LONDON--(BUSINESS WIRE)--Technavio’s latest market research report on the global automotive level sensor market provides an analysis of the most important trends expected to impact the market outlook from 2018-2022. Technavio defines an emerging trend as a factor that has the potential to significantly impact the market and contribute to its growth or decline.
According to Technavio market research analysts, the global automotive level sensor market will grow at a CAGR of over 4% during the forecast period. Increasing demand for advanced features in vehicles is a major factor driving the market’s growth.
The automotive industry has been witnessing growing consumer demand for safety, fuel efficiency, and reduced emissions in the interest of promoting a better driving and travel experience. Also, there is increasing demand for display of multiple pieces of information on the instrument panel of the vehicle for consumer's ease. This is increasing the number of sensors that measure the ambient conditions within the vehicle.
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In this report, Technavio highlights the growing popularity of NEMS and MEMS technologies as one of the key emerging trends driving the global automotive level sensor market:
Growing popularity of NEMS and MEMS technologies
The demand for sensors has increased over the last few years with widespread adoption in the automotive industry. Smart sensors are being used which consist of integrated circuits that process the received data as input. The data processed by sensors is assigned a unique identifier, which is transmitted through the internet or other similar networks.
Microelectromechanical system (MEMS) technology involves the development of electromechanical and mechanical components using microfabrication technique. The structure of these devices (also called micromachined or microsystem technology devices) can vary from simple to relatively complex moving parts, and the physical dimensions can vary from one micron to few millimeters. Similarly, the nanoelectromechanical system (NEMS) technology is the next-level miniaturization of the MEMS technology.
According to a senior analyst at Technavio for automotive electronics research, “MEMS and NEMS can potentially replace each macro sensor as they are more robust, reliable, accurate, and cost-effective. These technologies have made sensors more compact. The next generation of automobiles will benefit from the introduction of MEMS and NEMS technologies in automotive level sensors.”
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Global automotive level sensor market segmentation
This market research report segments the global automotive level sensor market by product (fuel level sensor, engine oil level sensor, coolant level sensor, brake fluid level sensor, and power steering fluid level sensor) and key regions (the Americas, APAC, and EMEA).
In 2017, APAC dominated the global automotive level sensor market with a share of around 54%, followed by EMEA and the Americas. APAC is expected to witness an increase in its market share, while the market share of EMEA is expected to decline by close to 2% during the forecast period.
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