The automotive sensor market is predicted at around USD 36.7 billion by 2022. It was reputed to be nearly USD 18.7 billion in 2014. Governmental initiatives for consumer safety & security will drive market revenues. Automotive sensors are devices that can take precautions against dangers and detect excess heat & pressure.
Vehicles equipped with these devices are increasing owing to customer demand for comfort, safety, and fuel efficiency. Supportive policies of governments on emission & safety standards also propel the usage of these products. Priority for self-driving cars can significantly benefit the automotive sensor market.
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This also opens the gateway for intelligent data processing products to make autonomous decisions. For instance, self-driving cars by Google employ quad-core processors to make 20 driving decisions per second.
The market products encompass chemical property, physical property, proximity & positioning, and process variable. Chemical property devices determine the pH and oxygen levels, among others. Physical property products measure vibration, force, speed, and motion. This segment captured more than 24% of the total revenues in 2014.
It will lead the automotive sensor market from 2015 to 2022 (forecast period). Proximity & positioning devices determine ‘object’ location. They expect to grow at over 11% CAGR during the forecast period. Process variable products stood about USD 4.6 billion in 2014. This segment should register nearly 8.2% CAGR in the seven years ahead.
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Applications of the market comprise engine & drivetrain, safety & security, and emission control. Engine & drivetrain dominated the applications market in 2014, earning approximately USD 6.6 billion. Safety & security occupied over 24% shares in 2014 and can grow at about 10.4% CAGR over the future. Sensing devices find use in this application.
Emission control could witness high growth due to governmental mandates on the same. EPA (Environmental Protection Agency) regulations in 2010 & 2007 significantly curbed discharge rates. They let this segment earn high revenues over the forecast period. Considering geographical regions, Asia Pacific is anticipated to dominate the automotive sensor market in the coming seven years.
Prominent global market players include Denso Corporation, Bosch, Analog Devices Corporation, Freescale Semiconductor, and Delphi Corporation.
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