Transparency Market Research’s new research study, titled “Motor Vehicle Sensor Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2012 - 2018”, provides a 360-degree view of the market. According to the report, the global motor vehicle sensor market will expand at an admirable CAGR of 11.9% from 2012 to 2018.
The market is anticipated to reach a total value of US$25.4 billion by the end of 2018.The global market for motor vehicle sensors is classified according to application into engine and drivetrain, emission control, safety and security, and others. Engine and drivetrain is the largest application of global motor vehicle sensors and held a 34% market share in 2012. On the other hand, the safety and security sector is forecast to be the fastest growing segment, with an expected CAGR of 12.9% during the forecast period.
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Product-wise, the global motor vehicle sensor market is segmented into process variable sensors, physical property sensors, chemical property sensors, proximity and positioning sensors, and others. Physical property sensors hold a majority of demand from the global market and will observe a 12.1% CAGR during the forecast period to exceed US$8 billion by 2018. Physical property sensors are employed to measure vital physical properties of the vehicle, such as speed, force, vibration, etc. Proximity and positioning sensors will emerge as the fastest growing application sector of the global motor vehicle sensors market with a progressive 12.6% CAGR from 2012 to 2018. The rapid growth of this sector is a result of an increased focus on motor vehicle safety from thefts and accidents.
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According to regions, the global motor vehicle sensor market is divided into Europe, North America, Asia Pacific, and Rest of the World (RoW). In 2012, Asia Pacific accounted for a market share of more than 40% in the global motor vehicle sensor market. Bosch, Valeo, Denso, Hitachi Automotives, and Continental AG are some of the leading manufacturers of motor vehicle sensors. Bosch held a significant part of the market with a 13% share in 2011, followed by Denso.The global motor vehicle sensor market is driven by the growing consumer demand for increasing safety and rising environmental concerns. Legal and regulatory compliances addressing the same also help fuel the growth of the global motor vehicle sensor market.
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Large corporations and emerging market players in the global motor vehicle sensor market will benefit from the accelerating sales of motor vehicles globally. In 2011, worldwide motor vehicle production was noted at 65.44 million, out of which China contributed 18.09 million and Japan contributed to 8.19 million (source: statista.com).
The high cost of implementation decelerates the growth of the global motor vehicle sensor market. However, researchers have developed motor vehicle sensors that claim to cut the cost of implementation by approximately 40%.
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