CHICAGO, September 28, 2018 /PRNewswire/ --
According to the new market research report "Automotive Battery Sensor Market by Voltage Type (12V, 24V, and 48V), Communication Technology (LIN and CAN), Hybrid Vehicle (HEV and PHEV), Vehicle Type (Passenger Car, LCV and HCV), and Region - Global Forecast to 2025", published by MarketsandMarkets™, the market is estimated to be USD 2.35 billion in 2018 and is projected to reach a market size of USD 4.92 billion by 2025, growing at a CAGR of 11.09% during the forecast period.
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The market is driven by factors such as the rising demand for fuel-efficient vehicles, increasing vehicle production, rising emission concerns, and growing demand for high- end cars.
The 12V segment is estimated to be the fastest growing in the automotive battery sensor market during the forecast period
The increasing demand for fuel-efficient vehicles has led to the introduction of IBS for 12V lead-acid batteries. IBS helps to curb CO2 emissions and increases the fuel efficiency of a vehicle. It also helps to optimize the electrical power system and battery functioning and enhances the battery life. With the advancements in technology, a 12V intelligent battery sensor is used to monitor the battery status. IBS provides information on the state-of-charge, state-of-function (power ability), and state-of-health (aging) of the 12V lead-acid battery. The growth of the market can be attributed to the rising demand for IBS in developing countries such as Mexico, India, China, and others. Also, increasing vehicle production worldwide, government regulations, and rising demand for fuel-efficient vehicles are boosting the overall growth of the market.
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Passenger car to be the largest segment of the automotive battery sensor market, by vehicle type
The passenger car segment of the automotive battery sensor market is estimated to be the largest market. The growth of this segment is expected to continue due to the increasing production of passenger cars, stringent emission laws, and growing demand for luxury vehicles. Also, the rising demand for fuel-efficient vehicles, coupled with increasingly stringent emission norms, has propelled the growth of the passenger car segment in the automotive battery sensor market.
Asia Pacific is projected to be the fastest growing regional market for automotive battery sensors
The Asia Pacific region is the largest and fastest growing market in the global automotive battery sensor market. The market growth in the region can be attributed to the production expansions made by automobile manufacturers to meet the rising consumer demand for luxury vehicles and fuel-efficient vehicles. Also, China and India are planning to launch China VI and Bharat Stage VI which is equivalent to Euro VI to control emissions. Also, the rising demand for light commercial vehicles in China and Japan is expected to drive the automotive battery sensor market in the region.
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HELLA (Germany), Continental (Germany), Bosch (Germany), Furukawa Electric (Japan), NXP (Netherlands), Vishay (US), Texas Instrument (US), Denso (Japan), ams AG (Austria), Inomatic (Germany), and TE Connectivity (Switzerland). are among a few major players in the Automotive Battery Sensor Market.
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