Lucintel forecasts global automotive sensors industry to reach approximately $18.8B in 2017; 9.3% CAGR
Lucintel, a mass transportation consulting and market research firm, forecasts that the global automotive sensors industry will reach approximately $18.8 billion in 2017, reflecting a compound annual growth rate (CAGR) of 9.3%.
The global automotive sensor industry is characterized by increasing electronic content in vehicles, shaping optimistic growth trends for 2012-2017 for power train and safety sensors. The industry is expected to experience robust growth over the forecast period due to mandatory emission regulations and automotive electronics, developing potential applications toward enhanced comfort, safety, air conditioning, humidity, and climate controls.
Lucintel’s research indicates that the industry experienced double-digit growth in 2010-2011 due to global vehicle sales experiencing high level growth with increasing number of sensors and rapid market recovery after a drop in 2008-2009. North America and Europe was propelled by government, customer demands for sensors applications, and favorable treatments by aftermarket.
The global automotive sensors market is mainly driven by rebounding automotive sales with subsequent delivery of innovative features supported by technological advancements in various applications such as safety, comfort, and motion sensing. The major challenges are likely to be addressed by industry players, including conformance to quality and environmental standards.
Emerging markets are forecast to expand due to leading sensors applications in BRIC nations and Middle East regions, contributing to the growth of APAC industry growth.