LONDON--(BUSINESS WIRE)--The global automotive chassis sensors market is expected to grow by USD 2.3 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
The growing consumer demand for performance, safety, comfort, and stability has led automotive OEMs to increase the use of sensors to overcome various challenges associated with mechanical components. In addition, several government regulations across the world have mandated the deployment of ADAS to ensure safety in passenger vehicles. These factors have led to a surge in the demand for automotive components, including automotive chassis sensors. With the growing popularity of connected vehicles, the demand for such sensors will increase further during the forecast period.
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As per Technavio, the implementation of stringent regulations for emission control will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Chassis Sensors Market: Implementation of Stringent Regulations for Emission Control
Growing concerns over environment and health risks caused by vehicle emissions are prompting government bodies across the world to enforce stricter emission norms. Such legislations have mandated the adoption of advanced powertrain technologies to reduce fuel consumption as well as emissions. This is increasing the need for automotive position sensors, which is fueling the growth of the market.
“The advent of smart sensors and sensor fusion technology and the increasing demand for new vehicles in APAC will further boost market growth during the forecast period,” says a senior analyst at Technavio.
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Automotive Chassis Sensors Market: Segmentation Analysis
This market research report segments the automotive chassis sensors market by end-users (passenger vehicles and commercial vehicles), type (pressure, speed, position, and temperature), and geography (APAC, Europe, MEA, North America, and South America).
The APAC region led the automotive chassis sensors market in 2019, followed by Europe, North America, South America, and MEA. During the forecast period, the APAC region is expected to register the highest incremental growth due to the improving economic conditions in emerging countries like China and India.
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Some of the key topics covered in the report include:
- Passenger vehicles
- Commercial vehicles
- North America
- South America
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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