InvestorsObserver
×
News Home

By 2031, the Global Automotive Sensors Market is anticipated to achieve a revenue of USD 13,389.59 million, growing at a compound annual growth rate (CAGR) of 5.47%, as reported by Straits Research

Wednesday, February 28, 2024 10:30 AM | GlobeNewswire via QuoteMedia

By 2031, the Global Automotive Sensors Market is anticipated to achieve a revenue of USD 13,389.59 million, growing at a compound annual growth rate (CAGR) of 5.47%, as reported by Straits Research

China dominates the global Automotive Sensor industry, set to grow at 6.27% CAGR, driven by its robust automotive industry and ample raw materials. Asia-Pacific and Japan (APJ) expect 4.97% CAGR, buoyed by strong manufacturing and semiconductor resources. North America experiences rapid growth fueled by competition and safety standards. Europe leads in sensor adoption, driven by stringent regulations and autonomous vehicle OEMs. The UK, a key player in Europe, receives substantial government support, fostering market growth.

New York, United States, Feb. 28, 2024 (GLOBE NEWSWIRE) -- Automotive sensors collect and transmit data to evaluate a vehicle's performance. Sensors detect environmental occurrences or alterations and then produce a corresponding output. As they detect physical inputs such as light, heat, motion, moisture, pressure, or any other entity, they either display the information or transmit it for further processing. It utilizes silicon wafer-based integrated circuit (IC) fabrication technology. It monitors and controls a vehicle's chemical, mechanical, and operational changes. Various sensors in the automotive industry improve a vehicle's comfort, safety, and fuel economy. Sensors are commonly utilized in all types of vehicles, from two-wheeled vehicles to heavy-duty trucks.


Download Free Sample Report PDF @ https://straitsresearch.com/report/automotive-sensor-market/request-sample

Growing Demand for Premium Vehicles Owing to the Inclination of Consumers Toward Comfort and Luxury Drives the Global Market

According to Straits Research, “The global automotive sensor market size was valued at USD 8,290.76 million in 2022. It is estimated to reach USD 13,389.59 million by 2031, growing at a CAGR of 5.47% during the forecast period (2023–2031).” The demand for luxury vehicles has increased due to superior quality, performance, comfort, and innovative design and technology. China, Japan, the United States, Canada, India, and European nations are significant markets for luxury vehicles. Individuals' increased discretionary income and improved living standards in these regions have increased the demand for luxury vehicles. Luxury automobiles such as the BMW 7 series, Audi 8, and Mercedes Benz E-class have more than 100 sensors installed. Typically, the sensors collaborate with microcontrollers and embedded systems within the engine control unit (ECU). Modern luxury automobiles have more electronic control units (ECUs) than conventional vehicles. Increasing consumer demand for more vehicle features will increase the number of electronic control units (ECUs) and the need for more technologically advanced sensors, driving the growth of the global market.

Rising Demand for ADAS Systems and Autonomous Vehicles Creates Tremendous Opportunities

Due to increasing consumer demand for safer and more secure driving and the ability to share the internet with other devices inside and outside the vehicle, the automotive market is observing a significant increase in the development of advanced vehicles such as autonomous cars and connected vehicles. The increasing demand for ADAS systems can be attributed to the recent technological trends driving the use of sensors. In addition, components such as adaptive cruise control, adaptive light control, automatic braking, parking assistance, blind-spot detection, collision avoidance systems, driver fatigue detection, and lane departure warning systems are enabling a new generation of vehicles, which is compelling sensor manufacturers to expand their portfolio of sensors, particularly position and proximity sensors.

Regional Analysis

China's automotive sensors market share is expected to grow at a CAGR of 6.27% over the forecast period. China is the global automotive industry's linchpin, the largest market, and the most potent producer of automobiles. China's automotive industry has reached unprecedented heights due to the country's expanding economy, rising disposable income, and government assistance. China is one of the largest manufacturers of automotive sensors and is anticipated to experience future growth. This is primarily attributable to the escalating production of passenger cars and rising disposable incomes. Foreign OEMs prefer to invest in the Chinese market due to the country's superior and less expensive production. In addition, China controls 85 percent of the world's cobalt supply in automotive sensors. As a result, sensor manufacturers in China are thriving due to an abundant and consistent supply of raw materials for semiconductor manufacturing, which is driving market expansion.

Asia-Pacific and Japan (APJ) is anticipated to exhibit a CAGR of 4.97% over the forecast period. The Asia-Pacific and Japan (APJ) automotive market is dominated by South Asian countries that are home to some of the most renowned automakers in the world. APJ is home to several of the world's most prominent automobile manufacturers, including Toyota Motor Corporation, Honda Motors, Hyundai-Kia, and Nissan. In addition, Asia-Pacific occupies a prominent position in the global automotive supply chain. Another major factor contributing to the growth of the APJ market is the resilience and recovery of the economies of the countries within this region during the 2008-2009 global economic crisis, which led to a sustained increase in automobile production and sales worldwide. Asia-Pacific and Japan generally have abundant raw materials required to manufacture the semiconductors used to manufacture sensors.

Key Highlights

  • Based on vehicle type, the global automotive sensors market is bifurcated into conventional vehicles and electric vehicles. The conventional vehicles segment dominates the global market and is expected to exhibit a CAGR of 4.62% over the forecast period.
  • Based on sensor type, the global automotive sensors market is divided into pressure sensors, gas sensors, position sensors, temperature sensors, speed sensors, level sensors, inertial sensors, proximity sensors, flow sensors, knock sensors, force sensors, torque sensors, humidity sensors, and others. The temperature sensor segment is the most significant contributor to the market and is expected to exhibit a CAGR of 7.03% over the forecast period.
  • Based on technology, the global automotive sensors market is divided into MEMS and non-MEMS. The MEMS segment is the largest contributor to the market and is anticipated to exhibit a CAGR of 5.80% over the forecast period.
  • Based on application, the global automotive sensors market is bifurcated into powertrain, chassis, body, safety and control, and exhaust systems. The powertrain segment owns the highest market share and is expected to exhibit a CAGR of 5.09% over the forecast period.
  • Based on the mode of sales, the global automotive sensors market is bifurcated into OEM and aftermarket. The OEM segment dominates the global market and is projected to exhibit a CAGR of 5.10% during the forecast period.
  • China is the most significant global automotive sensors market shareholder and is expected to grow at a CAGR of 6.27% over the forecast period.

Competitive Players

The key players in the global automotive sensors market are Continental AG, TE Connectivity, Sensata Technologies, Inc., Robert Bosch GmbH, Denso Corporation, ZF Friedrichshafen AG, BorgWarner, Infineon Technologies, Hella GmbH, STMicroelectronics, NXP Semiconductors, Melexis, CTS Corporation, Analog Devices, Inc., and Allegro Microsystems, Inc .

Market News

  • In November 2022, TDK Corporation expanded the SmartAutomotiveTM line of ASIL and non-ASIL motion sensors. It unveiled the availability of the InvenSense IAM-20380HT high-temperature automotive monolithic 3-axis MotionTracking sensor platform solution for non-safety automotive applications, which includes the IAM-20380HT 3-axis MEMS gyroscope and the DK-20380HT developer kit.
  • In March 2023, Aves Reality and dSpace developed a technology partnership to allow autonomous vehicle developers to assess sensors and algorithms through virtual test drives in various realistic conditions.

Global Automotive Sensors Market: Segmentation

By Vehicle Type

  • Conventional Vehicles
  • Electric Vehicles

By Sensor Type

  • Temperature Sensor
  • Pressure Sensor
  • Position Sensor
  • Speed Sensor
  • Level Sensor
  • Inertial Sensor
  • Gas Sensor
  • Proximity Sensor
  • Flow Sensor
  • Knock Sensor
  • Force Sensor
  • Torque Sensor
  • Humidity Sensor
  • Others

By Technology

  • MEMS
  • Non-MEMS

By Applications

  • Powertrain
  • Chassis
  • Body
  • Safety and Control
  • Exhaust Systems

By Mode of Sales

  • OEM
  • Aftermarket

By Regions

  • North America
  • Europe
  • The U.K.
  • China
  • Asia-Pacific and Japan
  • The Middle East and Africa
  • South America

Get Detailed Market Segmentation @ https://straitsresearch.com/report/automotive-sensor-market/segmentation

About Straits Research Pvt. Ltd.

Straits Research is a market intelligence company providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision-makers. Straits Research Pvt. Ltd. provides actionable market research data, especially designed and presented for decision making and ROI.

Whether you are looking at business sectors in the next town or crosswise over continents, we understand the significance of being acquainted with the client’s purchase. We overcome our clients’ issues by recognizing and deciphering the target group and generating leads with utmost precision. We seek to collaborate with our clients to deliver a broad spectrum of results through a blend of market and business research approaches.

For more information on your target market, please contact us below:

Phone: +1 646 905 0080 (U.S.)

+91 8087085354 (India)

+44 203 695 0070 (U.K.)

Email: sales@straitsresearch.com

Follow Us: LinkedIn | Facebook | Instagram | Twitter


Primary Logo

You May Also Like

Get the InvestorsObserver App

InvestorsObserver App
iOS App Android App