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.