LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global automotive chassis sensors market predicts a CAGR of around 3% during the period 2017-2021.
The report segments the global automotive chassis sensors market by vehicle type (passenger car and commercial vehicle), by sensor type (position sensor, speed sensor, temperature sensor, and pressure sensor), 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 chassis sensors market, according to Technavio automotive researchers:
- Growing acceptance of sensor technology: a major market driver
- In 2016, the passenger car segment dominated the market by occupying almost 75% share
- APAC dominated the global automotive chassis sensors market with over 47% share in 2016
- Bosch, Continental AG, DENSO, Infineon Technologies, Sensata Technologies, Delphi, and NXP Semiconductors are the leading players in the market
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Growing acceptance of sensor technology: a major market driver
Growing acceptance of sensor technology is one of the major factors driving the global automotive chassis sensors market. The demand for smart sensors is increasing in the automotive industry. These sensors provide more accurate and reliable data owing to their advanced technologies and high compatibility with different applications. They form an integral part of the IoT ecosystem, which is a necessity in connected vehicles. The data processed by a smart sensor is assigned a unique identifier that can be transmitted via the Internet or other similar networks.
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APAC: largest automotive chassis sensors market
Technavio researchers anticipate high growth for the global automotive chassis sensors market in APAC, which is the largest and fastest-growing vehicle market with the most number of consumers in the world. It is also the largest automotive component manufacturing hub.
According to Ganesh Subramaniam, a lead analyst at Technavio for research on automotive electronics, “The growing demand for vehicles from countries such as China, South Korea, and India is attracting global automotive manufacturers to invest and run operations in these countries. The high demand for automobiles in the Americas and EMEA along with stringent emission norms and technological advances contribute to the growth of the global automotive chassis sensors market.”
Competitive vendor landscape
The global automotive chassis sensors market is highly fragmented with the presence of many established manufacturers and a significant number of small and medium-sized enterprises. The market is also characterized by the presence of well-diversified global and regional vendors. However, as global players expand their footprint, regional vendors are finding it difficult to compete, especially in terms of quality, safety, and price. The competitive environment in the market will intensify with an increase in the utilization of sensors, which will arise from the increased implementation of government regulations and growing demand of consumers for safety and advanced features.
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