Motor Vehicle Sensor Market - Size, Share, Outlook, and Opportunity Analysis, 2020 - 2027

 

Market Overview

Motor vehicle sensor control and monitor the chemical, physical, and process changes of automobiles. Sensors are used to reduce fuel consumption as well as onboard the weight of vehicles and also comply with government norms for passengers’ safety. With the advent of technology, automobiles are now equipped with a diverse range of sensors providing information about safety, comfort, and other convenience and comfort functions. The demand for sensors is dependent on a number of factors, ranging from technological advances to foreign trade to micro- and macro-economic variables that seek to improve the system functionality.

The global motor vehicle sensor market is estimated to account for US$ 75,447.5 Mn in terms of value by the end of 2027.

Browse Complete Report @ https://www.coherentmarketinsights.com/market-insight/motor-vehicle-sensor-market-4129

Market Dynamics- Drivers

  1. Increasing need for legal and regulatory compliance is expected to drive growth of the global motor vehicle sensor market during the forecast period

Since vehicle laws and regulations have become stringent, there is rising need to comply with these regulations. As a result of this, the demand for motor vehicle sensors is increasing. For instance, the TREAD Act of 2000 mandates the requirement of tire pressure monitoring systems (TPMS) for all model year 2007 light vehicles for monitoring the air pressure in the vehicle tire and alerting the driver when the pressure in the tire is low. The new regulation requiring light vehicles to be equipped with ESC systems for all vehicles in 2012 creates new sales opportunities for sensor suppliers. Moreover, government mandates have increased the demand for proximity and positioning sensors. Hence, these factors are expected to drive growth of the global motor vehicle sensor market in the near future.

  1. Rising aftermarket sales are expected to propel the global motor vehicle sensor market growth over the forecast period

There is an increasing need to install sensor dependent systems in vehicles, due to enforcement of new regulatory laws by the government. As a result of this, there has been a massive growth of aftermarket sales of motor vehicle sensors. For instance, the U.S. government has enforced the requirement of replacing the TPMS (tire pressure monitoring system) every time the tires of the vehicle are changed, which approximates to once in four years. This ensures after-sale service once in four years for every vehicle sold. Moreover, global vehicle sales are increasing rapidly due to rising disposable income, which in turn, has increased the demand for vehicle sensors. Therefore, these factors are expected to boost the market growth in the near future.

Market Opportunities

  1. Rising mergers and acquisitions among market players can present lucrative growth opportunities

Key players in the market are focused on merger and acquisition activities, in order to enhance the market presence. For instance, in September 2012, Robert Bosch GmbH acquired SPX Service Solutions with an aim to become a comprehensive supplier of diagnostics and repair solutions in the automotive domain.

  1. Advent of sensor fusion can provide major business opportunities

Sensor fusion is combining sensory data or data obtained from disparate sources such that the resulting information has less uncertainty as compared to the sources when they are used individually. Sensor fusion reduces latency, increases performance speed, and collects more data for better decisions. Market players can capitalize on these opportunities and gain a competitive advantage in the market.

Market Trends

  1. Research and development activities to innovate novel products

Key players in the market are focused on research and development activities, in order to innovate novel products and gain a competitive edge in the market. For instance, in July 2012, Denso Corporation developed a new vision sensor used in active safety systems. Moreover, in July 2012 Denso Corporation launched sensors for lane departure warning and automatic high beam control systems.

  1. High growth of Chinese market

China is the world’s largest market for motor vehicles and also the biggest manufacturer of motor vehicle products and equipment. The sensor demand across all major motor vehicle systems is closely tied to the developments in-vehicle use and production. The production of motor vehicles in China is continuously rising and this in turn is creating potential opportunities for the sensor market. Since the automobile market matures, Chinese consumers are becoming more concerned about fitting more technologically advanced sensors in their vehicles. Many have already purchased an entry-level vehicle and are ready to upgrade to newer and better models.

Global Motor Vehicle Sensor Market- Impact of Coronavirus (Covid-19) Pandemic

According to Coherent Market Insights’ analysis, the impact of coronavirus (COVID-19) pandemic on the motor vehicle sensor market is moderate. Due to lockdown in countries such as China and India, supply chain is mainly disturbed. Furthermore, auto manufactures in India are temporary shut down their factoring to ensure safety of the workers. For instance, in March 2020, Bharat Forge Limited, an India based auto manufacture temporary closed Pune based main plant till further notice. Automotive industry before, pandemic also witnessed strong sales fall, this trend is expected to continue for few months, which will hamper the growth of the global motor vehicle sensor market during the forecast period.

Download PDF Brochure @ https://www.coherentmarketinsights.com/insight/request-pdf/4129

Competitive Section

Key players operating in the global motor vehicle sensor market are Hitachi Ltd, Robert Bosch GmbH, Robert Bosch GmbH, Eaton Corporation, Denso Corporation, Continental AG, Delphi, and Valeo.


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