LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global automotive brake wear sensors market predicts a CAGR of around 7% during the period 2017-2021.
The report segments the global automotive brake wear sensors market by application (passenger cars and commercial vehicles) and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global automotive brake wear sensors market, according to Technavio automotive researchers:
- Increased end-user concern on vehicle security: a major market driver
- In 2016, the passenger cars segment dominated the market by occupying more than 62% share
- The Americas dominated the global automotive brake wear sensors market with close to 44% in 2016
- Bosch, Continental, Delphi, and DENSO CORPORATION are the key vendors in the global automotive brake wear sensors market
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Market growth analysis
Increased end-user concern on vehicle security is one of the major factors driving the global automotive brake wear sensors market. The automotive industry has seen an increase in the consumer demand for safety, fuel-efficiency, and reduction of emission level in the interests of promoting a better commute and travel experience. This has significantly impacted the automotive sensors market in a positive manner. Various sensors such as seat pressure, A/C compressor, night driving lamps, solar radiation sensors, and brake wear sensors offer occupants a comfortable traveling experience.
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Geographical analysis
Technavio researchers anticipate high growth for the global automotive brake wear sensors market in the Americas due to an increase in awareness about road safety, passenger safety, and vehicle security. The Americas, being a developed economy, takes the first mover advantage in adopting any technological development in an automobile. As this region comprises of mature markets and technologically advanced nations such as the US, Canada, and Mexico, it has resulted in the development of a high concentration of commercial vehicle manufacturers. This will result in an increase in the demand for automotive brake wear sensors in the Americas.
According to Amey Vikram, a lead analyst at Technavio for research on automotive electronics, “Various auto manufacturers are shifting their manufacturing facilities to Mexico due to the low cost of production in this area. This has increased the vehicle production in Mexico, thereby increasing the demand for automotive brake wear sensors.”
Competitive vendor landscape
Bosch, Continental, Delphi, and DENSO CORPORATION are the key vendors in the global automotive brake wear sensors market. The leading vendors in the market are collaborating with the regional vendors to broaden their spectrum and achieve a larger market share. Investments from various government agencies help the startups to establish their dominance in the competitive market. Due to the rising demand for disc brakes in vehicles, automotive brake wear sensors are also gaining popularity. The demand for automotive brake wear sensors is the highest in the Americas, followed by EMEA and APAC.
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