Rise in the production of vehicles Driving the Growth of Level Sensors Market

(IT-NEWSWIRE.COM, March 12, 2020 ) The level sensors market to grow from USD 3.8 billion in 2017 to USD 5.3 billion by 2023, at a compound annual growth rate (CAGR) of 5.7% during the forecast period. The major factors that are expected to be driving the level sensors market are rise in the production of vehicles, development of smaller, smarter, and cheaper sensors, and supportive government regulations. Moreover growing adoption of level sensors in healthcare end-use application and increasing advancement of the industrial internet of things (IIoT) and industry 4.0 is further expected to support in growth of market. The objective of the report is to define, describe, and forecast the level sensors market size based on technology, monitoring type, application, end-use application, and region.

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Driver: Rise in the production of vehicles

The automotive industry is among the major industries that is currently witnessing an increasing demand across regions. According to the statistics provided on the OICA website, the total automotive production for cars and commercial vehicles was 94 million units in 2016 and is expected to reach 100 million by 2018. Even during the global recession during 2008–2009, when sales in the developed markets such as the US, Western Europe, and Japan fell by nearly 9%, 2%, and 4% (respectively) per year between 2004 and 2009, the emerging markets such as Brazil, China, and India witnessed growth of 14%, 26%, and 12% (respectively) per year.

In the current scenario of the global automotive market, the emerging economies are the key sources for the growth of the automotive industry. Home to almost half of the world’s population, China, India, and other Asian countries are the key markets spearheading this growth. As of 2016, countries such as China, Japan, South Korea, and India were among the top 10 largest automobile manufacturers globally. According to the estimates by a public policy research organization, Brooking Institution (US) (2013), the US and Europe together account for a share of approximately 50% of the world's middle class, and this is expected to dip to 22% by 2030. In APAC, it is expected to reach more than double, that is, from 30% to 64% during the same period. This shift is already reflected in the automobile industry. In 2002, Asia's contribution to the global production capacity in the automobile industry was 15% to 20%. Currently, this region accounts for over half of the world’s passenger vehicle production. China is the key market player in terms of car sales, surpassing the US. Owing to this huge growth potential, auto multinationals (MNCs) are shifting their respective production base to Asia to be closer to their customers.

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Rise in the production of vehicles Driving the Growth of Level Sensors Market