Research and Markets has announced the addition of the "Global Automotive Magnetic Sensors Market 2012-2016" report to their offering.
The analysts forecast the Global Automotive Magnetic Sensors market to grow at a CAGR of 7.44 percent over the period 2012-2016. One of the key factors contributing to this market growth is the increasing demand for automobiles. The Global Automotive Magnetic Sensors market has also been witnessing an increasing number of government initiatives across the world with respect to passenger safety. However, the recent economic slowdown could pose a challenge to the growth of this market.
The key vendors dominating this market space include Asahi Kasei Corp., Allegro MicroSystems Inc., Infineon Technologies AG, and Micronas Semiconductor Holding AG.
The other vendors mentioned in this report are Diodes Inc., Melexis Microelectronic Systems, and NXP Semiconductors N.V.
Commenting on the report, an analyst from the Automotive team said: The various initiatives taken by the EU to increase passenger safety has led to the increased demand and application of automotive sensors in the Automobile sector, which drives the demand for magnetic sensors used in vehicles. In 2008, Euro NCAP made it necessary for manufacturers to use electronic stability control in cars for obtaining five-star rating. Further, the EU has decided to make the use of electronic stability control systems mandatory in vehicles. According the Regulation No 661/2009 passed by the European Parliament and of the Council of 2009, all new vehicles should be equipped with electronic stability control from November 2011. These initiatives have accelerated the demand for safety system electronic control units, leading to the growth of the Global Automotive Magnetic Sensors market.
According to the report, one of the main drivers in this market is the growth of the rising demand for automobiles. The increasing demand for automobiles has a direct positive influence on the demand for automotive advanced systems which are integrated with sensors, thus resulting in an increasing demand for magnetic sensors.