Global Commercial Vehicle Sensors Market Analysis & Forecast –2016 to 20221
Rising influence of safety and emission control regulations imposed by various government organizations and introduction of new technologies in the commercial vehicles has resulted in laying down a path for different new sensors in the market. The market is estimated to witness a growth at a CAGR of 6.7% over the period of 2016 to 2022. The report is a compilation of various segmentation of Global Commercial Vehicle Sensor market including market breakdown by type, applications, and different geographical areas.
The report details the market analysis and forecast with respect to its various types such as pressure, temperature, position, motion, Micro-Electro-Mechanical Systems (MEMS), image, and level among others. While highlighting the key driving and restraining forces for this market, the report also provides a detailed section on the leading players involved in the industry. The report answers the following questions about the Global Commercial Vehicle Sensor Market:
The sensor industry has undergone rapid technological advancements and factors such as low cost, continuous product development, and easy- to- use micro-controller platforms have widened its range of applications. These technological developments have raised the overall demand for sensors in commercial vehicles owing to factors such as government regulation for efficient and safer vehicle, expansion of global commercial vehicle manufacturers in developing countries, and easy availability of compact size and low cost sensor.
The market is estimated to reach $6.76 billion by 2022 at a CAGR of 6.7% through the forecast period. The global commercial vehicle sensor market is expected to grow with a significant rate during the forecast period and factors such as future demand for autonomous vehicle and emerging technologies such as combo sensors are expected to propel the market growth. However, the market consists of some constraints such as underdeveloped aftermarket and complexities in testing and validating which are hampering its overall growth.
Source: Secondary research, Annual Reports, SEC Filings, Investor Presentations, Articles, Expert Insights, and BIS Research Analysis
The global commercial vehicle sensor market has been tracked along the lines by its type, application areas, and geography. The various types of sensors used in commercial vehicle include: pressure, temperature, position, motion, micro-electro-mechanical systems (MEMS), image, and level among others. Pressure sensor contributed the maximum in in terms of revenue to the market and accounted for ~16% share in 2015. Pressure sensor finds its application in all three fundamental parts of an automobile namely chassis, power train, and body system and is the most common sensor type used in automobile.
Applications of sensor in commercial vehicles are chassis & safety, powertrain, body electronics, and telematics. In 2015, chassis & safety application accounted for highest share. Mandatory government laws such as installation of lane departure warning system, electronic stability control, and emission control system in commercial vehicle is fuelling the demand for sensors in chassis & safety application of commercial vehicle.
This report covers revenue of the key regions – North America, Europe, Asia-Pacific (APAC), and Rest of the World (ROW). The analysis has identified that APAC was the maximum revenue generating and fastest growing region in comparison to other regions in 2015. Government safety regulations, technological advancements, and availability of low cost sensors are some of the factors propelling the market growth in APAC.
Some of the key players in the industry are Sensata, Continental, Bosch, Denso, Delphi, Hella, Bourns, and TE Connectivity among others. These companies are aiming for product and technology launches, business expansion through mergers & acquisitions, and partnerships in order to prevent the new entrants from entering the market.
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