The automotive sensors market is forecast to hit $41.9 billion in the next five years, up from this year’s $28.1 billion projection, based on a new market research study released by MarketsandMarkets.
The report also reveals that the market is estimated to increase at a CAGR of 6.9 percent by 2025. Key factors propelling the expansion of the market are the rising consumer demand for safety and comfort in automobiles, growth in global motor-vehicle production and an increase in demand for vehicle electrification.
The increase in the call for advanced driver-assistance systems and ongoing fast developments in autonomous vehicles pose growth opportunities for the automotive sensors market, according to the report.
The full report may be requested from MarketsandMarkets.
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