There have been noticeable changes in the automotive sensors market because of the strict government rules pertaining to safety. The growth in requirement of advanced automotive sensors is also due to the change in the mindset of customers regarding safety. Car manufacturers are also interested in using latest sensors since they are comfortable as well as economical and these two are also major things that customers consider while purchasing a car.
Driving the growth of automotive sensors market is the increased requirements of hybrid car as these cars need more sensors for monitoring, motor speed and position, and temperature. Car makers are manufacturing more number of hybrid cars for minimising the carbon footprint and this is also predicted to bolster the automotive sensors market.
According to a new report published by Transparency Market Research, the global automotive sensors market was valued at US$20.27 bn in 2014 and is expected to reach US$33.17 bn by 2021, progressing steadily at a CAGR of 8.6% between 2015 and 2021. In the year 2014, the automotive sensors market accounted for a total of US$20.27 bn globally as shown in the research conducted by Transparency Market Research, and it is predicted that towards the end of 2021, the automotive sensors market will account for a total of US$33.17 bn thereby growing at a steady CAGR of 8.6% between the years 2015 to 2021.
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The continuously growing technological advancements along with their quick usage in manufacturing automotive sensors assures better safety, comfort as well as enhanced functioning of the vehicles. Plus, car makers today are also working on manufacturing a sensor that will have the ability to understand the surroundings and identifying any danger in the surroundings so as to offer assistance to the driver while driving in the time to come. Few factors of the future that are predicted to boost the growth prospects of the automotive sensor market are adaptive cruise control, roundabout shunt prevention, as well as lane change monitoring.