Featuring a largely consolidated vendor landscape, with leading vendors such as Robert Bosch GmbH., Continental AG, Autoliv, Inc., and Denso Corporation accounting collectively for a massive share in overall revenue, the global market for automotive sensors is competitive and is difficult for small vendors to penetrate, notes Transparency Market Research in a recent report. Large manufacturing facilities, vast product portfolios, and focus on research and development of new and more effective products at low costs have proved to be the winning factors for these companies. For strengthening their positions in the highly competitive market, companies are putting more emphasis on exploring new application areas such as self-driving cars, connectivity, and electrification.
According to the report, the global automotive sensors market will exhibit an 8.6% CAGR over the period between 2015 and 2021, rising to a revenue opportunity of US$33.17 bn by 2021.
Europe to Hold Dominant Position in Global Market
Of the key applications of automotive sensors, the segment of micro-electro-mechanical-systems (MEMS) sensors accounted for a dominant share in the global automotive sensors market in 2014. The segment is also expected to dominate the market over the report’s forecast period owing to their rising applications. Geographically, the market in Europe dominated in terms of consumption and revenue contribution to the global automotive sensors market. The leading position of the regional market can be attributed to the high awareness regarding vehicle and driver safety among consumers and vehicle manufacturers.
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Rising Demand for Passenger and Driver Safety Features in Vehicles Critical for Market Growth
One of the key factors acting as a growth driver for the global automotive sensors market is the rise in stringent regulations mandating the integration of devices and technologies that make driving a safer experience for the driver as well as passengers. Thus from conventional airbags to forward-collision warning systems, a number of safety features have started making appearance in a variety of vehicles. For enabling such and several other features, a variety of sensors are also witnessing increased adoption in vehicles. The rising global demand for automotive sensors capable of improving the overall driving experience of drivers is also a key factor working in favor of the global automotive sensors market.
The market is also benefitting from fast-paced technological advancements and the development of new and more effective sensors for a new set of applications such as fuel leak detection, temperature monitoring, position monitoring, and current monitoring. Moreover, the vast rise in sales of passenger vehicles across emerging economies is also expected help the market steer forward at a healthy pace.
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High-cost Repairs Could Hold Back Market
One of the key factors that is deterring the global automotive sensors market from achieving its total potential is the high cost of repairing malfunctioning in complex automotive sensors. This aspect is expected to deter consumers across a number of cost-conscious economies from purchasing vehicles equipped with technologically advanced sensors that could lead to additional repair costs in case the sensors fail or get damaged. Moreover, the monopoly of OEMs over automotive sensors has created a negative sentiment among consumers pertaining to after-sales repairs and maintenance.