New Report Forecasts USD 9.55 Billion Integrated Commercial Vehicle Sensors Market by 2027
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Get ahead of the curve with the Integrated Commercial Vehicle Sensors Market, the crucial component for enhancing safety, comfort, and efficiency in commercial.
VANCOUVER, BRITISH COLUMBIA, CANADA, May 8, 2023 /EINPresswire.com/ -- The Integrated Commercial Vehicle Sensors Market is rapidly growing and becoming a vital component of the commercial vehicle industry. The market is projected to grow at a significant CAGR over the forecast period due to various factors such as technological advancements, government regulations, and growing demand for enhanced safety features in commercial vehicles.
The global Commercial Vehicle Sensors Market is forecasted to be worth USD 9.55 Billion by 2027, according to a current analysis by Emergen Research. Attributed to the increasing global vehicle production, the commercial vehicle sensors market is expected to grow significantly. The market for commercial vehicle sensors is anticipated to be soon propelling by rising demand for electric vehicles. The electric vehicle required various advanced sensor technology, which is expected to boost the market growth of the commercial vehicle sensors market over the forecast timeframe. The use of alternative fuel vehicles would lower customers' fuel costs, minimize emissions, and improve national energy stability. The demand for commercial vehicle sensors will grow substantially with the use of alternative fuel vehicles.
The market overview of integrated commercial vehicle sensors can be defined as the integration of advanced sensors, electronic control units, and software systems into commercial vehicles, which helps in enhancing the overall safety, comfort, and efficiency of the vehicles. The sensors are integrated with various systems of the commercial vehicles such as braking systems, transmission systems, and others, which help in providing real-time data to the driver about the vehicle's performance.
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Key Points of Commercial Vehicle Sensors Market:
Extensive coverage of the analysis of the Commercial Vehicle Sensors market
Key insights into the regional spread of the industry in key geographies
Radical insights into the vital market trends; both current and emerging trends, and factors influencing the growth of the market
Comprehensive coverage of the impact of the COVID-19 pandemic on the overall growth of the Commercial Vehicle Sensors market
Complete data about the key manufacturers and vendors in the Commercial Vehicle Sensors market
Market Drivers:
The constant efforts of prominent players to develop newer and modern technologies and product advancements are expected to drive the growth of the industry over the coming years. The report studies the extensive business expansion plans and advancements in R&D activities and product portfolio. The report offers a clear understanding of the alliances in the market, such as mergers and acquisitions, joint ventures, collaborations, partnerships, agreements, product launches and brand promotions, and corporate deals.
The report also talks about the shift in demands and emerging trends that are expected to drive the growth of the market. The rising demand for the Commercial Vehicle Sensors products is expected to drive the demand for Commercial Vehicle Sensors, thereby bolstering the growth of the industry. Moreover, the report also studies the impact of the COVID-19 pandemic on the market.
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Leading Companies of the Commercial Vehicle Sensors Industry and Profiled in the Report are:
Continental AG,
DENSO Corporation,
Sensata Technologies,
Robert Bosch GmbH,
Hella KGaA Hueck & Co.,
TE Connectivity Ltd.,
Delphi Automotive Systems LLC,
Bourns, Inc.,
Stoneridge, Inc.,
IAV GmbH
Some Key Highlights from the Report
In May 2019, Alpha Technics, Inc. acquired by TE Connectivity Ltd. Alpha Technics' acquisition was part of its well-established plan to extend its expertise in sensor applications. Alpha Technics will provide TE's existing wide range of sensor solutions with compatible temperature sensors.
In the forecast period, the position segment will dominate the market with a CAGR of 7.2%, due to the capability to monitor a gear's speed, assess the situation of a platform, and detect the closed and open placing of the vehicle window.
In the forecast timeframe, the OEMs sector is anticipated to hold the largest market. Customers receive high-quality goods in OEM processing as they have been tested according to the particular producer's stringent testing criteria.
During the forecast timeframe, the powertrain segment is forecasted to dominate the market. Speed, pressure, position, gas, and temperature can be sensed by powertrains. These sensors are crucial to secure and efficient powertrain operations.
Due to the rise in per capita income and the increasing production of vehicles in developing countries such as China, Japan, South Korea, and India, the Asia Pacific region is forecasted to hold the largest market during the forecast period.
Based on Type, the Commercial Vehicle Sensors Market is segmented into:
Type Outlook (Revenue, USD Billion; 2017-2027)
Temperature
Motion
Level
Position
Image
Microelectromechanical systems
Pressure
Others
Sales Channel Outlook (Revenue, USD Billion; 2017-2027)
OEMs
Aftermarket
Application Outlook (Revenue, USD Billion; 2017-2027)
Powertrain
Telematics
Chassis & Safety
Body Electronics
Others
Regional Analysis:
The report sheds light on the region expected to dominate the Commercial Vehicle Sensors market in the coming years. The report estimates the market size in terms of volume and value and offers an accurate estimate of the market share each region is anticipated to hold during the forecast period. The report analyzes the spread of the Commercial Vehicle Sensors market in key geographies covering North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. The regional analysis offers an idea about the production and consumption pattern, import/export, supply and demand ratio, revenue contribution, market share and size, and the presence of prominent players in each region.
Key Benefits of Buying the Global Commercial Vehicle Sensors Report:
Comprehensive analysis of the changing competitive landscape
Assists in decision making processes for the businesses along with detailed strategic planning methodologies
The report offers an 8-year forecast and assessment of the Global Commercial Vehicle Sensors market.
Helps in understanding the key product segments and their estimated growth rate
In-depth analysis of market drivers, restraints, trends, and opportunities
Comprehensive regional analysis of the Global Commercial Vehicle Sensors Market
Extensive profiling of the key stakeholders of the business sphere
Detailed analysis of the factors influencing the growth of the Global Commercial Vehicle Sensors Market
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