Detailed insights into automotive sensor market

Automotive sensors enable manufacturers or service providers to process a variety of data. Including oil pressure, pollution levels, engine temperature, coolant levels, etc. The operation of various components is monitor by various car sensors, including mass airflow, oxygen, engine speed, spark knock, manifold absolute pressure (MAF), coolant sensors, and others. 

In 2021, the automotive sensor market was worth . And by 2030 it will reach USD 74.42 billion, growing at a 13.6% CAGR during the forecast period.

Key drivers fostering the market expansion include the increasing need for sensors in electric and hybrid vehicles. Increase pressure sensor application in the automotive industry, and considerable growth in custom-designed automotive electronic devices. Due to strict government regulations on the emissions of dangerous gases into the environment. The increase in demand for electric vehicles has been dramatically accelerated in recent years.

Market Dynamics

Drivers

The high level of technological integration increases the demand for automotive sensors for addressing applications in passenger. And commercial cars in terms of Advanced Driver Assistance Systems (ADAS), Anti-Lock Braking Systems (ABS), and Electronic Brake force Distribution (EBD). These sensors have a variety of uses, including protecting drivers. And passengers as well as monitoring fuel consumption, pollutants, and engine performance. Hence, consumer adoption of autonomous vehicles will increase during the forecast period. 

Restraints

The production facilities’ limited manufacturing capacity results from the high sensor development expenses. Moreover, original equipment manufacturers (OEM) control most of the market, forcing tier suppliers to provide only technical specifications. As a result, a decline in the commercialization of LIDAR, RADAR. And proximity sensors through aftermarket channels will restrain the market growth. 

Opportunity 

In light of growing security concerns, it is projected that the increase emphasis. On the development of autonomous vehicles would open up a variety of chances for market expansion. Hence, increasing OEM spending on integrating technical breakthroughs. Into autonomous vehicles will increase the deployment of sensors for efficient monitoring of such advancements. 

Market Segmentation 

By Type

In 2022, the speed sensor segment led the entire market with the largest revenue share. Its use in monitoring and regulating vehicle speed is one of the primary elements fueling the segment’s expansion. Speed sensors are the first sensors that automakers employ to improve vehicle safety. Because speed is the major factor contributing to the increase in accidents worldwide.

Application Insights

In 2022, the powertrain segment ruled the entire market. This is due to a huge number of sensors employed in the powertrain to track speed, location, gas, temperature, and pressure for safe and effective operation. Furthermore, the development of automotive sensors for use in powertrains is driven by strict emission standards. And fuel-efficiency guidelines establish by governments of various nations.

Regional Insights

In 2022, Asia Pacific held a sizable revenue share and will continue to develop profitably. The largest market share is due to the rising demand for vehicles with improve safety features and rising regional purchasing power. The need for automotive sensors is particularly high in emerging economies in the Asia-Pacific region, including China and India. The region’s large consumer base and efforts to promote the green revolution have expand the use of sensor technologies, notably in the automotive industry.

The other two major revenue generators for the global market for automotive sensors are North America and Europe. Early technological adoption and a high Gross Domestic Product (GDP) are some of the key drivers of the region’s expansion. Also, manufacturers have been compelled to incorporate smart sensor technology in automotive vehicles to regulate. And monitor gas emissions in the atmosphere due to the growing concern for pollution control and environmental safety.

Key Players 

  • Valeo
  • DENSO Corporation
  • AUTOLIV INC
  • Robert Bosch
  • Sensata Technologies
  • Delphi Automotive Company
  • Continental AG
  • STMicroelectronics N.V.
  • Infineon Technologies AG
  • NXP Semiconductor

In 2021, the automotive sensor market was worth USD 23.3 billion. And by 2030 it will reach USD 74.42 billion, growing at a 13.6% CAGR during the forecast period. The increased use of vehicle sensors results from the rising safety and technology demands for automobiles. Sensors like position, force, torque, and pressure sensors are use by features like electronic stability control. Anti-lock brake system, parking, lane assistance, and others to control each component.

The worldwide auto sensor market size is supposed to reach $37.65 billion by 2027. From $16.40 billion of every 2019, developing at a CAGR of 10.2% from 2020 to 2027. Car sensors identify, measure, and send data, which help in breaking down execution of vehicles. Sensors are gadgets that distinguish occasions or changes in climate and afterward give a relating yield. They sense actual information like light, heat, movement, dampness, pressure, or some other substance. And answer by delivering a result on a presentation or send the data in electronic structure for additional handling. It utilizes incorporated circuit (IC) creation innovation made on silicon wafers. It screens and controls synthetic, physical, and process changes of an auto.

The worldwide auto sensor market size is supposed to reach $37.65 billion by 2027 from $16.40 billion of every 2019, developing at a CAGR of 10.2% from 2020 to 2027. Car sensors identify, measure, and send data, which help in breaking down execution of vehicles. Sensors are gadgets that distinguish occasions or changes in climate and afterward give a relating yield. They sense actual information like light, heat, movement, dampness, pressure, or some other substance, and answer by delivering a result on a presentation or send the data in electronic structure for additional handling. It utilizes incorporated circuit (IC) creation innovation made on silicon wafers. It screens and controls synthetic, physical, and process changes of an auto.