MEMS sensors market to reach $3.6 billion by 2021
According to a new market report published by Lucintel, the future of the global automotive MEMS sensor market looks good with opportunities in the pressure sensor, accelerometer, gyroscope, and others. The global automotive MEMS market is expected to reach an estimated $3.6 billion by 2021 and is forecast to grow at a CAGR of 5.4% from 2016 to 2021. The major drivers of growth for this market are continuous increases in the electronic content per vehicles and various governmental regulations for fuel emissions and safety in vehicles and increasing automotive production.
In this market, safety and chassis, powertrain, infotainment, and body and convenience are some of the major segments of automotive MEMS sensors. On the basis of its comprehensive research, Lucintel forecasts that the body and convenience and infotainment segments are expected to show above average growth during the forecast period of 2016 to 2021 due to surging income level and rising preference for high-end vehicles.
Within the global automotive MEMS sensor market, the safety and chassis segment is expected to remain as the largest market due to continuous implementation of vehicle safety regulations and increased awareness about safety among customers, which would spur growth for this segment over the forecast period.
By product type, the largest segment is expected to continue to be the pressure sensor segment. Accelerometer and gyroscope are expected to show above average growth during the forecast period due to increasing demand for high-end options in vehicles.
North America is expected to remain the largest market due to high growth in mid-size, luxury and light vehicle production, continuous implementation of regulations on fuel emission and safety.
Europe and APAC are expected to witness significant growth over the forecast period because of strict government regulations on fuel emission and safety of vehicles, high growth in vehicle production and sales combined with continuous demand for safety and comfort features.
For business expansions, the report suggests innovations and new product development, to produce high-performance and energy efficient sensors. The report further suggests the development of closer partnerships with customers, and the development of low-cost solutions.
Emerging trends, which have a direct impact on the dynamics of the industry, include development of MEMS sensor on 300mm wafers and development of MEMS triaxial acceleration sensor. Robert Bosch GmbH, Sensata technologies, Inc., Freescale Semiconductor, Inc., Analog Devices, Inc., and Infineon Technologies AG are the major MEMS sensor suppliers in the global automotive MEMS sensor market. Some companies are also pursuing mergers and acquisitions as strategic initiatives for driving growth.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global automotive MEMS sensor market by product type, application type, and region, and has come up with a comprehensive research report, “Growth Opportunities in the Global Automotive MEMS Sensor Market 2016-2021: Trends, Forecast, and Opportunity Analysis.”