The European automotive sensor market is expected to rise to $17.4bn in 2012 from $15.6bn in 2011, according to a new report.
A new report from Strategy Analytics, "Automotive Sensor Demand Forecast 2010 to 2019: Strong Growth Despite European Market Concerns" revealed that the global economic recovery has rebounded the global demand for vehicles.
The global demand for sensors has increased mainly in NAFTA and the emerging markets, although slow vehicle sales in Europe is a concern in the overall sensor growth rates.
Strategy Analytics Global Automotive Practice associate director Mark Fitzgerald said the global automotive sales continue to rebound from the lows of 2009 and 2010, especially in NAFTA and the emerging BRIC regions.
"This combined with vehicle makers using sophisticated electronic systems to create vehicles that are safer, fuel efficient and environmentally friendly is creating a demand for a higher number of sensors per vehicle," Fitzgerald said.
According to the study, planned vehicle safety, emission and fuel economy enhancements are expected to improve the deliveries of automotive sensors to more than 5.4bn units which will be worth $27.2bn in 2019.
The study also revealed that the light vehicle production is expected to rise at a compound annual growth rate (CAGR) of 6.8% during period between 2011 and 2016 with 9.6% rise in automotive sensor market during the same period.
