Automotive Sensors Market is Expected to Witness a CAGR of 7.6% from 2018 to 2028

 Automotive Sensors Market is Expected to Witness a CAGR of 7.6% from 2018 to

  PR Newswire

  VALLEY COTTAGE, New York, April 19, 2018

VALLEY COTTAGE, New York, April 19, 2018 /PRNewswire/ --

Future Market Insights (FMI) has published a new report on automotive sensors,
titled "Automotive Sensors Market: Global Industry Analysis, 2013 - 2017 and
Opportunity Assessment, 2018 - 2028." With the growing focus of automakers on
integration of automotive with advanced sensors, the demand for automotive
sensors will continue to increase. Decrease in prices, growing requirements
worldwide, expanding product portfolio of automakers, and long term supply
relations with key automotive manufacturers who are catering to all the
principal types of vehicles are observed to be the key factors fueling
increased revenue shares of leading industry players. According to the report,
the global automotive sensors market is expected to witness a CAGR of 7.6%
from 2018 to 2028. The market was over US$ 17 Bn in 2017 and is projected to
touch a valuation of US$ 39 Bn by the end of 2028.

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Aggressive marketing in prominent countries in Latin America and the Middle
East & Africa region is expected to further benefit major players in the
market. A well-structured and efficient supply chain along with an amended
retailing network for aftermarket automotive sensors is also a core growth
strategy for reaching out to customers. The players are incessantly striving
to maintain their position in the global automotive sensors market. Some of
the 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.

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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.
In Thailand, the number of vehicles on road aged between 5 and 8 years was
around 6 million in 2017. The number of vehicles aged more than 12 years is
projected to surge by 15% over the next five years worldwide. The
dependability of vehicles has augmented significantly over the last few years.
According to a survey, consumers are progressively keeping old cars as their
second vehicle option rather than reselling or scraping them. As a result of
the growing vehicle age, there is a pressing need for replacement of parts,
repair and maintenance, which, in turn, is driving the aftermarket for

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Moreover, the sales of automotive sensors is 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.

View Report Preview at Automotive Sensors Market Segmentation: By Vehicle Type
- Passenger Car (Compact, Mid-size, Luxury, SUV), Light, Commercial, vehicle,
Heavy, Commercial, Vehicle; By Sensor Type - Position Sensor (Clutch position
sensor, Gear position sensor, Throttle Position Sensor, Crankshaft Position
Sensor, ), Safety Sensor (Seat belt, Brake switch sensor, Door switch sensor,
ADAS Sensor, Blind Spot Detection, Night Vision Sensors, Light Sensors,
parking sensor), Level Sensor (Fuel Level sensor, Coolant Level :

Negative Impact on Aftermarket Owing to Low Replacement Rate to Inhibit Growth

Automotive sensors function with an average life span of around 6- 10 years;
nevertheless, some of the sensors come with a life-time operational
efficiency, which shrinks the need for replacement. Usually, automotive
sensors are replaced during accidental cases. This is one of the key aspects
disturbing the growth of aftermarket sales.

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