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Automotive Sensors Market

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Automotive Sensors Market to Register 8.6% CAGR from 2015 to 2021 as Driver and
Occupant Safety Awareness Rises
Featuring a largely consolidated vendor landscape, with leading vendors such as
Robert Bosch GmbH., Continental AG, Autoliv, Inc., and Denso Corporation
accounting collectively for a massive share in overall revenue, the global market for
automotive sensors is competitive and is difficult for small vendors to penetrate,
notes Transparency Market Research in a recent report. Large manufacturing facilities,
vast product portfolios, and focus on research and development of new and more
effective products at low costs have proved to be the winning factors for these
companies. For strengthening their positions in the highly competitive market,
companies are putting more emphasis on exploring new application areas such as
self-driving cars, connectivity, and electrification.
According to the report, the global automotive sensors market will exhibit an 8.6%
CAGR over the period between 2015 and 2021, rising to a revenue opportunity of
US$33.17 bn by 2021.
Europe to Hold Dominant Position in Global Market
Of the key applications of automotive sensors, the segment of micro-electromechanical-systems (MEMS) sensors accounted for a dominant share in the global
automotive sensors market in 2014. The segment is also expected to dominate the
market over the report’s forecast period owing to their rising applications.
Geographically, the market in Europe dominated in terms of consumption and
revenue contribution to the global automotive sensors market. The leading position of
the regional market can be attributed to the high awareness regarding vehicle and
driver safety among consumers and vehicle manufacturers.
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Rising Demand for Passenger and Driver Safety Features in Vehicles Critical for
Market Growth
One of the key factors acting as a growth driver for the global automotive sensors
market is the rise in stringent regulations mandating the integration of devices and
technologies that make driving a safer experience for the driver as well as passengers.
Thus from conventional airbags to forward-collision warning systems, a number of
safety features have started making appearance in a variety of vehicles. For enabling
such and several other features, a variety of sensors are also witnessing increased
adoption in vehicles. The rising global demand for automotive sensors capable of
improving the overall driving experience of drivers is also a key factor working in
favor of the global automotive sensors market.
The market is also benefitting from fast-paced technological advancements and the
development of new and more effective sensors for a new set of applications such as
fuel leak detection, temperature monitoring, position monitoring, and current
monitoring. Moreover, the vast rise in sales of passenger vehicles across emerging
economies is also expected help the market steer forward at a healthy pace.
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High-cost Repairs Could Hold Back Market
One of the key factors that is deterring the global automotive sensors market from
achieving its total potential is the high cost of repairing malfunctioning in complex
automotive sensors. This aspect is expected to deter consumers across a number of
cost-conscious economies from purchasing vehicles equipped with technologically
advanced sensors that could lead to additional repair costs in case the sensors fail or
get damaged. Moreover, the monopoly of OEMs over automotive sensors has created
a negative sentiment among consumers pertaining to after-sales repairs and
maintenance.
Author
monali raghu
monali raghu349   documents Email
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