Automotive Sensor Market Size, Share, Growth, Trends and Industry Analysis Report, 2022
by Susan Hill Business ConsultantThe global automotive sensor market size is expected to reach
USD 36.76 billion by 2022, according to a new study by Grand View Research,
Inc. Favorable government regulations for increasing overall passenger security
and safety is expected to augment market demand over the forecast period. These
products have become an important part of automobiles, and detect physical
parameters such as speed and heat and take preventive measures in case of any
danger.
Growing consumer adoption of electric, hybrid and
hydrogen fuel-cell-powered motor vehicles is expected to drive demand for
battery monitoring. Image sensor-based ADAS systems have become essential for
tracking and identifying potential hazards. Additionally, rising number of
autonomous vehicles in yielding lower fuel consumption and reduced traffic
congestion features in developing countries such as Japan and China is expected
to favorably impact the automotive sensor market. Demand for retrofitting of
advanced systems into the existing motor vehicle fleet is also expected to
augment demand.
Further
key findings from the study suggest:
- Advanced proximity and positioning sensors help remotely determine
the location of an object, and this segment is expected to grow at a CAGR
of over 11.0% from 2015 to 2022. These products include radar, infrared,
ultrasonic, and laser devices, and are finding application in detection of
objects around vehicles in addition to occupancy sensing.
- Sensors used for safety and security applications monitor wheel
speed, occupant position tire inflation, etc. For instance, Jaguar F-type
uses these products for blind spot monitoring and close vehicle sensing
designed to alert the driver about the presence of another vehicle in an
adjacent lane by providing a visual warning indicator in the door’s
mirror.
- Asia Pacific is expected to remain the leading regional market
through the forecast period. The North American automotive sensor market
is characterized by the presence of a stringent regulatory landscape. The
U.S. NHTSA is attempting to control driver support technologies and
direction of automotive collision avoidance. The government is expected to
mandate fitment of V2V safety technology in future cars. In addition, the
U.S. Association of Automobile Manufacturers (AMM) is expected to leverage
rear-view camera and removing side-view mirrors, which can reduce noise
and fuel consumption. Outsourcing of manufacturing process to low-cost
countries like Mexico, China, Bulgaria, Malaysia, India or the Dominican
Republic due to high labor costs in the U.S. is a key industry trend.
- Major industry participants such as Bosch focus on research and
development to ensure product differentiation. The company’s R&D
efforts have focused on development of efficient methods for ensuring
reliability, precise 3D environment recognition, and securing the
electronics architecture through constant plausibility checks on the data
supplied. Other key players such as Freescale, Sensata, and Denso
Corporation provide products that cater to a wide range of applications,
such as ADAS, body electronics, chassis and safety, etc.
Access
full research report on global automotive sensor market:
www.grandviewresearch.com/industry-analysis/automotive-sensors-market
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Created on Jan 17th 2020 09:33. Viewed 452 times.