Global Market for Automobile Sensors Expected to Reach $35.2 Billion in 2020
Wellesley, Mass., (PRWEB) May 30, 2014
BCC Research (http://www.bccresearch.com) reveals in its new report, Global Markets for Automotive Sensor Technologies, the global market for automobile sensors is expected to grow to $35.2 billion by 2020, with a five-year compound annual growth rate (CAGR) of 9.7%. The safety and support systems category is the fastest growing segment, registering a significant CAGR of 14%.
Automotive electronics systems in vehicles are increasing with demand for convenience, comfort, safety, efficiency, and environmental concerns. Consequently, the number of automotive sensors used in vehicles is also on the rise.
The vehicle management systems category, which includes power train and vehicle control systems, is the dominant segment of the overall market and is expected to reach $12.3 billion in 2015 and grow to $17 billion by 2020, registering a CAGR of 6.7%.
However, the safety and support systems category, which was valued at just $5.7 billion in 2013, is projected to jump to $8.1 billion in 2015 and $15.7 billion in 2020.
“The increasing demand of advance driver assistance systems (ADAS) and hybrid and electric vehicles are the future for automotive sensors,” says BCC Research instrumentation and sensors analyst Srinivasa Rajaram. “Sensor technologies like micro-electromechanical systems (MEMS) sensor, wireless sensor, radar, etc., are the future of automotive sensors. Of these, MEMS is the most promising and is likely to emerge as a leader in the automotive world.”
The utilization of sensors in automobiles using alternate fuels is also increasing, as these types of automobiles are entering the market in a big way as a result of emission control regulations.
GLOBAL MARKETS FOR AUTOMOTIVE SENSOR TECHNOLOGIES provides an overview of the global market for automotive sensor technology. It includes an analysis of global market trends, with data from 2013, estimates for 2015, and CAGRs through 2020.
Editors and reporters who wish to speak with the analyst, should contact Steven Cumming at steven.cumming(at)bccresearch(dot)com.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key competitors. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Our clients include the top companies in industries around the world as well as universities, business schools, start-ups, consulting firms and investment companies. BCC Research is a unit of Eli Research LLC. Visit our website at http://www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern time), or email information(at)bccresearch(dot)com.
Data and analysis extracted from this press release must be accompanied by a statement identifying BCC Research LLC, 49-2 Walnut Park, Wellesley, MA 02481, Telephone: (+1) 781-489-7301; Email: editor(at)bccresearch(dot)com as the source and publisher. Thank you.