LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive engine sensors market to grow at a CAGR of more than 5% during the period 2018-2022, according to their latest report.
This market research report segments the global automotive engine sensors market into the following products (process sensors and position sensors) and key regions (the Americas, APAC, and EMEA). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
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In this report, Technavio analysts highlight the increasing demand for vehicle and environmental safety as a key factor contributing to the growth of the global automotive engine sensors market:
Increasing demand for vehicle and environmental safety
The automotive industry has been observing an increasing demand for fuel efficiency, safety, and reduced emissions. The number of engine sensors in the vehicles has been rising to increase the efficiency of engine operations. Pressure sensors, position sensors, and temperature sensors are some of the sensors, which improve the efficiency of the engine. Consumer demands regarding better safety and performance features tend to favor the business of the automotive engine sensor suppliers. The increasing per capita income in developing regions such as APAC has made personal mobility a necessity than a luxury. But, most consumers remain cost-conscious and demand more value for the money invested.
The prospect of mass volume consumption is increasing the adoption of sensors in the mid-end and low-end car segments. Most sensors that are used for providing improved integration to safety systems are prevalent only in the premium car segment. But, the adoption of automotive engine sensors will increase in the mid-end and low-end market during the forecast period. Additionally, consumer awareness of alternative fuel vehicles, environmental concerns, and willingness to accept new technologies such as all-terrain vehicles, and government subsidies for new energy vehicles are driving the market growth.
According to a senior analyst at Technavio for automotive electronics, “Automotive engine sensor suppliers claim that consumer knowledge regarding vehicle security and performance technology is on the rise. Consumers around the world highly value the exhaust system that requires sensors, and this factor is driving the market growth.”
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Global automotive engine sensors market segmentation
Of the two major products, the process sensors segment held the largest market share in 2017, accounting for nearly 75% of the market. This segment is expected to witness steady growth during the forecast period.
APAC was the leading region for the global automotive engine sensors market in 2017, accounting for a market share of more than 50%. The market share of this segment is expected to increase by nearly 3% during the forecast period.
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