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(I-AutoNewsWire.com, April 09, 2020 ) Market Overview
• The Global Automotive sensor cable Market is expected to grow at a high CAGR during the forecasting period (2020-2027).
• The sensor cable is designed for optimal performance of data/signal transmission from a sensor, transducer, or transmitter to a control unit in the automotive industry.
• Automotive sensor cables are designed with a specific application. These sensor cables can significantly reduce the number of moving parts in a vehicle.
• This reduces weight, increases operational accuracy and stretches out the time between service visits for things like mechanical maintenance and other adjustments. Some by-wire systems wouldn’t even require service at all. Less weight and better accuracy would equal better fuel efficiency and fewer emissions, too.
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• Drivers & Restraints
• The advantageous features of automotive sensor cables such as high-temperature resistance, high mechanical resistance, high flexibility, light conductor materials, excellent electromagnetic interference protection and increase in innovations embedded in vehicles and new applications are leading to high demand for automotive sensor cables.
• This is due to an increase in the competitiveness among the car sellers to be the most innovative and best product. And the increase in the vehicle sales and application of sensors everywhere.
• In transportation, sensor technology supports the design and development of a wide range of applications for traffic control, safety, and entertainment.
• In recent years, sensors, and actuators such as tire pressure sensor and rear-view visibility systems have become mandatory in the manufacturing of vehicles and the implementation of intelligent transportation systems, aimed at providing services to increase drivers’ and passengers’ satisfaction, improve road safety and reduce traffic congestion. Other sensors are optionally installed by manufacturers to monitor the performance and status of the vehicle, provide higher efficiency and assistance for drivers.
• For instance, in April 2018, according to an article published in NCBI, currently, the average number of sensors in a vehicle is around 60–100, but as cars become smarter, the number of sensors might reach as many as 200 sensors per vehicle.
• One argument against sensor cables is that the failure of these cables. Even increased chance of jamming and interference of data transmission due to external factors can also hinder the global automotive sensor cable market.
• The global automotive sensor cable market is segmented by product type into two main segments: copper core and aluminum core based. Copper core occupies the dominant market share. Significant reasons for the dominance of this segment is the superior benefits of using Copper, it is not only has a higher conductivity than aluminum, but is more ductile, with relatively high tensile strength, and can be soldered.
• Passengers vehicles are the most dominant market due to customer’s willing to-wards new creative updating in their cars and an increase in the sales of passenger vehicles compared to others. According to the International Organization of Motor Vehicle Manufacturers Global sales of passenger cars reached 71 million vehicles in 2017. Along with China, the US is counted among the largest automobile markets worldwide, both in terms of production and sales.
• The report segments the market by geographic region into – North America, South America, Europe, Asia-Pacific, and R0W. Europe is the primary region for the automotive sensor cable industry.
• The presence of crucial automobile manufacturers and consumers in countries like Germany and the U.K. has contributed to making Europe lead the market.
• In the forecast period, Asia Pacific is expected to grow at a CAGR of XX%. The market is expected to increase its revenue because of the increase in purchasing power of the consumer, infrastructure development, and increasing demand for more efficient and safer vehicles.
• This region is also home to some of the largest light vehicle producers in the world with China, Japan, and Ko-rea comprising just over 37 million units of production which is 42% of the global automotive production market.
• Prominent players in global automotive sensor cable market are LEONI, Prysmian Group, Coficab, TE Connectivity, Sumitomo Electric, Hitachi, Nexans, Beijing Force, LS Cable & System, Harney Systems Pvt. Ltd. Product launches, partnerships, and expansions are expected some of the strategies adopted by players to increase their market share.
• For instance, in August 2016, EXRAD® XLE Sensor is a high-performance wire designed specifically for commercial vehicle wheel speed systems. EXRAD® XLE Sensor cable meets new requirements for greater temperature excursion and yet maintains a watertight seal to the over-mold.
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