Automotive Sensors Market Analysis- Size, Share, Growth, Trends and Forecasts To 2022: Grand View Research
The global automobile sensors market is expected to reach USD 36.76 billion by 2022, according to a new study by Grand View Research, Inc. Increasing number of government initiatives for automotive and driver safety and security is expected to favor market growth over the forecast period. Automotive sensors detect various vehicle parameters such as heat, pressure, etc., resulting in occupant safety. Further, increasing number of personal, commercial and passenger vehicles is anticipated to drive the automotive sensors market.
The U.S. government has mandated installation of Tire Pressure Monitoring System (TPMS) in all vehicles; these systems are capable of determining under-inflated tires. To ensure safety and to reduce medical costs, prevention of crashes has become a prime concern among the public, which is estimated to further fuel the automotive sensors market. Automotive sensor systems that offer enhanced safety include autonomous braking, forward collision avoidance systems, adaptive cruise control, adaptive headlights, lane departure warning, blind spot detection, parking assistance, backup camera, reverse sensors, and side view assist among other driver assistance systems.
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Further key findings from the study suggest:
- Physical property sensors are expected to contribute significantly to market demand over the next seven years. Physical property sensors are used in monitoring moisture, temperature, pressure etc. Proximity and positioning sensors are increasingly used for accident prevention, parking assistance, and stability control. Proximity sensors with information displays alert the vehicle driver on vehicles within a given distance. Proximity and positioning sensors are anticipated to contribute considerably to market growth over the next seven years. Chemical and process variable sensors are expected to grow at a significant rate over the forecast period.
- Automotive sensors are essentially used for drivetrain, emission control, engine and passenger safety and security. Engine and drivetrain sensors are used for infuel/air mixture level adjustments, air flow monitoring, etc. Further, they are used in HVAC and magnetic fluid level monitoring. Engine and drivetrain sensors are anticipated to be the key application segment for the automotive sensors market over the next six years. Increasing adoption of strict emission control standards worldwide is anticipated to contribute to emission sensors demand. Some advanced sensors also offer blind spot monitoring, automatic braking, driver health monitoring, closing vehicle detection, lane shift monitoring, and other facilities.
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.
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