Global Automotive Sensor Market analyzed by Sensor types (Temperature, Motion, Pressure, Gas, Optical), by Method (MEMS, NMEMS), by Application (Automobile, Body electronics), by Vehicle type (Heavy vehicle), and regional forecast 2019 to 2027.
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Automotive Sensor Global Market Overview:
The Global Automotive Sensor Market is growing with the rapid pace. According to a recent study report published by the Market Research Future, The global market of Automotive Sensor will grow at a rapid pace over the forecast period. The market is forecasted to witness slow but steady growth by 2027, which will be a surplus growth at a moderate CAGR during the projected period (2016 -2027).
The Automotive Sensor market is completely dependent on the automotive industry. Thus, the increasing or decreasing demand of the automotive industry directly has an impact on the Automotive Sensor market. The total four-wheeler production for the year 2015 was almost 90 million units and is expected to witness further boost and reach more than 100 million units by the year 2020. This results as a primary factor driving the Automotive Sensor market as the interiors of automobiles have gained prevalence in recent times with technological development and rapidly increasing disposable income among the consumers. Thus, the growth of the Automotive Sensor is expected to go hand in hand with the automotive industry.
The automotive industry as a whole is a capital-intensive industry. The dynamic business environment and cut-throat competition in the industry constantly requires influx of capital to update their technology to cope with increasing incidence of customization by the consumers. Development of hybrid vehicles, aesthetic features and safety features require constant research & development support thus resulting in extensive capital investment at a constant rate. Such cut throat competition in the automotive industry requires massive investments at a regular basis, thus the high capital investment in the Automotive Sensor market is expected to act as a hurdle in the growth, due to significant entry barriers for new player which is expected to have a negative impact on the Automotive Sensor market.
In automotive industry, consumer preferences are continuously changing. Across the world, the demand for various factors such as high performance, high efficiency, increased safety, and security are increasing for different automotive applications. At the same time, when it comes to the actual purchase of a vehicle, consumers prefer a model having all of the above-mentioned parameters but preferably at a lower cost (price). Due to changing consumer needs across global markets, rapid technological advancements are taking place in Automotive Sensor industry to introduce differentiate products. While considering the above improvements, product pricing (low cost) is given a prominent weightage during initial development phase. This is a big challenge for the manufacturers as a lot of research and development (R&D) activities go into the new product development phase, which requires huge investments.
With the global economy undergoing an unprecedented level of shift, major emerging countries such as China, India, Thailand, Indonesia, and others are becoming manufacturing hubs for global automotive players. As a result of increasing prosperity in the emerging economies, people are increasingly able to afford their own car, particularly in emerging Asian economies such as China and India. In order to tap these rising consumer automobile preferences, leading global automotive players such as Volkswagen, BMW, Toyota, and Ford are entering into new emerging markets for business expansion. As the global auto-manufacturers continue to expand into growing and emerging markets, the demand for Automotive Sensor and others will also rise.
Regional Analysis
The automotive sensor market in North America is dominated by US followed by Mexico and Canada. America has the third largest share in Global Automotive sensor market and is expected to grow with a CAGR of XX % during the forecasted period. The major growth drivers of automotive sensor market include increasing population with high disposable income. The Asia-Pacific is the emerging region in Global Automotive Sensor market due to stringent government regulations, and persuasive car designers to upgrade the safety provision in car designs. Automotive sensor market will grow for low end vehicles ad is expected to grow with a CAGR of more than XX% due to increasing demand for low-end automobiles. The increasing disposable income of the middle-class population and the inclination of buyers towards high-end luxury cars are driving the growth of automotive sensor market in India.
Automotive Sensor Market Segmentation:
The Global Automotive Sensor Market is segmented in to 4 key dynamics for the convenience of the report and enhanced understanding;
Segmentation by Sensor Type: Comprises Temperature, Motion, Pressure, Gas, Optical.
Segmentation by Method: Comprises MEMS, NMEMS
Segmentation by Application: Comprises Automobile, Body electronics
Segmentation by Regions: Comprises Geographical regions – North America, Europe, APAC and Rest of the World.
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