Automotive safety applications – driven by government regulations and consumer demand for enhanced safety – is one of the biggest drivers of sensor growth over the next several years. The automotive sensor market is forecast to reach about $13 billion by 2022, growing at an estimated 9.2 percent compound annual growth (CAGR), according to a new report released by Research and Markets.
The report, Global Automotive Sensor Market Demand, Supply and Opportunities, 2015-2022, finds the automotive market has gained back the pre-crisis 2008 annual growth rate by 2014. The report also indicates the global passenger cars sensor market was dominated by medium-end vehicles from auto makers such as Nissan, Hyundai, and Honda. However, the CAGR is expected to be highest for electric vehicle sensors over the forecast period of 2015 to 2022. The report finds: “The increasing demand of electric vehicles, owing to its potential to cut down consumption of imported fuel and being environmental friendly makes it the fastest growing vehicle type for automotive sensors globally.”
While optical sensors will continue to be the largest revenue generating sensor type, motion sensors are expected to be the fastest growing sensor type with a CAGR of 11.03 percent over the forecast period.
Demand for smart/intelligent sensors also is expected to grow significantly thanks to increasing sales of automobiles as well as consumer electronics, according to a new report from Transparency Market Research. These devices are primarily used in automobiles and other devices with advanced features.
The global market for smart/intelligent sensors (for all applications) is expected to reach $21.6 billion by 2019, up from $9 billion in 2012, according to Transparency Market Research. The CAGR is estimated to 12.2 percent from 2013 to 2019.
The report, Smart/Intelligent Sensors Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 – 2019, indicates that technology advances and growing demand for electronic devices with advanced features is the key driver for smart/ intelligent sensors, finding big roles in automotive design, collision prevention as well as healthcare and oil platform applications. Sensor types include pressure sensors, image sensors, temperature sensors, and touch sensors.
The MEMS sensor market also is expected to see good growth over the next several years thanks to mandated automotive safety systems. Applications include electronic stability control (ESC) and tire pressure monitoring systems (TPMS), according to IHS.
The IHS H1 2015 report on Automotive MEMS report indicates that the automotive MEMS market grew to $2.6 billion in 2014 with the top 10 MEMS suppliers accounting for 78 percent market share. The market is expected to reach $3.4 billion by 2021, growing at a CAGR of 3.4 percent. The biggest product segment drivers will be the four main sensor types – pressure, flow, gyroscopes and accelerometers.
CMOS image sensor sales for automotive safety systems also are expected to take off over the next few years. The IC Insights 2015 O-S-D Report forecasts sales of CMOS image sensor sales for automotive safety systems to reach $2.1 billion in 2019, growing at a CAGR of 57.4 percent. It will account for 14 percent of the market’s total dollar volume in 2019 compared to three percent in 2014.