Automotive Sensors Market Valuation to Reach US$ 44 Billion by the Year 2033 at a CAGR of 8.6%
The global automotive sensors market share is expected to create flourishing growth opportunities by rising at a year-on-year (YoY) growth with an impressive CAGR of 8.6% across the assessment period from 2023 to 2033. The global market totaled a valuation of US$ 44 billion by the year 2033. The increasing demand for excellent security and tracking system in vehicles will drive automotive sensors.
It is projected that the automotive sensors market will grow steadily, propelled by increased auto sales based on by rising per capita income in emerging countries and the automation of automobiles. Growth will be supported by rising consumer demand for comfort and safety as well as by the implementation of strict emission control laws meant to reduce carbon emissions.
As automated emergency braking systems (AEBS) are included into commercial vehicles to enhance driver and passenger comfort and sfety, automotive sensor sales will rise. The need for automotive sensors is also rising significantly in South East Asian countries. Two factors—increasing auto production and raising consumer awareness of technology that improves the safety of drivers and passengers—can be attributed to the rise in demand.
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Compelling Market Trends
There is a surging emphasis on improving overall performance is anticipated to bode well for the market. Moreover, advancements in the sensor industry will aid overall growth. A significant rise in the safety system failure concerning causalities has been witnessed that can negatively affect a company’s reputation among consumers. Growing efforts to develop modern safety sensors to reduce such incidence will drive the demand for automotive sensors over the forecast period.
Governments also are imposng strict regulations to ensure driver safety in the automobile. Hefty penalties are charged to manufacturers in case of safety system failure-related accidents. Automotive sensors are used to improve driver safety and comfort, especially in commercial and luxury vehicles.
tive sensors also boost performance and fuel efficiency in high-performance cars. The rise in the standard of living and increasing production of luxury vehicles will drive the sales of automotive sensors in the upcoming years.
Growth Drivers
The market will expand as a result of government legislation requiring the installation of safety sensors in commercial vehicles. The need for adaptive cruise control systems (ACCS) in sports utility vehicles and sedan cars in European and American countries will lead to growth prospects in the automotive sensor industry.
The popularity of truck platooning and the development of connected, autonomous vehicles will raise demand for automated driver assistance systems and connecivity. As a result, the need for automotive sensors for trucks will increase.
Advanced position, level, and speed sensors are being installed by original equipment manufacturers as a result of rising vehicle production and an increase in public concern for the safety of drivers and passengers. Sales of vehicle sensors are anticipated to increase as a result.
Restraints
The limited adoption of automotive sensors in compact and economic cars owing to the high cost of sensors will dampen growth prospects to an extent over the assessment period.
Competitive Landscape
The automotive sensor market is anticipated to be highly competitive attributing to the emergence of regional players and start-ups. Increasing sales of automobiles in emerging economies like Brazil, Turkey, Iran, and India is motivating market players to enter these markets by introducing new products at a lower prices.
NXP Semiconductors N.V., TE Connectivity, Continental AG, Denso Corporation, and Robert Bosch GmbH ar identified as leading market players in the automotive sensors market.
In April 2021, Honda released its modern advanced driver-assistance system ADAS “Honda Sensing Elite” for a special range of vehicles available in Japan. The system has SAE level 3 capabilities and comes with a Traffic Jam pilot module.
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Key Segments Covered in Automotive sensors Market Study :
Sensor Type:
Position Sensors
Clutch Position Sensors
Gear Position Sensors
Throttle Position Sensors
Crankshaft Position Sensors
Steering Angle Position Sensors
Camshaft Position Sensors
Safety Sensors
Seat Belt Sensors
Brake Switch Sensors
Door Switch Sensors
ADAS Sensors
Blind Spot Detection
Night Vision Sensors
Light Sensors
Parking Sensors
Cruise Control
Impact Sensors
Anti-theft Sensors
Knock Detection Sensors
Level Sensors
Fuel Level Sensors
Coolant Level Sensors
Oil Level Sensors
Oxygen Sensors
Pressure Sensrs
Tire Pressure Sensors
EGR Pressure Sensors
Airflow Rate Sensors
Temperature Sensors
Engine Coolant Temperature Sensors
Rain/humidity Sensors
Oil/Fuel Temperature Sensors
Battery Temperature Sensors
Air Temperature Sensors
Speed Sensors
Wheel Speed Sensors
Speedometer
Vehicle Type:
Passenger Cars
Compact
Midsize
Luxury
SUVs
Light Commercial Vehicles
Heavy Commercial Vehicles
Sales Channel:
Original Equipment Manufacturers
Original Equipment Supplier Spare Parts
Independent Aftermarket
Region:
North America
Latin America
Western Europe
Eastern Europe
South East Asia & Pacific
Middle East & Africa
Japan
China
India
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Valuable Insights into the Automotive Sensors Market
The surging implementation of stringent vehicle safety regulations combined with increasing demand for autonomous vehicles is predicted to boost sensor installation in vehicles manufactured in China.
Rapid industrialization an a rise in per capita income in India will lead to an increase in demand for automotive vehicles which in turn will fuel the demand for automotive sensors in the country.
As per the report conducted by Japan Automobile Manufacturers Association, the Japanese car production rate reached 7.70 million in 2019. The rise in vehicle production and advancement in electronics will drive the sales of automotive sensors in the Japanese automotive market.
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Jul 3, 2023