LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global automotive engine oil level sensor market predicts a CAGR close to 5% during the period 2017-2021.
The report segments the global automotive engine oil level sensor market by end-user, including OEMs and aftermarket, and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global automotive engine oil level sensor market, according to Technavio automotive researchers:
- Rapidly increasing electronic content per vehicle: a major market driver
- In 2016, the OEMs segment dominated the market by occupying almost 85% share
- APAC dominated the global automotive engine oil level sensor market with 50% share in 2016
- Bosch, Continental, Delphi Automotive, and HELLA are the leading players in the market
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Rapidly increasing electronic content per vehicle: a major market driver
OEMs have been trying to include advanced features in vehicles due to the growing consumer concerns about the safety, comfort, performance, and stability. This evolution has increased the growth of electronics and reduced the utility of mechanical components in the automotive industry.
Technological advances and increasing adoption of the same by end-users of cars will increase the percentage of electronic content in cars and commercial vehicles. Such developments are expected to drive the market for automotive sensors such as automotive engine oil level sensors. They may also enhance powertrains and transmissions, which will further drive the market for sensors and electronic content in vehicles.
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APAC: largest automotive engine oil level sensor market
Countries such as China and India are witnessing promising economic growth which is boosting the number of market opportunities for passenger cars, thereby attracting global automobile manufacturers to this region. The demand for automotive sensors is increasing as key players are investing in technology and modern mass production systems. The key countries in this region includes China, India, Japan, and South Korea, with China leading the market for passenger cars. Significant investments in infrastructure and industrialization have proved to be instrumental in the growth of the commercial vehicles market. This has led to the largest per unit installation of automotive engine oil level sensors.
According to Ganesh Subramaniam, a lead analyst at Technavio for research on automotive electronics, “OEMs witness significant cost benefits when a supplier base is established in APAC, as it enables them to collaborate on working models which may lead to innovation in drivetrain technologies for future vehicles. Such a development may expand the market for sensor manufacturers in APAC.”
Competitive vendor landscape
The global automotive engine oil level sensor market consists of many international players. However, owing to differentiated and efficient product offerings, the market is concentrated with top players accounting for the maximum portion of the market. Due to the growing competition among automobile manufacturers, the market is expected to grow at a rapid pace in the future, with vendors offering efficient systems as a differentiating factor. Emphasis of automobile manufacturers on autonomous technology is also expected to drive the market growth during the forecast period.
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