Automotive sensor market is expected to increase 11% to $812.2m in 2012 when compared to $731.3m in 2012, according to a new report.
IHS iSuppli Magnetic Sensor Report revealed that the rise in revenues generated in 2012 will be the third consecutive annual double digit rise, while the revenues for 2013 are expected to rise to an estimated 9.5%.
IHS MEMS & sensors principal analyst Richard Dixon said the role of magnetic sensors in vehicle safety systems required by mandates have assisted to achieve double-digit growth in automotive.
"The mandates helped propel the sensors to rapid growth during the past several years, especially because they were being enforced in the highly developed automotive markets of the United States, Canada, the European Union, Australia, South Korea and Japan," Dixon said.
"However, use of the sensors will reach their saturation point by the 2014-2015 time frame -- which explains the slowing revenue growth for the years ahead."
The sensors are deployed in electronic stability control (ESC) systems that assist in preventing vehicle skidding and are also used in tire-pressure monitoring systems (TPMS).
