Pune, India, July 15, 2016/MRFR Press Release/- Market research future published a cooked research report on Global Automotive Sensor Market. Automotive Sensor market is expected to grow with the CAGR of about 9.2% from 2016 to 2021. It is projected to be valued at more than $11 billion by 2021. For the Global Automotive Sensor market drivers are increasing safety demands & growing environmental concern from both government agencies as well as consumers. Rapid technological advancements are also expected to have a profound impact on the market growth.
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Medium End Vehicles held the largest share within Automotive Sensors market
The Medium end vehicles segment, held the largest share within the global automotive sensors market in 2016. It is expected to retain its dominance in the market growing at a fast pace during the forecast period. However, electric automobiles are estimated to achieve the highest growth as compared to other vehicle types in the next five years. Rising environmental concerns and increasing acceptance of electric vehicles are the major factors contributing towards the growing popularity of electric vehicles.
Optical sensors are the most widely used types of automotive sensors
Optical sensors are the most extensively used senor type across different type of passenger cars (conventional fuel and electric cars), and held the largest share within the automotive sensors market in 2016. It is expected to continue its dominance during the forecast period, growing with a high growth rate. Motions sensors are estimated to be the second fastest growing segment within automotive sensors market. Increasing demand from its key applications in chassis, power train, and body system on account of rising safety and security requirements is expected to drive the market for automotive motion sensors. The primary application of the automotive sensors is in the power train as a result of which it is the fastest growing segment in the Automotive Sensor Market. The power train segment also accounts for the biggest share in the market. The power train sensors have various advantages including lowering emission and improving fuel economy.
Asia-Pacific expected to dominate the Automotive Sensor Market
Asia-Pacific region is expected to dominate the Automotive Sensor market in the near future. This region is expected to register the highest CAGR during the forecast period. The significant growth can mainly be attributed to the high vehicle production and demand for high quality vehicles in this region. While Asia-Pacific will continue to lead the global market through the forecast period, significant revenue flow are also expected from Europe and America.
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The key players profiled and analyzed in this market research report are Bosch Sensortech GmBH, Panasonic Corporation, Denso Corporation, GE Measurement & Control Solutions, Avago Technologies, Delphi Automotive LLP, Sensata Technologies, and TRW Automotive Inc.
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