Global Automotive Sensors Market Demand: The BIS Research Standpoint
Bloomington, MN, August 20, 2015 (Newswire.com) - Sensors have become a hot/highly sought-after commodity for automotive industry, thanks to a multitude of factors, including stringent government’s regulations. Recently, Continental India announced a smart NOx Sensor for heavy commercial vehicles employing Selective Catalytic Reduction (SCR) technology to meet the emission standards set by the Government of India. One of the company’s executive states, “With the phased implementation of stricter BS IV & OBD II norms, we anticipate that nearly 50 per cent of the heavy commercial Vehicle (HCV) market will adopt SCR technology after 2017."
A market study by BIS Research has identified stricter government’s regulations as a key growth driver in both the developing and the developed countries. The report also identifies the following factors propelling the industry growth in the coming years- increasing consumer demand for safety, security, comfort and efficiency, rising demand for high and medium end vehicles, expansion of global auto-manufacturers into new emerging markets and rising sensor content in an automobile as per Moore’s Law.
The analysts at BIS Research have estimated the global automotive sensor market value to grow over $13 billion by 2022 at an estimated CAGR of 9.20%. While APAC will continue to lead the global market through the forecast period, the U.S. and Europe will be the leading revenue generating countries in the world. Optical sensors will continue to be the largest revenue generating automotive sensor type. Motion sensors are identified as the fastest growing sensor type with a CAGR of 11.03%. Electric vehicle sensors are expected to reach the highest CAGR through the period 2015-2022.
However, the market continues to face some challenges in the short term. As per the BIS Research’s report titled “Global Automotive Sensor Market, Demand, Supply and Opportunities: Estimation and Forecast of (2015–2022)” the pain points include increasing pricing pressures and under developed aftermarket services.
Briefing on the market demand, one of the analysts at BIS Research said. “The highly qualified research professionals have analyzed the global automotive sensor market demand and have segmented the report majorly on three aspects: market dynamics, market breakdown by vehicle and sensor types and geography. The market value and volume for different sensor types have been calculated on the basis of these vehicle types.”
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