Indian Automotive Sensors Market is expected to reach US$ XX Bn by 2026 at a CAGR of 14% over the period 2018-2026. The growing the proportion with impressive per capita income is driving the demand for premium and luxury vehicles, which in turn is being driving the automotive market.
The y-to-y automotive sales growth rate was 14.22% for the financial year 2017-18 In National Electric Mobility Mission 2020, Indian government has formulated a scheme for faster adoption and manufacturing of electric and hybrid vehicles in India. Electric and hybrid vehicles have an extensive range of vehicle sensors in various applications of ranging from powertrain & chassis, body electronics, safety and security, etc. Thereby, the growth of electric vehicles would significantly help to augment the growth of the Indian automotive sensors market. However, the heavy cost associated with these sensors would pose a threat in the adoption of these systems and is one of the growth restraints for the Indian automotive sensors market.
The recovery of economy after demonetisation and GST implementation, impressive growth rate of 7.2% during the final quarter of 2017-18 financial year, infrastructure development and streamlining of the logistics and e-commerce sectors, migration to BS IV emission standards, boost to the medium and heavy commercial vehicles due to restrictions on truck overloading are some other driving factors for the Indian automotive sensor market.
The year 2017-18 witnessed the highest sales and production in utility vehicle and passenger car segments.
Indian automotive sensors market is segmented on the basis of type, vehicle type, application. The pressure and MEMS sectors are expected to be the major segments pioneering the growth of the Indian automotive sensors market in the forecast period. In application, sensors used in the powertrain (especially in engine and chassis) would significantly grow to remain the largest contributor in the automotive sensor market.
However, sensors used in the alternative fuel vehicle would grow at the highest rate due to the growing adoption of electric and hybrid vehicles in the forecast period. The OEMs operating in Indian market are looking forward to differentiate the vehicles by incorporating several new features based on sensors. Continental, which is one of the leading automotive sensor manufacturers, has developed a comprehensive series of advanced automotive sensors to increase vehicle automation and improve various functional efficacies of the vehicle.
One such advancement is the Intelligent Battery Sensor, which continuously analyses the status of conventional 12-Volt lead-acid batteries and provides information on key parameters such as the state-of-charge, state-of-function (power ability) and state-of-health (aging) of the battery. The battery sensor could be deployed to any standard battery system.
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