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Strategy Analytics Forecasts $18 Billion Market for Automotive Sensors by 2017
Sensor Demand to Grow Despite Slowing Vehicle Production Growth Rates Recover
Boston, MA – September 21, 2010 – The new Strategy Analytics study, “Automotive Sensor Demand Forecast 2008 to 2017: Global Economic Rebound Sparks Growth,” predicts that the market for automotive sensors will rise from $9.9 billion in 2009 to $11.3 billion in 2010 a year-on year growth of 15%. The global economic recovery has triggered a rebound in demand for vehicles worldwide while planned vehicle safety, emission and fuel economy enhancements will drive automotive sensor shipments to over 4 billion units and be worth $17.6 billion in 2017.
Light vehicle production is expected to grow at a CAGR (Compound Annual Growth Rate) of 7.9 % from 2009 to 2014. Over the same period, Strategy Analytics expects automotive sensor revenues to grow by 10.3% 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.
“Global automotive sales are rebounding from the lows of 2009. This, combined with vehicle manufacturers using sophisticated electronic systems to create vehicles that are more safe, fuel efficient and environmentally friendly, creates demand for a higher number of sensors per vehicle,” says Mark Fitzgerald, Associate Director, Automotive Practice.
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