At 13.4% CAGR, Automotive Sensors Market size to hit USD 51.69 Billion by 2028, Says Brandessence Market Research

LONDON, Feb. 17, 2022 /PRNewswire/ -- According to Brandessence Market Research, "The Global Automotive Sensors Market in terms of revenue was worth of USD 21.43 Billion in 2021 and is Projected to reach USD 51.69 Billion in 2028, growing at a CAGR of 13.4% from 2021 to 2028"

Key Players of Global Automotive Sensors Market:

BorgWarner, Inc., Sensata Technologies, Allegro Microsystems, Inc., Analog Devices, Inc., Robert Bosch GmbH, Continental AG, DENSO Corporation, Infineon Technologies AG, ELMOS Semiconductor SE, STMicroelectronics N.V., CTS Corporation, Autoliv, Inc., TE Connectivity, ZF Friedrichshafen, Valeo S.A., Magna International, Melexis N.V., ON Semiconductor, Amphenol Advanced Sensors, LeddarTech, VelodyneLiDAR, Quanergy, Innoviz Technologies

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Scope of Global Automotive Sensors Market:

Automotive sensors are used to reduce fuel consumption and to reduce the weight of the vehicle on board. Automotive sensors are smart sensors that can be used to control and process vehicle temperature, coolant levels, and oil pressure. Many types of sensors are used in the automotive industry such as speed sensors, coolant sensors, temperature sensors, pressure sensors, magnetic sensors, voltage sensors, and oxygen sensors. Automotive sensors are one of the fastest-growing technologies in the original equipment manufacturer (OEM) segment.

The Covid-19 pandemic has had a significant impact on the automotive industry, with many manufacturing facilities shutting down, supply chain disruptions, and international trade disruptions. Consumer demand has declined, leading many automakers to reduce their production capacity for new vehicles, limiting market opportunities for automotive sensor suppliers.

Global Automotive Sensors Market Dynamics:

The market for automotive sensors is rising exponentially in line with the in general growth of the automotive market. The high adoption of ADAS (Advanced Driver Assistance Systems) and AD (Automated Driving) systems is the main reason for the growing demand for automotive sensors. According to Brandessence Research, consumers have purchased about 10 million autonomous vehicles by 2020. Powertrain sensors play an important role in the efficient operation of engines, transmission systems, and alternators. Chassis sensors supervise functions like steering, braking, and suspension. A cluster of sensors is used in ADAS / AD systems, braking systems, and power steering systems of Autonomous Vehicles (AV) Level 3 vehicles of the Society of Automotive Engineers (SAE). For example, body sensors capture and transmit information about door/roof closures, seating area, and sunlight/rainfall, and can trigger notifications and perform basic functions accordingly. Thus, autonomous vehicles deployed with a variety of sensors can reduce driver stress and increase their productivity. Therefore, the increasing adoption of autonomous vehicles is largely driving the growth of the automotive sensors market.

The competitive landscape from the players in the automotive sensors market is growing rapidly, giving a big boost to the automotive sensors market. According to the Brandessence Research; they have a combined market share of over 30% in 2021. The automotive sensor market is highly competitive due to the rise of regional players and start-ups. Rising sales of automobiles in emerging economies such as Brazil, Turkey, Iran, and India are forcing market players to enter the market by introducing new products at lower prices. For instance; in April 2021, Honda released the ADAS "Honda Sensing Elite", a state-of-the-art advanced driver-assistance system for a special range of vehicles available in Japan. The system has SAE level 3 capability and comes with a traffic jam pilot module. Also, in August 2020, Positek launched a new line of in-cylinder mounted position sensors "P 116 series" with coalescent electronics. These linear position sensors offer Positek's patented linear inductive position sensor, non-contact inductive technology, and new micro-electronic ASIC circuits. These sensors are compact and comfortably installed single device with numerous electrical interface options. These sensors have a long life and are extremely accurate, reliable, and durable. In addition, Curtis-Wright recently launched their new rotary position sensor "WM-H10", a Hall-effect sensor that provides two separate and electro-isolated outputs. This shaft-operated sensor comes with two separates, electrically isolated outputs and is designed for highway on/off applications.

The business of automotive sensors is an OEM-overwhelmed business as there is an immature post-retail for automotive sensors. For different other business fragments, like industrial sensors and home automation gadgets, aftermarket assumes a significant part in advancing the market development. However, in the case of car sensors, the vast technical features for sensors are given by the vehicle producer or the level 1 provider, which is the fundamental purpose for the trouble in the commercialization of automotive sensors. Similarly, for various new sensors like radar, lidar, and proximity sensors, the retrofit market is relatively small due to the low penetration of these sensors in automobiles.

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Global Automotive Sensors Market Segmentation:

Global automotive sensors market report is segmented on the basis of sales channel, sensor type, vehicle type, application and region & country level. Based upon sales channel, global automotive sensors market is classified into original equipment manufacturers, original equipment supplier spare parts and independent aftermarket. Based upon sensor type, the market is divided into temperature sensors, pressure sensors, position sensors, oxygen sensors, NOx sensors, inertial sensors, speed sensors, and image sensors. Based upon vehicle type, global automotive sensors market is divided into passenger car, LCV and HCV. Based upon application, global automotive sensors market is divided into powertrain systems, safety & control systems, chassis, exhaust systems, vehicle body electronics and telematics systems.

The Asia Pacific is Expected to Show a Fastest Growth in the Global Automotive Sensors Market

Asia Pacific is expected to show a fastest growth in the global automotive sensors market. This growth is attributed to stricter government regulations including the use of advanced technology to improve vehicle safety and reduce pollution, the increasing trend towards electric and hybrid vehicles, and the high adoption of ADAS and autonomous cars in this region. In addition, growing consumer purchasing power, rising investment in infrastructure development for the automotive sector and increasing demand for more efficient and safer vehicles are other important factors fostering the growth of the automotive sensor market in this region. The decision of the Government of India to make the installation of certain automotive sensors mandatory will help increase the use and demand for automotive sensors in all the automotive segments of the Indian automotive market. For example; the Union Ministry of Road Transport approved that all cars manufactured after July 1^st, 2019 must have airbags, seat-belt reminders and alert systems, reverse parking sensors, and manual overrides for speeds exceeding 80 kmph. Central locking system for emergencies. Many such changes are also supplementing the market growth.

North America is expected to show a significant growth in the global automotive sensors market. Increasing funding and investment in specific research and development activities for the development of innovative sensors, and new advance technology development are driving the market growth in this region.

On Special Requirement Automotive Sensors Market Report is also available for below region:

North America

• U.S.
• Canada

Europe

• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Switzerland
• Belgium
• Rest of Europe

Asia-Pacific

• South Korea
• Japan
• China
• India
• Australia
• Philippines
• Singapore
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Colombia
• Brazil
• Argentina
• Peru
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

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