Global automotive sensor demand to exceed $25.8 Billion by 2021
Strategy Analytics predicts that the market for automotive sensors will grow at a CAGR of 5.9% - expanding from $18.1 billion in 2013 to $24.1 billion in 2018. This report details the growth of automotive sensor demand driven by growing demand for safe, fuel efficient and clean vehicles worldwide.
Planned vehicle safety, emission and fuel economy enhancements will drive automotive sensor shipments to over 5.7 billion units and be worth over $25.8 billion in 2021.
"Global automotive sales continue to rebound from economic downturn - especially in NAFTA and the emerging BRIC regions. This, combined with vehicle makers increasing use of sophisticated electronic systems to create vehicles that are safer, fuel efficient and environmentally friendly is creating a demand for a higher number of sensors per vehicle" says the author of the study, Mark Fitzgerald, Associate Director, Automotive Practice.
"Emerging market growth is fueled strongly by increasing vehicle production, as well as greater electronic content", commented Ian Riches, Director, Global Automotive Practice. "In established markets, growth is more concentrated on high-technology solutions such as electric and hybrid-electric vehicles and advanced driver assist safety systems (ADAS)", he added.
Source: strategy analytics