Automotive Sensors – Brief Insights
The launch of automotive sensors has been one of the most noteworthy innovations in the automobile industry. These sensors have made the life of car owners a lot easier. A car in which automotive sensor industries are installed can automatically detect problems or issues of any sort. Furthermore, it also has the ability to warn the driver about the same. Lately, owing to growing safety concerns the demand for these sensors has shot up. Resultantly, the global automotive sensors market is gaining impetus.

Automotive sensors can provide a number of benefits like vehicle safety and control, enhancing car’s performance and passenger security and comfort. Thus, it can be concluded that these sensors form an integral part of the modern automotive industry.

Market Scenario

Currently, the automotive industry is undergoing a whole lot of changes. Observing this fact, it would be pretty apt to say that the global automotive sensors market will achieve remarkable success in a span of few years. During the forecast period of 2018-2022, the industry is expected to generate a profit of around USD 34.56 billion. When it comes to CAGR, the market is expected to develop at the rate of 6.40%.

The growth and development of this market is a result of the collective contribution of a number of factors. One of the major ones is the high annual income of the middle class people. Earlier, due to low income people could not afford a car. But now as the annual incomes have started increasing more individuals are buying a car. Furthermore, they want a car that has all the facilities and comfort. Thus, the automotive sensors market gets driven.

Another aspect that boosts the development of the market is the emphasis on safety and fuel preservation by the government. It has carved a path for automotive sensors to be used in a vehicle to keep the fuel consumption in check.

The necessity for better and smarter systems when it comes to cars can be termed as an additional growth propeller for the market.

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Market Segmentation

The worldwide automotive sensors market has been divided into four distinct parts. They include, vehicle types, geographies, types and technologies.

On the basis of vehicle types the market has been separated into medium end, heavy vehicle, low end, medium end, electrical vehicles and high end.

Geographically, this market is spanned across varied regions like North America, Asia Pacific, Europe and Rest of the World. Asia Pacific leads the market and grabs the largest market share. It is because of two main reasons – high ratio of population and higher purchase of automobiles.

On account of types, the industry is further fragmented into temperature sensors, position sensors, O2 sensors, NOx sensors, image sensors, speed sensors and inertial sensors. Out of these the position sensors grab the largest share of the market. The increase in the manufacturing of cars will further support the growth of this sub-segment.

When it comes to technology, the market is split into nano-electro-mechanical systems (NEMS) and micro-electro-mechanical systems (MEMS).

Key Players & Growth Strategies

Some of the big names of this industry can be listed as Delphi Automotive, Sensata Technologies, Broadcom Limited and TRW Automotive. To gain an edge over the others these players utilize strategies like strategic partnership and novel product launches.

Industry News

Last year, in the month of October a market giant named Cypress Semiconductor Corp declared that it would aid Denso Corp in its latest endeavor. The latter is planning on launching an automotive stereo vision sensor for advanced driver assistance systems. This joint venture is expected to increase vehicle safety as it will utilize image processing techniques to detect any obstacles on the road.