Global Automotive Sensors Market Report, published by Variant Market Research, forecast that the global market is expected to reach $39.8 Billion by 2024 from $22.6 Billion in 2016, growing at a CAGR of 7.3% from 2016 to 2024. By geography, Asia-Pacific and North America are expected to grow at a CAGR of 7.9% and 7.4%, respectively, during the forecast period.
"Automotive Sensors Market (By Type: Gas Sensor, Motion Sensor, MEMS Sensor, Pressure Sensor, And Temperature Sensor; By Component: Chassis, Body Electronics, Powertrain, And Safety & Security; By Geography: North America, Europe, Asia-Pacific and RoW) Global Scenario, Market Size, Outlook, Trend and Forecast, 2015-2024"
Some of the drivers fueling the growth of the global automotive sensors market includes rising demand for wireless sensing in automotive, increasing adoption of automotive sensors in electric power steering applications owing to advancements in magnetic position sensors. Though, cost pressure on OEMs could hinder the growth of the market. Besides, new technological development in automotive sensors would offer several growth opportunities for the market in the forecasted years.
Type, component, and geography are the key segments considered in the global automotive sensors market. Type is bifurcated as gas sensor, motion sensor, MEMS sensor, pressure sensor, and temperature sensor. Among which, MEMS sensors held the largest market share in 2016, while, gas sensor will attain fastest CAGR. Component segment includes chassis, body electronics, powertrain, and safety and security. Power train accounted the largest share in this segment, and body electronics will dominate with highest market rate during the forecast period.
By geography, the automotive sensors market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World (RoW). Europe accounted the largest market share in 2016 with 34.8%, owing to increasing popularity of connected cars, and availability to variety of advanced technologies. Asia-Pacific accounted the second largest market share with 31.4%, and is expected grow with highest CAGR during the forecast period, driven by increasing demand for enhanced communication system, high vehicle sales, and increased disposable income.
Key players in the global automotive sensors market are Robert Bosch GmbH, DENSO Corporation, Delphi Automotive PLC, Continental AG, Analog Devices, Inc., Hitachi Appliances Inc., Autoliv Inc., Infineon Technologies AG, Sensata Technologies, Inc., and STMicroelectronics, among others.