Automotive Sensor Industry Is Projected to Reach $17.08 Billion by 2020

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Automotive Sensors are used to enhance safety of occupants and increase the reliability of the vehicle. Sensors are basically the devices that transform the physical input into electrical signals as output. Automotive are equipped with sensors such as pressure sensors, temperature sensors, position sensors, speed sensors, oxygen sensors, NOx sensors and are used in automotive for passenger safety and vehicle security.

Automotive Sensor Industry Trends & Growth:

The Automotive Sensor Industry is projected to grow at a CAGR of 14.97% and reach revenue of $17.08 billion by 2020. Automotive Sensors which are used in buses comprised nearly 30% in terms of overall automotive volume in 2014. The Automotive Sensors in trucks is estimated to grow at a highest CAGR of 15.45% during the forecast period 2015-2020.

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Propellants and Restraints:

• While pricing issues, high expectations from automotive OEM and no availability of aftermarket are the main challenges of the market, the Global Automotive Sensor Industry enjoys a various number of Driving Factors like increase in electronic components in vehicles and worldwide production of such vehicles; technology developments; increased research and development in the sensor industry is creating opportunities. Benefits of Energy Efficiency; Government Mandates and regulations have been acting as a strong driver for the market. Some other encouragements that the market enjoys:

• Development in the field of ’Advance Driver Assistance Systems‘(ADAS) and hybrid and electric vehicle are showing promising the future opportunities.

• Low Cost & Compact Size of the sensors is gaining tremendous interest from the customers.

• Ecofriendly & Bulk...