According to a new study from Strategy Analytics, the market for automotive sensors will fall 14.6% to $9.9 billion in 2009.
According to a new Strategy Analytics study, “Automotive Sensor Demand Forecast 2007 to 2016: Despite Current Woes, Future Demand Strong,” the market for automotive sensors will fall 14.6% 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, emissions and fuel economy enhancements.
Light vehicle production is expected to grow at a compound annual growth rate (CAGR) of 3.5% over the period 2008 to 2013. Over the same period, Strategy Analytics expects automotive sensor revenues to grow at a 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, as well as more fuel efficient and environmentally friendly-creating demand for a higher number of sensors per vehicle,” said Mark Fitzgerald, senior analyst, Automotive Practice.
For additional information, visit www.strategyanalytics.com