Automotive Sensors Market size was estimated at USD 28.4 billion in 2021, and projected to reach USD 67 billion in 2029, expanding at a CAGR of 11.3% over the forecast period 2022-2029 attributed to growing adoption of advanced driver assistance systems (ADAS).
Key Automotive Sensors Market Drivers
Major factors driving automotive sensors market are emerging need to reduce vehicular emissions, growing adoption of autonomous vehicles, surge in the demand for high quality security and tracking systems in vehicles and increasing popularity of connected cars. Worldwide, car ownership rates have increased exponentially, in United States, more than 70% of the population uses their own car for travelling. However, surge in the vehicle ownership rates are creating problems related to congestion on roads coupled with growing population growth rates and increase urbanization, are resulting in more fatalities on roads, which in turn is boosting the demand for connected cars and autonomous vehicles. As per recent estimates, more than half a billion units of autonomous vehicles are expected to be sold globally by 2030 as the demand for the safety systems is increasing, which will create lucrative growth opportunities for automotive sensor manufacturers to expand their business in future.
Governments in developing and developed countries are focussing on reducing carbon emission levels to combat climate change, which is promoting electrification in vehicles. For instance, major automobile manufacturing countries including United States, Japan and India pledged during COP 26 Summit, that they will stop the manufacturing of Internal combustion (IC) fuelled vehicles in their countries to combat global warming, which will boost the sales of connected cars in the future. However, in developing countries, the automotive sensors aftermarket is undeveloped as compared to developed counties, which is hampering the market growth.
Original Equipment Manufacturer (OEM) segment is forecast to hold the largest automotive sensor market share.
Growing vehicle adoption rates coupled with advancements in the field of sensor technology, are boosting the demand for automotive sensors through OEM sales channel. Various OEMs are focussing on incorporating advanced features like clear surrounding visuals in automotive sensors, which is accelerating the segment’s growth.
Based on Sensor Type, Automotive position sensor segment is projected to dominate the market.
Automotive position sensor market is driven by integration of latest technologies in commercial cars. Sensors find its application majorly in vehicle’s seat and gear shifters, so that components in vehicles can work efficiently.
Based on Region, Asia-Pacific region is estimated to lead the market.
Asia-Pacific automotive sensors market is driven by growing adoption of electric vehicles, government policies promoting the use of latest technology to improve vehicle’s safety. India is one of the most populous countries worldwide, in 2022 sales of electric vehicles constituted around 5% of the total retail automobile sales in the country. Additionally, growing disposable income of consumers and increasing investments in the automobile industry, are propelling the market growth in Asia-Pacific region.
Top Automotive Sensor Manufacturers
Some of the leading players operating in the global automotive sensor market are Denso Corporation, CTS Corporation Infineon Technologies AG, Sensata Technologies, Inc., Robert Bosch GmbH, Continental AG, BorgWarner Inc., Allegro MicroSystem, LLC, Analog Devices, Inc., and Elmos Semiconductor SE, among others.
- In June 2022, Allegro MicroSystems, Inc, a developer of advanced semiconductor technology introduced its 33110 and A33115 magnetic sensors during a conference in San Francisco. These sensors are specifically designed for ADAS applications which requires high accuracy.
- In November 2021, Robert, an engineering company based out of Germany launched its ADAS for city rail transportation. These ADAS will reduce the risk of accidents in densely populated cities.
- In September 2020, Aeva Inc, announced that it has partnered with ZF Friedrichshafen AG, a leading supplier of car parts for producing self-driving sensors.
Segmentation by Sales Channel
o Original Equipment Manufacturer (OEM)
Segmentation by Sensor Type
o Temperature Sensors
o Pressure Sensors
o Position Sensors
o Oxygen Sensors
o Nitrogen Oxide Sensors
o Speed Sensors
o Inertial Sensors
o Image Sensors
o Other Sensors
Segmentation by Vehicle Type
o Passenger Cars
o Light Commercial Vehicles (LCVs)
o Heavy Commercial Vehicles (HCVs)
Segmentation by Application
o Safety & Control
o Body Electronics
Segmentation by Region
• Asia Pacific
o Rest of APAC
• North America
o United States of America
o United Kingdom
o Rest of Europe
o South Africa
o Saudi Arabia
About GMI Research
GMI Research is a market research and consulting firm which provides market insights and intelligence across 12 major sectors helping our clients in making effective investment and business decisions.
Media Contact Company Name: GMI RESEARCH Contact Person: Sarah Nash Email: [email protected] Phone: Europe – +353 1 442 8820; US – +1 860 881 2270 Address: Dublin, Ireland Website: https://www.gmiresearch.com/