Knowledge Sourcing Intelligence announces the publication of a new report on “Global Automotive Sensor Market - Forecasts from2020 to 2025" to their offering.
Automotive sensors are all those sensors that are used in automobiles that control and maintain the proper function of the components of a vehicle by processing information. The market is projected to witness a decent growth on account of the growing demand for vehicles globally.
According to the report, the Global Automotive Sensor Market is projected to increase at a CAGR of 6.26% in the coming years.
Growing Demand for Vehicles
The global automotive sensor market is expected to show a healthy growth throughout the forecast period on account of the growing demand for vehicles especially in the developing economies due to rising disposable income and growing middle-class population. Also, the boost in the market growth is attributable to the fact that there is increasing adoption of sensors across the automotive industry due to the importance of these sensors in protecting and safeguarding the automobiles from various hazards that can damage the vehicle and the cause problems to the occupants inside. The integration of technology in vehicles such as ABS and EBS among others is also expected to widen up the business growth opportunities for the manufacturers over the next five years. The autonomous vehicles are in significant attention including the traditional automakers and the innovators to have a significant market share over the next 5 years. In addition, rapid development and innovation in the ‘Advanced Driver Assistance Systems’ will augment the market for automotive sensors on account of investments in Level 4 and Level 5 autonomous vehicles, is also further expected to positively impact the market growth in the next five years. Moreover, the growing investments in electric and hybrid vehicles over the coming years has also played a significant role in shaping up the global automotive sensor market growth.
The segmentation of the global automotive sensor market has been done on the basis of sensor type, vehicle type, distribution channel, and geography. On the basis of sensor type, the classification of the market has been done into wheel speed sensor, temperature sensor, pressure sensor, position sensor, and others. By the vehicle type, the market has been distributed into passenger vehicle and commercial vehicle. On the basis of the distribution channel, the market has been classified on the basis of OEMs and aftermarket. Geographically, the market has been distributed as North America, South America, Europe, Middle East and Africa, and Asia Pacific.
Geographically, the North American region is projected to hold a substantial market share throughout the forecast period on account of the presence of a well-established automotive sector. Furthermore, the presence of key market players in the region further provides an impetus for the market to witness a healthy growth in the region over the coming five years. Also, the booming investments in the electric vehicle segment is also anticipated to propel the opportunities for the market to grow in the near future. Furthermore, the European region is also projected to hold a good amount of share in the market due to the presence of a well-established automotive manufacturing industry in several countries across the region. Additionally, the booming investments in autonomous vehicles is further anticipated to fuel the market growth in Europe during the forecast period.
The major players covered as part of the report are Robert Bosch GmbH, STMicroelectronics, Texas Instruments Incorporated, DENSO CORPORATION, and NXP Semiconductors N.V. among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/automotive-sensors-market
This report has segmented the global automotive sensor market on the basis following terms: