U.S. MOTOR VEHICLE SENSOR MARKET ANALYSIS

U.S. Motor Vehicle Sensor MarketSize and Trends

The U.S. motor vehicle sensor market is estimated to be valued at US$ 36,952.2 million in 2021 and is expected to exhibit a CAGR of 11.9% % over the forecast period (2021-2028).

Asia Pacific held dominant position in the U.S. motor vehicle sensor market in 2020, accounting for 43.10% share in terms of volume, followed by Europe and North America, respectively. Increase in adoption of autonomous braking systems, lane-keeping assist, and adaptive cruise control systems dominates the Asia pacific market.

Market Trends:

Mergers and acquisitions among market players

Major companies operating in the market are focused on mergers and acquisitions, in order to enhance the market presence. For instance, in September 2012, Robert Bosch GmbH acquired SPX Service Solutions with an aim to become a comprehensive supplier of diagnostics and repair solutions in the automotive domain. In June 2011, Valeo acquired Niles, a Japan-based automotive part manufacturer.

Contracts and agreements among market players

Key players in the market are forced on contracts and agreements, in order to gain a competitive edge in the market. For instance, in March 2012, Delphi Automotive entered into a distributor agreement with TTI Asia, thus expanding its distribution network and escalating its global presence.

Recent Developments:

• In May 2020, Doosan Bobcat North America has partnered with Ainstein AI, Inc., a radar technologies company, to develop radar sensor systems for Bobcat equipment.
• In October 2019, Hitachi Ltd. merged its four car parts businesses with Honda Motor Co. to create components supplier.
• In January 2020, Texas Instruments launched the new Jacinto 7 processor platform. The new Jacinto processor platform brings enhanced deep learning capabilities and advanced networking to solve design challenges in advanced driver assistance systems (ADAS) and automotive gateway applications.