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Automotive sensor market to top $20B in 2016

Posted: 08 Dec 2011 ?? ?Print Version ?Bookmark and Share

Keywords:automotive sensor? emerging market? automotive market? has released its report titled "Global Sensors Market for Automotive Applications (2011-2016)" that forecasts. According to the report, the automotive sensor market is expected to grow from $14.5 billion this year to $20.70 billion in 2016 at a CAGR of 7.4 percent.

The world witnessed recession from 2008-2009. Automotive industry was also hit on a massive scale, dropping total automotive production from 68 million units of light vehicle to 58 million. Recession has changed the world automotive market upside down. Sales in developed markets such as the U.S., Western Europe and Japan fell nearly by nine percent, two percent and four percent, respectively per year from 2004-2009, while emerging markets such as Brazil, China and India grew by almost 14 percent, 26 percent and 12 percent respectively per year during the same period. This has made emerging markets a better market for automotive sensor as market is highly dependent on automotive production of respective market.

Developed markets such as the U.S., U.K. and Japan have technologically advanced automotive markets due to the presence of prominent system suppliers, large semiconductor companies and sensor manufacturers. The size of the region, the affluence of its consumers and the competitiveness of the light vehicle market make them a good market for sensor makers. On the other hand, emerging markets such as China and India, due to sharp increase in light vehicle manufacturing from 2004-2009 and expected continuous growth, have a positive impact on demand of automotive sensors. This makes them a huge market for automotive sensors, concluded the research firm.

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