Market for automotive sensors to reach $18 billion by 2015
September 23, 2008 by Manufacturing AUTOMATION
Boston, Mass. – A new study predicts that the market for automotive sensors will reach $12.7 billion in 2008, and grow to more than $18 billion by 2015.
The new Strategy Analytics study, “Automotive Sensor Demand Forecast 2006 to 2015,” predicts that the market for automotive sensors will reach $12.7 billion in 2008, a year-on-year growth of 6.5 per cent, and will be worth $18.1 billion in 2015.
Light vehicle production is expected to grow at a CAAGR (compound annual adjusted growth rate) of four per cent over the period 2006 to 2012. Over the same period, Strategy Analytics expects automotive sensor revenues to grow by 6.8 per cent CAAGR, as carmakers respond to tightening environmental, fuel mileage and safety legislation as well as consumer expectations, by introducing electronically controlled innovations for enhanced performance, comfort and convenience.
“Vehicle makers are using sophisticated electronic systems to create vehicles that are more safe, fuel efficient and environmentally friendly–creating a demand for a higher number of sensors per vehicle,” says Mark Fitzgerald, a senior analyst with Strategy Analytics’ Automotive Practice.