Posted in | News | Automotive Sensors

New Report Analyzes Global Demand for Automotive Sensors

According to a new report titled ‘Automotive Sensor Demand Forecast 2010 to 2019: Strong Growth Despite European Market Concerns’ from Strategy Analytics, the automotive sensor market is expected to grow from the 2011 value of $15.6 billion to reach a value of $17.4 billion in 2012 for 11.6% year-on year growth.

This report demonstrates that the worldwide economic revival has driven a demand for automobiles worldwide, especially in NAFTA and in the up-and-coming markets, although sluggish vehicle sales in the European region upset overall sensor growth rates. Proposed fuel economy, emission and vehicle safety improvements will be the driving factors to increase automotive sensor shipments to reach more than 5.4 billion units and achieve a value of $27.2 billion in 2019.

Light vehicle production is estimated to grow at 6.8% compound annual growth rate (CAGR) during the period between 2011 and 2016. For the same period, Strategy Analytics predicts that automotive sensor revenues will grow at a CAGR of 9.6% because vehicle manufacturers respond to consumer expectations as well as stringent safety, fuel economy and environmental legislation through the introduction of electronically controlled advancements for better convenience, comfort and performance.

Mark Fitzgerald, Associate Director for Automotive Practice, stated that vehicle sales keep on rising worldwide from the lows of 2009 and 2010, particularly in NAFTA and in the up-and-coming BRIC regions. The increase in vehicle sales and the use of advanced sophisticated electronic systems by car makers to produce safe, eco-friendly and fuel-efficient vehicles drive demand for more number of sensors per automobile.

Source: https://www.strategyanalytics.com

Disclaimer: The views expressed here are those of the author expressed in their private capacity and do not necessarily represent the views of AZoM.com Limited T/A AZoNetwork the owner and operator of this website. This disclaimer forms part of the Terms and conditions of use of this website.

Citations

Please use one of the following formats to cite this article in your essay, paper or report:

  • APA

    Strategy Analytics Inc. (2019, February 24). New Report Analyzes Global Demand for Automotive Sensors. AZoSensors. Retrieved on April 14, 2024 from https://www.azosensors.com/news.aspx?newsID=4548.

  • MLA

    Strategy Analytics Inc. "New Report Analyzes Global Demand for Automotive Sensors". AZoSensors. 14 April 2024. <https://www.azosensors.com/news.aspx?newsID=4548>.

  • Chicago

    Strategy Analytics Inc. "New Report Analyzes Global Demand for Automotive Sensors". AZoSensors. https://www.azosensors.com/news.aspx?newsID=4548. (accessed April 14, 2024).

  • Harvard

    Strategy Analytics Inc. 2019. New Report Analyzes Global Demand for Automotive Sensors. AZoSensors, viewed 14 April 2024, https://www.azosensors.com/news.aspx?newsID=4548.

Tell Us What You Think

Do you have a review, update or anything you would like to add to this news story?

Leave your feedback
Your comment type
Submit

While we only use edited and approved content for Azthena answers, it may on occasions provide incorrect responses. Please confirm any data provided with the related suppliers or authors. We do not provide medical advice, if you search for medical information you must always consult a medical professional before acting on any information provided.

Your questions, but not your email details will be shared with OpenAI and retained for 30 days in accordance with their privacy principles.

Please do not ask questions that use sensitive or confidential information.

Read the full Terms & Conditions.