The scope of the study covers temperature, pressure, position, oxygen, NOx, speed, inertial and image sensors in powertrain, chassis, exhaust, body electronics, safety & control and telematics applications. The grand total of these fragmented single markets amounts to a volume of $36,4 billion by 2023. This volume anticipates a CAGR of 6.7% between today and 2023.
Position sensors held a major share of the automotive sensors market based on sensor type in 2016. Crankshaft, camshaft position sensors, and throttle position sensors, among others form vital parts in the functioning of a car. The number of position sensors in economy cars is increasing in applications such as seat position and window position sensing. The increasing production of cars will further drive the demand for position sensors, the study says.
Accounting for some 76% of the total automotive production worldwide, passenger cars currently account for the largest shipment. Sensors in passenger cars help in improving the performance of the car along with enhancing the safety and reducing the emission. The improving infrastructure, cheap labor, and increase in purchasing power of consumer, and demand for safer vehicles have directly fueled the demand for automobiles in emerging economies such as China, India, and Brazil where the penetration of automobiles is significantly lower.