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Escalating Demands for Autonomous Driving Boosting the Growth of Automotive Sensors Market

Jul 14, 2017 10:46:25 AM / by BIS Research

Automotive sensors have witnessed a rapid technological development in the past few years in communication capabilities, electronic control systems, and size. The applications of automotive sensors have widened with the easy to use micro-controller platforms, continuous product development, lower cost, newer application and the technological advancement. Although the functions of the sensors remain the same, rapid development in the automotive sensor industry has laid down path for several new sensors in the market, such as LiDARs, radars, cameras, and ultrasonic sensors, among others. MEMs based sensors are a relatively new sensor in the market, but they are pushing the automotive sensor market to a new height.

The automotive industry is prioritizing the advanced control and autonomous driving systems for transmission, emission control, engine management, and safety application, and hence, the demand for automotive sensors has increased manifold. Moreover, the ongoing integration of semiconductors and Internet of Things (IoT) is further driving the growth of the market. The suppliers in the market are facing intense competition from their counterparts, which has subsequently reduced the average selling price (ASP) of the sensors in the market. In turn, this has opened a plethora of opportunities for the market players to increase their consumer base.

The automotive sensor market is directly proportional to the automotive market, the development of the latter affects the former. Furthermore, the rapid urbanization, an increasing need of personal transportation, and increase in the middle-class income has positively influenced the sales in the vehicle market, thus, increasing the demand for automotive sensors. The global automotive sensor market is expected to reach a value of $25.56 billion by 2021, growing at a CAGR of 7.6% over the period from 2017 to 2021.

The stringent government regulation on automobile safety and emissions and the expansion of global auto-manufacturers in the newly emerging markets are driving the growth of the automotive sensor market. Furthermore, the growing demand of electronic vehicles, the estimated demand for autonomous cars in the future and the emerging sensor technologies are expected to boost the future growth of the market.

In 2016, powertrain application dominated the automotive sensors market by value and volume. However, sensors for safety application is expected to grow at the highest rate during 2017 to 2021, owing to the growing demand of the safety system in luxury, mid-range and commercial vehicles, along with the stringent government regulations with regard to safety of vehicles. BIS Automotive has conducted an extensive market research on ‘Global Automotive Sensors Market - Analysis and Forecast: 2017-2021’. The market intelligence report aims to provide an in-depth analysis of the key development strategies, marketing strategies and market trend dynamics which include drivers, restraints and opportunities prevailing in the industry.

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