Strategy Analytics predicts that the market for automotive sensors will reach $12.7 billion in 2008, a year-on-year growth of 6.5%. In its new study, “Automotive Sensor Demand Forecast 2006 to 2015,” the firm said that planned vehicle safety, performance and feature enhancements will drive automotive sensor shipments to 3.9 billion units worth $18.1 billion in 2015.
Light vehicle production is expected to grow at a CAAGR (Compound Annual Adjusted Growth Rate) of 4% over the period 2006 to 2012. Over the same period, Strategy Analytics expects automotive sensor revenues to grow by 6.8% CAAGR, 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 more safe, fuel efficient and environmentally friendly - creating a demand for a higher number of sensors per vehicle,” says Mark Fitzgerald, senior analyst, Automotive Practice.