automotive sector with the Pandemic Emergency Purchase Program, which helps companies buy commercial papers as well as sovereign bonds from commercial vendors along with member states while keeping their liquidity intact within the financial system. Moving ahead, EU has also relaxed its stringent regulations pertaining to the automotive sector and is willing to expand the size of any asset purchase for extended period. With the introduction of contingency schemes and financial institutions increasingly coming up with relief plans, the automotive rain sensors market is anticipated to make a solid comeback despite the SARS-CoV-2 impact.
Key Drivers and Top Barriers
A number of automakers in the automotive rain sensors market are taking up variants to expand the product range for their customers. They are also focused on the customer’s comfort for which they add valuable features and the latest technologies in the automobile, such as rain sensors. Product development and launch seem to be the top strategy that is helping these companies stay at the top of their games. For instance, in June 2020, Tata launched its latest BSVI compliant 2020 edition – Harrier. Harrier consists of KRYOTREC 170 BS6 engine with the best-in-class rain sensors along with other features including ant-pinch along with black coating at the side of the glass to dissipate heat.
With the emergence of ADAS and semi-autonomous technologies within the automotive industry, the rain sensor technology has gained high impetus across the globe. Some of the leading automakers such as Volkswagen, Lexus and BMW are increasingly offering rain sensors in their luxury and premium segment vehicles, which benefits the market. The escalating demand for DIY installation paired with the mounting prevalence of e-commerce also works in favor of the automotive rain sensors market.
The rising sale of autonomous vehicles and the increasing preference for innovative sensing technologies that facilitate a better driving experience also leads to higher profits for the automotive rain sensors industry. Consumer preference for more number of in-built automotive options has been a critical growth booster, with rising demand for technologically advanced vehicles that can sense and alert accordingly. These technologies help curb the challenges common during driving, thus garnering immense favor among a lot of consumers worldwide.
Market Segmentation
Automotive rain sensors industry can be considered for channel type and vehicle type.
The channel types described in the study are aftermarket as well as original equipment manufacturer (OEM).
The key vehicle types are light commercial, heavy commercial and passenger. The passenger vehicle type can be the top segment in the market owing to the escalating sales of passenger vehicles in line with the expansion of the luxury as well as semi-luxury vehicle manufacturing industry.
Regional Insight
APAC/Asia Pacific, Europe, North America and RoW/Rest of the world are the key markets for automotive rain sensors.
The rapid economic development in emerging nations like India and China has booted the sales of passenger cars; prompting leading automakers in APAC to spend considerably on the latest technologies and advanced production systems. This factor has been quite favorable for the automotive rain sensors market in the region. Also, growing expenditure on infrastructure improvement as well as industrialization has been good for the commercial vehicles industry, ultimately boosting the growth potential of the automotive rain sensors market in APAC.
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Table Of Contents
1 Executive Summary
2 Research Methodology
2.1 Scope Of The Study
2.1.1 Definition
2.1.2 Research Objective
2.1.3 Assumptions
2.1.4 Limitations
2.2 Research Process
2.2.1 Primary Research
2.2.2 Secondary Researchs
2.3 Market Size Estimation
2.4 Forecast Model
3 Market Dynamics
3.1 Market Drivers
3.2 Market Inhibitors
3.3 Supply/Value Chain Analysis
3.4 Porter’s Five Forces Analysis
Continued…………
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