2014-02-21 13:18:04 - Automotive Sensors: A Global Strategic Business Report - a new market research report on companiesandmarkets.com
The Global Automotive Sensors market is projected to reach US$17.5 billion by 2018, driven by increasing integration of electronic components in automobiles to drive fuel efficiency, cut down carbon emissions and ensure on-road safety.
Rising environmental concerns and growing inclination among vehicle owners to cut down vehicular emissions are also helping drive demand for sensors. Increasing demand for integration of innovative stop-start systems is also helping drive significant demand for sensors in automobiles. The systems automatically turn the engine off when the vehicle is idle or when driver is waiting at traffic signals thus reducing fuel consumption and lower carbon emissions.
Government regulations that mandate use of technologies that can enhance safety and reduce pollution are also accelerating adoption of automotive sensors.
Several legislations already in place like in the United States and yet to be implemented in other markets have and will continue to shape growth patterns in the market. For instance, Electronic Stability Control systems and Tire Pressure Monitoring Systems, which are already mandatory for vehicles in the US will now find their demand growing in the European market, where they are scheduled to become mandatory fixture very soon, thus fuelling market prospects for related sensors. Demand for sensors useful for vehicle security applications such as Passive Keyless Entry (PKE) systems will also increase in the coming years as the number of cases related to vehicle thefts and unauthorized use of vehicles by ineligible or underage drivers have been on the rise in recent years.
Europe represents the largest regional market worldwide. Asia-Pacific represents the fastest growing market with market revenue in the region trailing a CAGR of 7.8% over the analysis period. Although having its fair share of challenges, automotive manufacturing in Asia-Pacific continues to remain steady, thereby fuelling market prospects for automotive sensors in the region. The region´s status as a manufacturing hub with several global automotive manufacturers setting up their manufacturing facilities in low cost destinations such as China and India, also makes Asia-Pacific a lucrative market for automotive sensors. Global Industry Analysts Â©
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