The U.S. motor vehicle sensors market is expected to reach USD 6.29 billion by 2020, according to a new study by Grand View Research, Inc. Favorable government mandates pertaining to emission standards and safety are expected to drive the market over the forecast period.
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Enhancement of Corporate Average Fuel Economy (CAFE) standards coupled with new regulations mandating the incorporation of Electronic Stability Control (ESC) systems in light vehicles is expected to play a pivotal role in the U.S. motor vehicle sensors market growth. Passage of The Transportation Recall Enhancement, Accountability and Documentation (TREAD) Act, directing adoption of Tire Pressure Monitoring System (TPMS) in new vehicles is expected to increase sensor sales. Owing to the need for periodical replacement of TPMS and oxygen sensors, aftermarket sensor sales are expected to constitute a substantial market share, thereby supplementing the high demand for motor vehicle sensors from OEMs.
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Further key findings from the study suggest:
• Physical property motor vehicle sensors accounted for over 25% of the overall market revenue share in 2013; the high demand can be attributed to increased use in monitoring intrinsic physical properties of media such as pressure, temperature, and moisture resulted in high demand for physical property sensors. Process variable motor vehicle sensors are expected to witness significant growth over the forecast period, as they are vital components in TPMS.
• Engine & drivetrain contributed to over 35% of the overall market revenue share in 2013, due to increased use of motor vehicle sensors in harsh environments for measuring vital parameters...