Economic recovery triggers growth of automotive sensors market
The new Strategy Analytics study, Automotive Sensor Demand Forecast 2008 to 2017: Global Economic Rebound Sparks Growth, predicts that the market for automotive sensors will rise from $9.9 billion US in 2009 to $11.3 billion US in 2010, a year-on-year growth of 15 percent.
The global economic recovery has triggered a rebound in demand for vehicles worldwide, while planned vehicle safety, emission and fuel economy enhancements will drive automotive sensor shipments to more than four billion units and be worth $17.6 billion US in 2017, the company says.
Light vehicle production is expected to grow at a compound annual growth rate (CAGR) of 7.9 percent from 2009 to 2014. Over the same period, Strategy Analytics expects automotive sensor revenues to grow by 10.3 percent CAGR 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.
"Global automotive sales are rebounding from the lows of 2009. This, combined with vehicle manufacturers using sophisticated electronic systems to create vehicles that are more safe, fuel efficient and environmentally friendly, creates demand for a higher number of sensors per vehicle," says Mark Fitzgerald, associate director, Automotive Practice, Strategy Analytics.