Development in technology, materials and equipment beneficial for the production of automotive has led to extensive increase in operating age of the vehicles. Automotive production is higher in developing regions, compared to developed regions. Adoption and production of passenger cars is likely to increase significantly in the forthcoming years.
A recent report by Future Market Insights foresees a healthy 7.6% CAGR growth of the global market for automotive sensors, during the anticipated period, 2018-2028. In addition, the global market for automotive sensors is likely to touch an evaluation of nearly US$ 39Bn by 2028-end. Developing effective automotive sensors for end-users will turn out to be a momentous trend, positively impacting the growth of market for automotive sensors. Moreover, the report provides useful insights for growth of the global market for automotive sensors in the forthcoming years.
Analysts that are part of this report development have offered valuable information as to how market for automotive sensors will expand through 2028. Also, our analysts have answered to the main concerns of industry partakers and market viewers.
What strategies are the manufacturers applying for the expansion of global market?
Manufacturers are planning to focus on incorporation of automotive with innovative sensors, which in turn is expected to fuel the demand for automotive sensors. Apart from this, they are planning on efficient and well-structured supply chain together with modified retailing work for automotive sensors of aftermarket. These are considered as the core growth strategies applied by the manufacturers for gaining customer attention, which in turn will help in expansion of the global market.
What do you think are the major factors responsible for the revenue growth of global market for automotive sensors?
Well, reducing prices, increasing demand for innovative sensors and developing product portfolio of the automakers along with long-lasting supply relations with leading players who are meeting the increasing customer needs are the major factors responsible for revenue growth. Increasing demand for safety-technologies in vehicles for prevention from accidents will lead to rising demand for the automotive sensors.
Can you justify as to how aftermarket for sensors is witnessing an increase since recent past?
Yes. I can. According to our analysis, since recent past, consumers have increasingly started maintaining old vehicles as a second option for them, rather than scrapping or reselling them. This leads to increase in the need for maintenance, repair and replacement of parts, which eventually fuels the aftermarket for automotive sensors.
Are you sure the aftermarket sales will continue to witness an increase in the forthcoming years?
No. The reason being, some automotive sensors hold life-time functional efficiency, which in turn decreases the chances of replacement. Moreover, in such cases, usually those automotive sensors are changed only during accidental cases.
What is trending in the global market for automotive sensors?
Innovative technologies such as LDW (lane departure warning) and ADAS (advanced driver assistance systems) are trending in the global market. Incorporation of automotive sensors is likely to increase in LCV and HCV as well.
Can you provide some beneficial insights on lucrative regions in the global market for automotive sensors?
I certainly can. North America and Western Europe are analyzed as the regions with significant demand for automobiles. In addition, the ruling authorities and government in these regions have implemented stringent regulations regarding the safety and security of the drivers.
Can you name the major players in the global market for automotive sensors?
Yes. Sure. The major key players profiled by our analysts include STMicroelectronics N.V., Elmos Semiconductor AG, Sensata Technologies Holding N.V., Panasonic Corporation, NXP Semiconductors N.V., HELLA GmbH & Co. KGaA and Robert Bosch GmbH.
A sample of this report is available upon request @ https://www.futuremarketinsights.com/reports/sample/rep-gb-6612