The latest market research report by Technavio on the global automotive sensors market predicts a CAGR of around 7% during the period 2017-2021.
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Technavio has published a new market research report on the global automotive sensors market from 2017-2021. (Graphic: Business Wire)
The report segments the global automotive sensors market by application (powertrain and engine control and chassis control), by vehicle type (passenger vehicles and commercial vehicles), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global automotive sensors market, according to Technavio automotive researchers:
- ADAS and HMI considered prime factors of product differentiation: a major market driver
- In 2016, the powertrain and engine control segment dominated the global automotive sensors market with a share of close to 76%.
- In 2016, the global automotive sensors market was dominated by APAC with a market share of more than 47%
- Bosch, Continental, Delphi Automotive, DENSO, and Sensata Technologies are the leading players in the market
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ADAS and HMI considered prime factors of product differentiation: a major market driver
Advanced driver assistance system (ADAS) and human-machine interface (HMI) are considered prime factors of product differentiation. This is one of the major factors driving the global automotive sensors market. The range of consumer needs and OEM offerings has widened to include safety, performance, stability, and comfort, and these parameters are being refined and improved every day. This evolution has outgrown the utility of conventional mechanical components. It has also led to an increase in the growth rate of the automotive electronics market, which has far surpassed growth in the overall automotive industry. The introduction of special technological features such as human-machine interface is the only way to showcase product differentiation.
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APAC: largest automotive sensors market
China, India, Japan, and South Korea are the emerging countries in APAC that have high potential for passenger car sales. This encourages automotive manufacturers to invest in technology and mass production systems that in turn drives the demand for automotive sensors. China is the leading market for passenger cars and commercial vehicles because of the high population and improving economic conditions. Therefore, investments in the development and enhancement of advanced safety systems for the automotive industry are carried out in the country. This leads to an increase in the market growth of automotive sensors in the region.
According to Ganesh Subramanian, a lead analyst at Technavio for research onautomotive electronics, “APAC is expected to register steady growth in the production volume and remain a critical market for all suppliers across the value chain. OEMS are setting up their plants in the region because of the cost benefits in terms of raw material and labor. Though automotive sensors are primarily used in high-end passenger cars for multi-applications, the mid and low-end segments are anticipated to witness significant growth during the forecast period.”
Competitive vendor landscape
The global automotive sensors market is highly fragmented with the presence of established manufacturers and a considerable number of small and medium-sized enterprises. The presence of well-diversified global and regional vendors characterizes the market. However, as global players extend their footprint, regional vendors are finding it difficult to compete in terms of quality, safety, and price. The competitive environment in this market will intensify with the increase in the utilization of sensors that arises from the implementation of government regulations and high consumer demand for advanced safety features.
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