Motor Vehicle Sensors Market Continues to GrowJuly 17, 2013
Transparency Market Research predicts the global market’s value will reach $25.4 billion by 2018, driven by the need for control and safety measures, with the Asia-Pacific region holding more than a 40% share.
ALBANY, NY /PRNewswire/ -- According to the new market report "Motor Vehicle Sensor Market - Global Industry Analysis, Size, Share, Growth and Forecast, 2012 - 2018," published by Transparency Market Research, the global motor vehicle sensors market is expected to reach a value of $25.4 billion by 2018, at a CAGR of 11.9%, from 2012 to 2018. Asia Pacific held more than a 40% share in the global motor vehicle sensors market in 2012 and is expected to continue dominating the global market in the coming years. The need for control and safety measures in motor vehicles is driving the market for motor vehicle sensors, globally. In addition, the rise in income levels and need for motor vehicles with advanced features are expected to contribute to the growth of the motor vehicle sensors market.
The applications of motor vehicle sensors include engine and drivetrain, safety and security, and emission control applications, along with other smaller applications. Engine and drivetrain applications are the largest application segment and accounted for 34% share of the total motor vehicle sensors market in 2012. This segment is expected to reach a value exceeding $8.2 billion by 2018. Safety and security applications are expected to remain the fastest growing segment for this market, and are expected to grow at a CAGR of 12.9% during the forecast period.
There are different types of sensors used in motor vehicles, depending on their end use. The major product segments of motor vehicle sensors include physical property sensors, process variable sensors, proximity and positioning sensors, chemical property sensors, and other sensors. Physical property sensors are widely deployed in motor vehicles because they are used to measure vital physical properties such as force, speed, and vibration, among others. The physical property sensor segment is the largest product segment of the motor vehicle sensors market and is expected to exceed a value of $8 billion by 2018, at a CAGR of 12.1%, during the forecast period. Proximity sensors are used in motor vehicles for detecting the presence of any nearby objects without any physical contact, while positioning sensors help in detecting the exact position of the vehicle. Proximity and positioning sensors is the fastest growing segment in this market, registering a CAGR of 12.6% during the same forecast period. High growth of this segment is the result of increased focus on vehicle safety from accidents and thefts.
Some of the major players manufacturing motor vehicle sensors include Bosch, Denso, Valeo, Continental AG, Delphi Automotives, and Hitachi Automotives, among others. Bosch was leading the global motor vehicle sensors market with 13.0% share, followed by Denso in 2011.
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