Recent years have not been easy for automotive sensor suppliers. Falling vehicle production volumes meant that the market for many types of automotive sensors declined between 2007 and 2009.
However, a new report from IMS Research entitled "The World Market for Automotive Sensors" predicts a brighter future for suppliers that weathered the storm. Unit shipments of automotive sensors are forecast to recover quickly and grow at an average annual rate of almost 10% over the next eight years. Shipments of some types of automotive sensor will grow much faster.
Despite the attractive growth prospects, automotive sensor suppliers still have to meet many challenges. They face significant price pressure, the market remains intensely competitive, and demand is declining for some applications using sensors. However, after the huge market declines of the last two years, the predicted rapid recovery in the global automotive sensors market should be welcome news to its resilient suppliers.
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