Automotive sensors market to grow at 6.7% CAGR to 2023

Automotive sensors market to grow at 6.7% CAGR to 2023

Market news |
According to a new report from market research firm ReportsnReports, the automotive sensors market is expected to grow at a CAGR of 6.71% between 2017 and 2023 to reach $36.42 billion.
By Rich Pell

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The report looks at the automotive sensors market by sensor type, automotive application, vehicle type, and geography. It sees several areas driving growth in the market: increasing global motor vehicle production, increasing vehicle electrification, stringent government regulations on emissions, and growing consumer demand for sensors for convenience and comfort.

Factors that are seen inhibiting growth include price competition, underdeveloped retrofit, and the lack of a uniform fabrication process for MEMS. Price erosion due to pricing pressure by automotive OEMs and competition is likely to continue during the forecast period the report says.

The biggest application area for automotive sensors is currently – and expected to remain during the forecast period – the powertrain. This is a result, says the report, of “early adoption of automotive sensors for lower emissions, improved fuel economy, and on board diagnostic requirements.”

The Asia Pacific region is expected to hold the largest share of the automotive sensors market during the forecast period. It will be driven by strong automobile manufacturing industries in the region and an increase in demand for automobiles in large emerging economies like India and China.

The report also reviews the major companies that comprise the automotive sensors ‘ecosystem.’ These include major players such as Robert Bosch (Stuttgart, Germany), Continental (Hanover, Germany), DENSO Corporation (Kariya, Aichi Prefecture, Japan), Analog Devices (Norwood, MA), Sensata Technologies (Attleboro, MA), Delphi Automotive (Gillingham, UK), Infineon Technologies (Neubiberg, Germany), and STMicroelectronics (Geneva, Switzerland).

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