Posted in | Automotive Sensors

Demand for Automotive Sensors Worldwide to Hit $15.9 billion in 2014

A recent study conducted by an industry market research company The Freedonia Group, Inc. has indicated that the worldwide demand for light vehicle OEM (original equipment manufacturer) automotive sensors will increase to $15.9 billion by 2014, registering an annual increase of 11.8% from 2009. The demand for sensors will grow in tandem with the demand for electronics.

In developed markets, the automotive OEM sector is constantly changing and dynamic, even as novel sensing technologies experience significant growth while well-known products face declining or flat prospects. Generally, emerging markets have more requirements for basic sensors and focus on products that are considered as standard ones long time ago in developed markets. For instance, safety technologies including antilock brake systems and standard airbags.

The recession in 2009 has had an adverse impact on the worldwide sales of light vehicles, sensors and electronics. From 2004 to 2009, the sales of light vehicles in the U.S, Japan and Western Europe dropped 9.2%, 4.4% and 2.1% respectively, while emerging markets China, India and Brazil grew 26.4%, 12.1% and 14.1% respectively during that period.

Source: http://www.freedoniagroup.com/

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