Future Market Insights’ report on automotive sensors, titled “Automotive Sensors Market: Global Industry Analysis, 2013 – 2017 and Opportunity Assessment, 2018 – 2028”, projects the global automotive sensors market is expected to witness a CAGR of 7.6% from 2018 to 2028. The market was over garnering $17 Billion in 2017 and is projected to grab $39 Billion by the end of 2028.
Report Focal Points
- Automakers focusing on integration of advanced sensors drives the demand for automotive sensors.
- Aggressive marketing in prominent countries in Latin America and the Middle East & Africa region is expected to benefit major players in the market.
- Companies operating in the market are Continental AG, Robert Bosch GmbH, Denso Corporation, Delphi Technologies PLC, HELLA GmbH & Co. KGaA, TE Connectivity, CTS Corporation, NXP Semiconductors N.V., Microchip Technology Inc., Infineon Technologies AG, and Panasonic Corporation.
- Rise in the average vehicle age to create a positive adoption framework for automotive sensors. With developments in materials and technology employed for the manufacturing of automotive, the average operational age of vehicles has risen extensively, creating a definite need for replacement of parts, repair and maintenance, which is driving the aftermarket for sensors.
- Moreover, the sales of automotive sensors are directly related to automotive production and vehicle parc. Despite unstable economic conditions in the market in the recent past, on an average, the global automotive industry has witnessed satisfactory growth.
- The production of automotive is anticipated to be higher in the developing countries in comparison to the developed ones. This has significantly contributed to the rising demand for automotive sensors in the regions.
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Future Market Insights