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$16.8 Billion Market for Automotive Sensors by 2016
Automotive Sensor Demand Strong Despite Weakened Auto Production Rates
Boston, MA – September 8, 2009 –The market for automotive sensors will fall 14.6 percent to $9.9 billion in 2009. Despite the current low demand for vehicles worldwide, automotive sensor shipments will grow to 3.7 billion units—and be worth $16.8 billion in 2016—because of planned vehicle safety, emission and fuel economy enhancements, as predicted in the new Strategy Analytics study, “Automotive Sensor Demand Forecast 2007 to 2016: Despite Current Woes, Future Demand Strong.”
Light vehicle production is expected to grow at a CAGR (Compound Annual Growth Rate) of 3.5 percent over the period 2008 to 2013. Over the same period, Strategy Analytics expects automotive sensor revenues to grow by 5.4% 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.
“Vehicle makers are using sophisticated electronic systems to create vehicles that are safer, more fuel efficient and environmentally friendly—creating demand for a higher number of sensors per vehicle,” says Mark Fitzgerald, Senior Analyst, Automotive Practice.
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