Passenger Car Sensors Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2020 - 2026
Report ID: GMI2159
Passenger Car Sensors Market size will witness immense growth over the forecast timeline. With stringent government norms regarding passenger safety, the industry demand is expected to flourish from 2017 to 2024. New product development and innovations such as monitor temperature, and monitor pressure will drive the industry demand.
Factors such as safety norms, and new car assessment program which gives safety ratings according to the performance will support the industry growth over the forecast timeframe. Increasing demand among customer for smart sensors will also favor the industry growth till 2024.
Governments across the globe has mandated the use for safety devices in the vehicles which has contributed in the growth of passenger car sensors market size from 2017 to 2024. Institutions such as New Car Assessment Program (NCAP) will award the vehicle on its safety performance and ratings will also drive the industry growth.
New technologies have emerged in the passenger car sensors market which is attracting the customers. Buyers are more concerned regarding driving pleasure, travelling experience and convenience. This is one of the reason which is increasing the sale and escalating the passenger car sensors market.
The automotive industry is growing with increasing customer demand for fuel efficiency, safety and security. High prices associate with the product is expected to hamper the industry growth over the forecast timeframe. With the technological advancement, the prices are also increasing simultaneously.
The growth of the passenger car sensors market is highly dependent on the growth of the automobile industry. This system also acts as co-driver which provides real time advices, warning and instructions to the drivers. Since the travelling experience has improved, the demand for A/C compressor, night driving lamp and solar radiation sensors will also witness tremendous growth in the near future.
Safety regulations in the industry across the globe is making mandatory for the automotive OEM’s to provide sensors in their vehicles. This regulation has created a huge base for clients. The escalating demand for the product in the customers vehicle for safety and protection as well as for the great driving and travelling experience will enhance the revenue generation. Use of sensors in the vehicles helps the product the environment as it reduces the emission level.
Asia pacific is anticipated to exhibit highest growth in the passenger car sensors market. Favorable regulatory framework will primarily support the region’s growth over the forecast timeframe. For instance, various governments across the region have mandated installation of back camera sensors and anti-lock braking systems (ABS) for all the vehicles. Additionally, Increasing R&D activities in the sensors industry will provide stable growth prospects to the industry size till 2024. Europe will witness significant growth owing to its large manufacturing base. Manufacturers across the region are focusing on penetration into international untapped markets.
Allegro, Robert Bosch, Denso Corporation, CTS Corporation, Elmos Semiconductors, and Delphi are among the prominent players in the industry. Sensors are used from the engine to the exhaust system in the vehicle. It helps in optimizing the performance, reliability and durability of the vehicle. Sensors like TPMS, occupant sensors are commonly used in the cars for safety purpose.
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