The global market for automobile sensors is expected to increase at a compound annual growth rate (CAGR) of 7.7% reaching $22.1bn by 2017, according to a new report.
According to the report 'Global Markets for Automotive Sensor Technologies - Focus on North America,' developed by MarketResearch, in 2011, the global market for automobile sensors was $14.1bn, which is further expected to grow to $15.2bn by 2012.
The report also revealed that North America has produced nearly 14.6 million vehicles in 2011 and is expected to rise 7.3% to about 25 million vehicles manufactured in 2017.
The US has also produced 9.1 million automobiles in 2011, which is expected to produce nearly 11 million vehicles by the end of 2012.
According to US based BCC Research, that the production in US is expected to rise 7% about 15.4 million vehicles by 2017.