New York, Oct. 11, 2021 (GLOBE NEWSWIRE) — Automotive Electronics Sensor Aftermarket Overview: According to a comprehensive research report by Market Research Future (MRFR), “Automotive Electronics Sensor Aftermarket Research Report, Type, application and vehicle type and Region – Forecast till 2030” the aftermarket size to grow at a 6.27% CAGR in the forecast period (2021- 2030), states the latest Market Research Future (MRFR) report
Leading companies profiled in the global automotive electronics sensor aftermarket industry report include –
- Standard Motor Products Inc. (US)
- NGK Spark Plug CO. LTD (Japan)
- BorgWarner Inc. (US)
- Robert Bosch GmbH (Germany)
- Delphi Technologies (UK)
- Valeo (France)
- Continental AG (Germany)
- Denso Corporation (Japan)
- Hella GmbH & Co. KGaA (Germany)
- Dorman Products (US)
- Sensata Technologies Inc. (US)
- Among others.
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The global automotive electronics sensor aftermarket is fragmented and also competitive for the presence of different international & domestic key players. These players have incorporated innovative strategies to remain at the vanguard and also suffice the burgeoning demand of the customers including collaborations, contracts, partnerships, joint ventures, geographic expansions, & new product launches and more.
Market Research Future’s Review on Automotive Electronics Sensor Aftermarket
The economy worldwide has faced a massive setback owing to the COVID-19 pandemic, negatively affecting automotive production. The aftermath of the crisis has resulted in disruptions in supply chain with several production facilities coming to a halt. The outbreak has taken a toll on commercial and passenger vehicle sales, subsequently affecting the demand for in the automotive sector. The EU market in the past has resulted in the automotive electronic component sales, however, recently, the adoption rate has witnessed a decline due to dip in automotive sales in the region.
Browse In-depth Market Research Report (185 pages) on Automotive Electronics Sensor Aftermarket
Increasing Use of Alternative Fuel Vehicles to Boost Market Growth
The increasing use of alternative fuels and vehicles helps in reducing fuel costs of consumers, minimizing pollution, and increasing the energy security of nations. With the use of alternative fuel, the need for automotive sensors will increase significantly. Thus the increasing use of alternative fuel vehicles will add to the global automotive electronics sensor aftermarket share over the forecast period.
Development of Connected Car Technology to Offer Robust Opportunities
The development of connected car technology will offer robust opportunities for the market over the forecast period.
Safety Threats to act as Market Restraint
The safety threats in autonomous cars may act as a market restraint over the forecast period.
Low Replacement Rate to act as Market Challenge
The low replacement rate may act as market challenge over the forecast period.
The global electronics sensor aftermarket is segmented based on vehicle type, application, and type.
By type, oxygen sensor segment will lead the market over the forecast period for the growing demand for improved fuel efficiency and reduced exhaust emissions in vehicle. It is predicted to touch USD 2,406.946.2 thousand by 2027. This will be followed by the LiDAR sensor segment that is predicted to grow at a 5.60% CAGR by 2027.
By application, the powertrain segment will dominate the market over the forecast period. It is predicted to touch USD 1,858,162.4 thousand by 2027 and at a 3.85% CAGR.
By vehicle type, passenger cars will spearhead the market over the forecast period. It is predicted to touch USD 2,666,304.5 million by 2027 at a 3.79% CAGR.
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APAC to Command Automotive Electronics Sensor Aftermarket
The APAC region will command the market over the forecast period. High demand for high automotive vehicle, increase in preference for safety features in vehicles, increasing demand in Japan and China, significant contributions made by Thailand, Malaysia, South Korea, and Taiwan, flourishing electronic component manufacturing activities, burgeoning demand for automotive electronics from Japan and China, and the limited number of automotive electronics manufacturers posing an excellent investment opportunity for regional suppliers in capitalizing on the local demand thus making the region an attractive place for investors are adding to the global automotive electronics aftermarket value in the region. Besides, the presence of a dynamic automotive industry, increasing per capita income of the middle class population, cost advantages for original equipment manufacturers, production of cost-effective and compact cars, the presence of fastest developing economies like India and China, growing population, rising income levels that has boosted the need for automobiles, low automobile production costs, easy accessibility of economical labor, government initiatives for supporting foreign direct investments, and lenient emission and safety norms, rise in the automobile production levels, and growing inclination of consumers towards luxury, safety, and comfort are also adding to the global automotive electronics sensor aftermarket growth in the region.
North America is predicted to have favorable growth over the forecast period for the high level of motor vehicle production coupled with the presence of automotive electronic component manufacturers.
Segmentation of Market covered in the research:
Automotive Electronics Sensor Aftermarket, Information: by Type (Oxygen, LiDAR, Temperature, Position, Pressure, Speed), Application (Powertrain, Body Electronics, Safety & Control, Telematics), Vehicle Type and Region – Forecast till 2030
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