Automotive MEMS Sensors Market Key Players, Trends, Growth Opportunities and Industry Forecast till 2023
“Increasing capital investments in R&D activities, rising disposable income and rapid integration of automotive sensors in hybrid cars are likely to drive the automotive MEMS sensors market in forthcoming period”
Global automotive MEMS sensors market is anticipated to witness exponential growth in the forecast period. Automotive MEMS, is an important technology mainly used in the automotive industry that assists to improve vehicle features. Factors such as strict regulations mandating in the integration of technologies and devices, technological advancement, increasing demand for automotive sensors, presence of progressive technologies such as lane departure warning (LDW) systems and advanced driver assistance systems (ADAS) and increasing demand for connected and autonomous vehicles are driving the market growth. In addition, increasing capital investments in R&D activities, rising disposable income and rapid integration of automotive sensors in hybrid cars are likely to drive the automotive MEMS sensors market in forthcoming period. On the other hand, high cost pressure on OEMs and anticipated to hinder the market growth in future. However, increasing demand of different types of sensors, particularly in autonomous cars, and strict government regulations is likely to create lucrative opportunities for the market. Globally, market is anticipated to expand at a significant CAGR in the upcoming period as the scope, product types, and applications are increasing on a global level. Automotive MEMS sensor market is segmented by type, components, and geography. Market is segmented by type as Temperature Sensor, Pressure Sensor, Gas Sensor, MEMS Sensor and Motion Sensor. The “MEMS Sensor” segment accounted for a prominent share in the market. It is likely to witness substantial growth in the years to come. The key factors that could be attributed to the growth of market include increasing applications in safety & security, body electronics, powertrain, and among others and the rising demand of automotive sensors in Asia-pacific and North American region.