According to a new report by Transparency Market Research (TMR), the global market for automotive intelligence battery sensors is highly consolidated and each of regional markets is led by a selected number of players. For example, the automotive intelligence battery sensor market in Asia Pacific is dominated by Continental AG, which occupies over 50% of that regional market. In contrast, the markets in Europe and North America is fragmented and is led by local players. In these regions, established players, such as NXP Semiconductors, Hella GmbH & Co. KGaA, and Robert Bosch GmbH are more prominent. Denso Corp. and Vishay Intertechnology are some other significant players in the global automotive intelligence battery sensor market, notes the research report.
As per the report, the global automotive intelligence battery sensor market was valued at US$ 2.75 bn in 2016. Expanding at a CAGR of 18.30% during the period from 2017 to 2025, the opportunity in this market is anticipated to reach US$ 10.56 bn by the end of the forecast period. Passenger vehicles have surfaced as the main application areas of automotive intelligence battery sensors and the scenario is expected to remain so over the next few years. Geographically, Asia Pacific has been leading the global market with Europe following closely. Researchers anticipate this regional market to maintain dominance throughout the forecast period, thanks to the increasing entry of international players in this region, reports the research study.
Rise in Automotive Industry Supports Growth of Global Automotive Intelligence Battery Sensor Market
“The global automotive intelligence battery sensor market is witnessing steady rise, thanks to the significant expansion in the automotive industry across the world,” says the author of the study. The increasing concerns among people over the rising emission of CO2 in the environment and the augmenting fuel consumption by vehicles have emerged as the key factors behind the growth of this market.
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In addition to this, the increasing implementation of stringent government policies regarding road safety and to save the environment from vehicular pollution is likely to support the growth of this market in the years to come. The increasing need of modern vehicles to become more efficient in order to comply with future fuel economy standards will also act as a growth booster to this market over the forthcoming years, states the market report.
High Cost of Battery Sensors to Impede Market’s Growth
On the whole, the future of the worldwide market for automotive intelligent battery sensors looks bright. However, the heavy cost associated with these sensors may pose a threat to their uptake in the near future. Along with this, the hassle of keeping the battery charges will also reflect negatively on the demand of these sensors in the years to come. Nonetheless, the technological advancements and the continual rise in young generation, who are crazy for automobiles, are likely to boost the demand for automobiles, and consequently, automotive intelligence battery sensors over the next few years, normalizing the impacts of hindrances, states the market report.
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