Future Market Insights
The deployment of automotive sensors has increased average age of both passenger cars as well as heavy commercial vehicles and light commercial vehicles. The implementation of various regulations by several governments across the globe has triggered the demand for safety sensors, mostly in high-end, luxury vehicles, and SUVs. Several types of sensors integrated in automotive ensure smooth ignition and engine operation through complete combustion of fuel, which, in turn, guarantees low emissions from the engine. Likewise, some sensors decrease exhaust gas emissions and improve performance of automotive engines.
Passenger cars is expected to lead in the adoption of automotive sensors owing to high production
Automotive production is expected to be higher in emerging economies as compared to that in developed economies. This can mainly be attributed to increasing urbanization and stable economic conditions in these regions. During the forecast period, the fleet on road is also expected to rise with a modest CAGR, thereby providing marginal opportunities for growth of automotive sensors and glow plugs aftermarket. As both the production and adoption of passenger cars is high, the integration of automotive sensors is also high there. Moreover, in order to adhere to safety norms in several regions, the manufacturers of automotive are incessantly increasing the deployment of automotive sensors in different types of passenger cars, especially compact and medium-sized passenger cars.
Western Europe and North America, are regions with abundant demand for automobiles. The government and ruling authority in this region have imposed stringent regulations to ensure the safety of the driver. If any irregularities are found, the manufacturer is charged with heavy penalties. Apart from that, causalities also create a bad image of the company among consumers in the market. The world is moving towards a scenario where technologies can be more easily controlled, which is why consumers are inclining towards automation provided by advanced sensors. Increasing demand for safety sensors, such as seat belt tension, impact sensors, anti-theft, parking sensors, etc. is expected to create significant opportunities for the manufacturers, contributing significantly to the growth of the automotive sensors market.
Increasing user convenience in passenger cars which are presently in use is triggering the demand for automotive sensors in these vehicles
The growing demand for vehicle-based safety technologies in automobiles to help prevent accidents is anticipated to fuel the demand for automotive sensors over the years ahead. Active safety technologies, including driver assistance, visibility improving, brake and passive safety, including occupant protection and pedestrian protection technologies are some of the rapid growing technologies in the automotive industry, which in turns is anticipated to drive the demand for automotive sensors and project significant growth opportunities.
Integration of various technologies to raise the implementation of automotive sensors in both LCV and HCV
The automotive industry is witnessing an upsurge in the implementation of advanced technologies and innovation. Technologies such as advanced driver assistance systems (ADAS) and lane departure warning (LDW) systems are gaining traction in the global automotive sensors market. Various Driver Assist Technologies are gaining momentum in the market such as Electronic Stability Control (ESC), Tire Pressure Monitoring, Driver Inattention Warning, Adaptive Cruise Control (Inter- Vehicle Distance Monitoring), Lane Deviation Warning & Lane- Keeping Assist. Keeping in mind these development, the integration of automotive sensors is also expected to rise in HCV and LCV.