Automotive Sensors Market
Automotive Sensors Market
Automotive Sensors Market to reach US$ 42.4 Bn by 2032, driven by Favorable government initiatives for passenger safety and security in various regions: Global Insight Services
New York, July 2023: According to a new research study by Global Insight Services (GIS), the global Automotive Sensors market is expected to grow rapidly over the next 10 years to reach a value of more than the US $ 42.4 Billion by 2032.
Automotive sensors are used to gather information about the vehicle’s surroundings, such as its speed, location, and environment, and then send this information to the vehicle’s onboard computer system to make decisions.
Request Sample Pages of this Research Report:
Automotive Sensors Market: Key Trends and Drivers
One significant driver of the automotive sensors market is the rapid advancement of autonomous driving technologies. As the automotive industry continues to shift towards self-driving vehicles, the demand for sophisticated sensor systems has escalated significantly. These sensors, such as LiDAR, radar, cameras, ultrasonic, and other related technologies, play a crucial role in enabling autonomous vehicles to perceive and respond to their surroundings accurately and in real-time. For instance, self-driving cars by Google use quad-core PCs that process 1.3 million laser measurements and make 20 driving decisions every second. To give computers control over driving, more intelligent sensors are required. Additionally, the growing focus on enhancing passenger safety, improving vehicle efficiency, and meeting stringent government regulations pertaining to vehicle safety and emissions further bolsters the demand for automotive sensors, driving substantial growth in the market.
Automotive Sensors Market: Restraints & Challenges
Increasing complexity of sensor technologies and the integration of advanced features within modern vehicles is one of the significant restraint of the Automotive Sensors Market. As automotive manufacturers strive to enhance safety, efficiency, and autonomous capabilities, the demand for sophisticated sensors has risen substantially. However, this complexity comes with challenges in terms of production costs, reliability, and maintenance. Additionally, ensuring seamless integration and compatibility of multiple sensors within the vehicle’s electronic systems poses technical hurdles. These factors may hinder the widespread adoption of automotive sensors, especially for smaller and budget-conscious automotive manufacturers, limiting the market’s growth to some extent.
Automotive Sensors Market Report Findings
The temperature sensors segment is likely to hold a dominant Automotive Sensors market share and grow at a substantial CAGR during the forecast period.
On the basis of type, it is segmented into Temperature Sensors, Pressure Sensors, Speed Sensors, Level/Position Sensors, Magnetic Sensors, Gas Sensors, and Inertial Sensors. The Temperature Sensors segment is expected to grow at the significant CAGR during the forecast period. The increasing adoption of advanced driver-assistance systems (ADAS) and the growing demand for electric vehicles have been major driving factors for this surge. Temperature sensors play a crucial role in monitoring and regulating various vehicle components, such as engines, batteries, and exhaust systems, ensuring optimal performance and safety. Additionally, stringent government regulations regarding emissions and fuel efficiency have further accelerated the integration of temperature sensors in vehicles. As automotive technology continues to evolve, the Temperature Sensors segment is expected to maintain its growth trajectory, contributing to the overall advancement of the Automotive Sensors Market.
The passenger cars segment is anticipated to hold a majority of the Automotive Sensors market size throughout the study period.
By vehicle type, the industry is classified into Passenger Cars, and Commercial Vehicles. Among these passenger cars segment accounted significant revenue share in 2022. The Passenger Cars segment has experienced robust growth in the Automotive Sensors Market over the past few years. The increasing consumer demand for advanced safety and comfort features in vehicles, coupled with the rising adoption of electric and hybrid vehicles, has been a significant driver for sensor technology in this segment. Automotive sensors play a vital role in enhancing vehicle performance, providing real-time data on various parameters such as engine temperature, tire pressure, air quality, and proximity detection, among others. Additionally, the implementation of stringent government regulations and safety standards mandating the integration of sensors in vehicles has further propelled the growth of this market. As automotive manufacturers continue to invest in research and development, aiming to enhance vehicle safety, efficiency, and overall driving experience, the Passenger Cars segment is anticipated to maintain its upward trajectory in the automotive sensors market.
The powertrain segment is anticipated to hold a majority of the Automotive Sensors market size throughout the study period.
By application, Automotive Sensors Market has been segmented into Powertrain, Body Electronics, Vehicle Security Systems, and Telematics. During the forecast period, the Powertrain segment is expected to grow at the fastest CAGR in the market. This surge can be attributed to several factors, including the increasing demand for fuel-efficient and environmentally friendly vehicles. Automotive manufacturers have been incorporating advanced sensor technologies within powertrains to optimize engine performance, monitor emissions, and enhance overall vehicle efficiency. Moreover, the rise of electric vehicles (EVs) and hybrid vehicles has further bolstered the demand for powertrain sensors, as these vehicles rely heavily on sensor data to manage battery usage, motor control, and energy regeneration. Additionally, stringent government regulations pertaining to emissions and vehicle safety have compelled automakers to invest in sophisticated sensor systems for better compliance. As a result, the powertrain segment is expected to continue its remarkable growth trajectory in the automotive sensors market in the foreseeable future.
The Asia Pacific region is estimated to exhibit the highest growth rate during the Automotive Sensors market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The Asia-Pacific region has dominated the market share in terms of revenue during the forecast period, primarily due to a surge in vehicle sales and an increasing demand for sensors in vehicles. The region’s growth is further fueled by the rising popularity of electric vehicles. Countries like China, India, and Japan, known for their strong manufacturing industries, offer significant market growth opportunities. In developing economies like India and the ASEAN countries, automotive production is rapidly increasing, driven by urbanization and stable economic conditions. This has led to a growing focus on safety, prompting automobile manufacturers to integrate more sensors into affordable vehicles. With China and India leading as some of the world’s fastest-growing economies, the expanding middle-class population in the region is increasingly inclined to purchase vehicles equipped with advanced features like ADAS. Furthermore, the adoption of advanced driver assistance systems and safety features relying on automotive sensors is supported by government initiatives aimed at reducing traffic congestion and enhancing road safety. The APAC region’s regulatory environment also presents favorable conditions for the widespread adoption of advanced automotive technologies, thanks to lower entry barriers compared to other region.
Have a question for our analyst:
The key players in the Automotive Sensors Market are Robert Bosch, Continental AG, DENSO Corporation, Infineon Technologies AG, BorgWarner, Inc., Sensata Technologies, Allegro Microsystems Inc., Analog Devices Inc., ELMOS Semiconductor, and Aptiv plc., among others.
Recent Developments in the Automotive Sensors Market:
- In December 2022, Continental AG (Continental) announced that it will show-off modules and sensors created exclusively for electromobility. Continental will debut its Advanced Driver Assistance Systems (ADAS) which has been integrated into the “CV3” SoC (System on Chip) family with artificial intelligence (AI) from semiconductor startup Ambarella.
- In November 2022, Infineon Technologies AG announced the addition of the latest XENSIV TLE4971 family to its current sensor series for automotive applications. Infineon’s XENSIV TLE4971 devices offer precise magnetic current sensing based on proprietary temperature and stress compensation without the harmful effects of magnetic cores caused by hysteresis or saturation effects.
- In March 2022, CTS Corporation announced the acquisition of TEWA Temperature Sensors SP. Zo.o. and its subsidiaries. The company is a strong complement to CTS’s temperature sensing platform and will expand CTS’s presence in Europe.
Automotive Sensors Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current Automotive Sensors outlook and estimations from 2022 to 2032, which helps to recognize the prevalent opportunities.
- The report also covers qualitative as well as quantitative analysis of the Automotive Sensors Market in terms of revenue ($Million).
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the Automotive Sensors industry.
- A thorough analysis of market trends and restraints is provided.
- By region as well as country market analysis is also presented in this report.
- Analytical depiction of the Automotive Sensors along with the current trends and future estimations to depict imminent investment pockets. The overall Automotive Sensors industry opportunity is examined by understanding profitable trends to gain a stronger foothold.
- Porter’s five forces analysis, SWOT analysis, Pricing Analysis, Case Studies, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Automotive Sensors are also analyzed.
Global Automotive Sensors Market Segmentation
- Temperature Sensors
- Pressure Sensors
- Speed Sensors
- Level/Position Sensors
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
- Body Electronics
- Vehicle Security Systems
- North America
- The U.S.
- The UK
- Rest of Europe
- The Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- Latin America
- The Middle East
- Robert Bosch
- Continental AG
- DENSO Corporation
- Infineon Technologies AG
- BorgWarner, Inc.
- Sensata Technologies
- Allegro Microsystems Inc.
- Analog Devices Inc.
- ELMOS Semiconductor
- Aptiv plc