Key Findings of the Global Automotive Speed Sensor Market| Technavio
LONDON--(BUSINESS WIRE)--The global automotive speed sensor market is expected to grow at a CAGR of close to 3% from 2017-2021, according to a new market research report by Technavio.
Global automotive speed sensor market segmentation by vehicle type and end-user
Technavio’s report on the global automotive speed sensor market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by vehicle type, including passenger cars and commercial vehicles. As projected in 2016, more than 76% of the market share originated from passenger cars.
Based on geography, the global automotive speed sensor market has been segmented into APAC, EMEA, and the Americas. As of 2016, close to 57% of the market share came from APAC.
“APAC is the major contributor to the global automotive speed sensor market due to the highest automotive sales in the region. The high adoption and imposition of the regulations related to automobile safety will drive the growth of the market in APAC. APAC includes China, Japan, and India as some of the prominent countries that contribute to the market. It is anticipated that this region will have the fastest growth among others,” says Amey Vikram, a lead analyst at Technavio for automotive electronics research.
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Global automotive speed sensor market: competitive vendor landscape
There are several international vendors in the global automotive speed sensor market. However, the market is concentrated by only a few prominent players accounting for the maximum share. Technavio expects that there would be a robust and sharp growth in the global market with increasing competition among automobile manufacturers to offer differentiated products. Strict rules and regulations, formulated by the government in major countries, will propel the market for sensors. Apart from this, the adoption of autonomous vehicles in coming days will drive the market growth.
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Other topics covered in the report:
Market drivers:
- Growth of electronics in automobiles to measure vehicle performance
- Enhanced emission, powertrain, and transmission performance requirements
Market challenges:
- Harsh and rough conditions affect efficiency of sensors
- Incapability of sensors in detection and measurement
Market trends:
- Turbocharger speed sensor
- Modularization of design to optimize with high reliability
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