According to a new market report published by Credence Research Inc “Motor Vehicle Sensor Market – Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022,” the motor vehicle sensor market is expected to reach US$ 28.25 Bn by 2022, with the rising production and consumption of motor vehicles across the world. Governments of developed countries are focusing to reduce emission and greenhouse effect which is driving the demand for motor vehicle sensors. Increasing importance of vehicle and drivers safety also expected to increase the demand for motor vehicle sensors used for safety and security application across the world.
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Based on application, the market is classified into safety and security, engine and drivetrain, emission control and other. Engine and drivetrain was the largest application segment for motor vehicle sensors. The segment is expected to influence the growth of overall motor vehicle sensors market with rising production of motor vehicles. Sensors used for safety and security applications in motor vehicles are expected to witness the fastest growth with rising demand for driver assistance systems and integration of vehicle safety technologies. In addition, mandatory regulations to reduce vehicle emission are also driving the demand for motor vehicle sensors used for emission control application.
Physical property sensors accounted for the largest revenue share in the overall motor vehicle sensors market by type. Technology advancement in physical property sensor along with improved efficiency and affordable price are driving the demand for physical property sensors. Proximity and positioning segment is expected to witness the fastest growth with rising demand for driver assistance and GPS systems used in motor vehicles.
Asia Pacific is the largest as well as the fastest growing regional market for motor vehicle sensors. China and India are major markets for motor vehicle sensors in Asia Pacific with rising production of motor vehicles in these regions. North America and Europe are matured markets and expected to witness steady growth in the next six years with improving economic conditions and increasing demand for advanced vehicles in these regions. In addition, stringent emission control and fuel consumptions regulations are driving the demand for sensors used for emission control application in these regions.
The global motor vehicle sensor industry is highly fragmented with large number of international players. Some major players in the global motor vehicle sensor market include Denso Corporation, Robert Bosch, Valeo, Delphi Automotives, Continental AG and Hitachi Automotives among others.