The global market for automotive sensors is expected to grow at a compound annual growth rate (CAGR) of 7.78% between the period 2011 and 2015, according to a new report.
TechNavio's Global Automotive Sensor Market 2011-2015 report revealed that the rise in the safety concerns of end-users by automobile manufacturers and governments globally is leading to the growth of sensor market.
According to the report, the growth is also carried by the increasing requirements for the safety of passenger and also delivering enhanced driving experience.
TechNavio Automotive team analyst said the demand for electronic components in automobiles is rapidly increasing because of changing customer habits, stringent emission norms set by governments across the globe to protect the environment from problems such as pollution and global warming.
"Further, the increasing popularity and purchase of electric vehicles globally, which use much more advanced electronic systems, will drive the Global Automotive Sensor market," analyst added.
The report revealed the automobile makers employ devices which include anti-lock braking systems, engine control units (ECU), vehicle stability systems, crash sensors to offer safety and security to occupants, while other devices for passenger safety and improve vehicle control.
