WELLESLEY, MA /BUSINESS WIRE/ -- According to the new technical market research report "Automotive Sensor Technologies: Global Markets" (IAS018B) from BCC Research, the global market for automotive sensors is expected to be worth $8 billion in 2007. This is expected to increase to over $13.5 billion by 2012, a compound average annual growth rate (CAGR) of 10.8%.
The market is broken down into applications of power train, chassis, and body sensors. Of these, power train sensors have the largest share of the market. Valued at nearly $4.7 billion in 2007, this segment is expected to be worth $7.7 billion by 2012, a CAGR of 10.5%. The second largest segment, chassis sensors, was worth an estimated $2.1 billion in 2007 and will reach $3.5 billion by 2012. The body sensors segment is currently worth $1.3 billion but will be worth $2.2 billion in 2012, for a CAGR of 11.7%.
The role of automotive sensors has grown from being small, incidental add-on components some 20 years ago to being one of the major considerations of automotive design. Today cars, trucks, minivans, and sport utility vehicles incorporate a high level of sensor technology to meet the consumer's need for safety, environmental compliance, comfort, communications, and even entertainment.
Automotive engineers are increasingly finding innovative ways to produce ever more sophisticated and autonomous machines using automotive sensors. The future promises a dazzling array of sensor technology that can be used to manage driver commutes, help avoid accidents, and even conduct body scans to put people in the most comfortable driving position.