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Research and Markets has announced the addition of the "Global Sensor Module for Automotive Market 2016-2020"report to their offering.
The global sensor module market in the automotive sector is expected to grow at a CAGR of 6.08% during the period 2016-2020.
The demand for electric cars is increasing because of government promotions of campaigns and a decline in the cost of building electric vehicle batteries. These batteries are expected to cost less than the internal combustion engine in the coming years, thus making consumers shift toward electric cars. The prices of the batteries of electric cars fell by 35% in 2015. This could hamper the oil market and lead to a reduction in the price of sensor modules.
According to the report, sensors help increase the safety of passengers by providing assistance to drivers. Different types of sensors are used in the automotive sector to ensure passenger safety, including anti-collision, anti-lock braking, hall-effect, image, and inertial sensors. These sensors collect data from the car and its immediate surroundings and raise an alarm in case of any expected accident or emergency.
Further, the report states that the market is likely to face challenges in developing countries such as Latin America, Southeast Asia, and Africa due to lack of stringent crash regulations and a low level of awareness among consumers.