The India Automotive Sensors Market is expected to exhibit a growth rate of over 11% during the forecast period 2020 - 2025.
- Some of the major factors driving the growth of the sensors market in India are the increased emphasis of passenger, pedestrian and vehicular safety in the country.
- The government has mandated few features like Reverse Parking Assist, whcih is expected to help market growth. Similary, increasing adoption of ADAS systems in both passenger cars and commercial vehicles is also expected to drive the market.
- However, increased cost of vehicle due to integration of additional safety systems and slow rate of adoption for Electric Vehicles in passenger cars and commercial vehicle space alike is expected to deter market growth by some degree.
Key Market Trends
Rising Emphasis on Safety Solutions to see an Increased Adoption of ADAS Systems
The demand for Advanced Driver Assistance Systems (ADAS) is expected to rise significantly over the forecast period, fueled largely by regulatory reforms in safety applications that help protect drivers and reduce accidents. Interest from consumer side is also rising as people are becoming more aware of potential life-saving and other comfort-based features that the ADAS offers.
In September 2018, the Union Minister for Road and Highway Transport announced that the government is working toward introducing a mandate, which would bring ADAS in all new vehicles (including Heavy-Duty) by 2022.
India recorded 467,044 road accidents in 2018 as compared to 464,910 in 2017. Hence in the near future, it is expected that a couple of more auto brands would start offering ADAS on their vehicles, especially like those of parking assistance, blind spot detection, lane departure warning, etc., which would help in decreasing the number of accidents. Induction of these systems is poised to help drive the automotive sensors market in the country.
Electo-Magnetic Senors Poised to Show High Growth Rate
There are a variety of electro-magnetic sensors in a car such as proximity sensor, radar sensor etc. These are used in different applications like parking assist (reverse parking sensors), blind-spot detection, lane changing/departure and other ADAS features.
Blinds spots are a hazard that drivers must struggle with every time they get behind the wheel. These visual impairments not only pose a threat to drivers, their passengers, and other motorists, but also cause serious or fatal injuries to motorcyclists, bicyclists, and pedestrians. Consequently, the consistent rise in vehicle accidents, resulting due to abrupt lane change, has created concerns among both the consumers and the government.
Currently, limited number of cars offer blind spot detection features. Mercedes has introduced its S 650, S 560, and S 350d variants with Active Blind Spot Assist. The Jeep Cherokee and Volvo XC 90 are some the other vehicles which offer similar blind spot detection features. Other companies are soon expected to follow suite with their new models that would be introduced in the country.
The Indian Automotive sensors market is characterized by major players, such as Continental, Denso, Robert Bosch, Hyundai Mobis, Aptiv, Infeneon Technologies etc. among others. The market is higly competitive and major players are investing considerbaly in RandD practices to come up with better products in comparision to their competitors.
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