Automotive Sensors Market To Grow at a CAGR of 6.71% And to Reach $36.42 Billion by 2023
The Automotive Sensors Market was dominated by companies in the Europe. The presence of a large number of players in the automotive sensors market makes it highly competitive. The top companies in the market are Robert Bosch GmbH (Germany), Continental AG (Germany), DENSO Corporation (Japan), Delphi Automotive PLC (UK), and Sensata Technologies, Inc. (US). These top 5 players have a strong automotive sensors product portfolio, service offerings, robust R&D facilities, and a presence in both mature and emerging markets.
Product launch was the key strategy adopted by the players to achieve growth and stay competitive in the automotive sensors market. This strategy accounted for a share of ~40% of the overall growth strategies adopted by the players in the automotive sensors market between January 2014 and April 2017. Product launches help the company stay competitive in the market and cater to the changing demand. This would further generate new avenues for revenue in the automotive sensors market. Besides this, strategies such as partnerships, agreements, mergers and acquisitions, and collaborations have also been used to strengthen their market share and position in the overall automotive sensors market.
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Robert Bosch GmbH (Germany) is a German multinational company that was founded in 1886 as “Workshop for Precision Mechanics and Electrical Engineering.” It is one of the leading global automotive industry suppliers. The company has a robust market position in almost all industries it functions. In addition, the company’s strong focus on enhancing R&D capabilities to serve the global market enhances its market position and competitiveness. It operates in all the geographic regions and earns a large share of its revenue from Europe with 53% as of 2016.
The company also focuses on collaboration strategies to expand their business. For instance, in April 2017, Bosch launched its automated driving initiative in China by collaborating with AutoNavi Software Co., Ltd. (China), Baidu, Inc. (China), and NavInfo Co., Ltd. (China) for high-precision maps.
Continental AG (Germany) is a leading designer and manufacturer of automotive sensor solutions. It possesses strong R&D capabilities that help them to offer competitive products and timely support for its customers. The company focuses on the integration of key manufacturing technologies to increase automotive sensor performance that helps them to develop products for the automotive industry. The company adopted product development and expansion as the major strategies between 2014 and 2017. For instance, in April 2017, the company opened a new research center in California, US, where up to 300 experts from all domains of the company would work on projects concerned with automated driving, electromobility, connectivity, and mobility services.
- Raw material suppliers
- Automotive sensors designers, manufacturers, and suppliers
- Automobile manufacturers
- Automotive system suppliers and service providers
- Raw material suppliers
- Government bodies such as regulating authorities and policy makers
- Automotive-related associations, organizations, forums, and alliances
- Various categories of application software suppliers
- Research institutes and organizations
- Market research and consulting firms
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