Pune, India -- (SBWIRE) -- 04/22/2019 -- The report on Automotive Sensors Market by type (temperature, pressure, speed, level/position, magnetic, gas and inertial), application (powertrain, body electronics, vehicle security systems, and telematics) trends analysis and forecasts up to 2024 studies the market sizes, key trends and opportunities in the main geographies such as North America, Europe, Asia-Pacific, Rest of the World. According to the report the global automotive sensors market is projected to grow at a CAGR 8.0% in terms of value over the period of 2018-2024.

Automotive sensors are used to monitor, control and detect data for better performance, safety, comfort and convenience related to vehicles. There are various types of sensors are used in the automotive sectors which include the temperature sensor, knock sensor, the acceleration sensor, air flow sensor, parking sensor, MEMS sensor, motion sensor, gas sensor, pressure sensor. These automobile sensors have several applications such as brake master cylinder position detection, minimize fuel consumption, all gear detection for the manual transmission to support start and stop function and prevention windscreen fogging, and energy management.

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Upsurge in Automotive Industries to Boost the Automotive Sensor Market

The automotive industries are constantly increasing the use of the electronic system to improve the passenger comfort and improve vehicle performance, which has a positive impact on the automotive sensors market. According to the world health organization, Over 3400 people die on the world's roads every day and tens of millions of people are injured or disabled every year. Strict government rules and regulation related to passenger safety and rapidly growing adoption of advanced driver assistance system (ADAS) in new vehicles is anticipated to boost the growth of Automotive Sensors Market. The various types of sensors are used in ADAS system are adaptive cruise control (ACC), blind spot detection, traffic sign recognition and, lane departure in the vehicle which facilitates the extensive use of the automotive sensor. However, the pricing pressure among key players may hamper the growth of automotive sensors market. Furthermore, rising awareness related to the new automotive sensor such as cameras, radar, and Lidar, Innovation of new products and up gradation of existing sensors to meet customers' requirements are anticipated to create growth opportunities for the Automotive Sensors Market.

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Asia Pacific to Remain Dominant in Automotive Sensors Market Over the Period from 2018 to 2024

Among the Geographies, Asia Pacific holds maximum share in Automotive Sensors Market owing to the growing automotive industry and high demand for passenger cars. Growing demand for safer and comfortable vehicles and the rise in purchasing power parity are some of the factors escalating the growth of the market in the Asia Pacific region. The developing countries such as China and India have significant growth potential for the Automotive Sensors Market. The automobile industry in China has been the largest in the world and is expected to be lead worldwide over the forecast period. Growing adoption of advanced driver assistance system (ADAS) in developed counties such as U.S., Germany, and U.K. is boosting the growth of the automotive sensors market.

The major key players in Automotive Sensors Market are Analog Devices Inc., NXP Semiconductors, Maxim Integrated, CTS Corporation, Aptiv, Sensata Technologies Inc, Texas Instruments Incorporated, Robert Bosch GmbH, Infineon Technologies AG and DENSO CORPORATION.

NXP Acquires Automotive Ethernet Company

On 5 September 2018, NXP Semiconductors N.V. has announced the acquisition of OmniPHY Inc., a maker of automotive Ethernet technology. This move will bring high-speed vehicle networking into NXP's technology portfolio, mainly as a way of accommodating the influx of new automotive sensors, such as cameras, radar, and Lidar.

Wabco and Valeo sign Memorandum of Understanding for Sensor Technologies Serving the Commercial Vehicle Industry for Advanced Driver Assistance Systems

In September 2018, WABCO Holdings is the leading global supplier of braking control systems and other advanced technologies that improve the safety, efficiency, and connectivity of commercial vehicles announced that it has signed a Memorandum of Understanding (MoU) with Valeo, an automotive technology leader at the center of several automotive industry innovations. Within the scope of this agreement, the parties intend to develop sensor technologies helping pave the way for Valeo to supply WABCO with advanced short and mid-range sensors, including 77GHz radar and solid-state LiDAR, to develop and industrialize the next generation of Advanced Driver Assistance Systems (ADAS), among the key building blocks for vehicle autonomy.

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