“Increasing vehicle production, increasing technological advancements, rising demand for comfort and luxury features & increasing vehicle electrification are driving the automotive rain sensor market”
The size of the automotive rain sensor market is projected to grow at a promising CAGR of 6.05% during the forecast period, to reach USD 4.15 billion by 2020. The market is driven by factors such as technological advancements, rising vehicle production, safety norms, and increasing demand for comfort features.
“North America: Fastest growing market for automotive rain sensors”
The North American market, in terms of volume, is projected to grow at the highest CAGR during the forecast period, as a result of the increased demand for advanced vehicles, especially from countries such as the U.S. and Mexico. Additionally, developments in the global automotive market, such as mergers and the relocation of production centers to emerging economies, has increased the market potential in Mexico. For instance, automakers such as General Motors (U.S.), Ford (U.S.) and many others have started to shift the production plants from U.S. to Mexico. Vehicle production in Mexico is expected to grow, owing to the availability of cheap labor and favorable government policies. The NAFTA agreement has acted as a big boost for Mexico which has opened the gates for automotive manufacturers to export its products to the large U.S. automotive market. The increasing LCV production will foster the growth of the automotive rain sensor market.
The automotive rain sensor market is dominated by a few globally established players, such as HELLA KGaA Hueck & Co. (Germany), ZF TRW (U.S.), Denso Corporation (Japan) and Robert Bosch GmBH (Germany), among others. The key growth strategies adopted by these players are expansion and new product development.
