The U.S. motor vehicle sensors market is estimated to attain USD 6.29 billion, by the end of 2020, and is projected to grow at a significant rate of CAGR over the forecasted period, according to the new report by Million Insights. The stringent regulations regarding harmful emissions and safety standards coupled with growing initiatives by the government is anticipated to foster the market growth.
In U.S. it has become mandatory to incorporate electronic stability control systems (ESC) in light duty vehicles. Which is projected to drive the regional market. In addition, increasing trend of monitoring tire pressure systems (TPMS) due to documentation and accountability Act (TREAD), is projected to propel the demand of these sensors.
These sensors are helpful in tracking HVAC, coolant temperature, and magnetic fluid levels. Security sensors helps to monitor wheel speed and tire inflation. All these key factors are anticipated to bolster the demand for the sensors in the coming few years.
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Further key findings from the report suggest:
• In 2013, Physical property sensors attributed to the highest market share of over 25.0% in the market. Increasing demand for monitoring properties such as temperature, moisture, and pressure is projected to spur the market growth.
• In 2013, Drivetrain & engine application segment attributed to market share of over 35.0%. Growing demand for measuring fuel injection pressure, air temperature, coolant temperature and oil pressure is contributing to segment’s growth. These measures also help in reducing emission of gases and enhance engine efficiency.
• The U.S. motor vehicle sensors market is supported by the new product innovations. For example, in 2012, GE and Ford motors have collaborated to create sensor for tracking vehicle’s battery life.
• Major players in the market are General Electric, Delphi Corporation, Denso Corporation, Bosch, Johnsons Controls, Agilent Technologies, Honeywell international, and Northrop Grumman.
Million Insights has segmented the U.S. motor vehicle sensors market based on product, and application:
U.S. Motor Vehicle Sensors Product Outlook (Revenue, USD Million, 2012 - 2020)
• Physical Property
• Process Variable
• Proximity & Positioning
• Chemical Property
U.S. Motor Vehicle Sensors Application Outlook (Revenue, USD Million, 2012 - 2020)
• Engine & Drivetrain
• Safety & Security
• Emission Control