Overview and Scope
The automotive sensors are used to detect, transmit, analyse, record, and display information about the vehicle’s internal and external surroundings. Automotive sensors are intelligent sensors that monitor the vehicle’s condition and either provide information to the user or automatically make the required changes to the vehicle. Automotive sensors check incoming air temperature, fuel-air mixture, manifold pressure, wheel speed, and others.
Sizing and Forecast
The automotive sensors market size has grown rapidly in recent years. It will grow from $28.53 billion in 2023 to $32.45 billion in 2024 at a compound annual growth rate (CAGR) of 13.7%. The growth in the historic period can be attributed to regulatory mandates, rise in passenger car sales, economic growth, government support.
The automotive sensors market size is expected to see rapid growth in the next few years. It will grow to $53.46 billion in 2028 at a compound annual growth rate (CAGR) of 13.3%. The growth in the forecast period can be attributed to increasing emphasis on vehicle safety, rising vehicle sales, rising connected vehicles, rising urbanization, rising disposable income. Major trends in the forecast period include lidar technology advancements, in-cabin sensing, 5g connectivity, solid-state sensors, sensor fusion.
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Segmentation & Regional Insights
The automotive sensors market covered in this report is segmented –
1) By Type: Temperature Sensors, Pressure Sensors, Speed Sensors, Level/Position Sensors, Magnetic Sensors, Gas Sensors, Inertial Sensors
2) By Vehicle Type: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
3) By Technology: Nano-Electro-Mechanical Systems, Micro-Electro-Mechanical Systems
4) By Application Type: Powertrain, Chassis, Exhaust, ADAS, Other Applications
Asia-Pacific was the largest region in the automotive sensors market in 2023 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the automotive sensors market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
The rising adoption of autonomous vehicles is expected to propel the growth of the automotive sensors market. Autonomous vehicles are driverless vehicles that operate and perform necessary functions on their own without any human intervention. The use of automotive sensors in autonomous vehicles has reduced the drivers’ stress and increased the productivity of the vehicle. For instance, the global autonomous car market is projected to grow from $1.64 billion in 2021 to $11.03 billion in 2028 at a CAGR of 31.3% due to the increased demand. Hence, the rising adoption of autonomous vehicles plays an important role in the growth of the automotive sensors market.
Key Industry Players
Major companies operating in the automotive sensors market include Robert Bosch GmbH, Continental AG, DENSO Corporation, Infineon Technologies AG, Sensata Technologies, Allegro Microsystems Inc., Analog Devices Inc., ELMOS Semiconductor SE, Aptiv plc, NXP Semiconductors N.V., STMicroelectronics N.V., CTS Corporation, Texas Instruments Incorporated, TE Connectivity Ltd, ZF Friedrichshafen, Magna International, Melexis N.V., ON Semiconductor, Amphenol Advanced Sensors, Velodyne Lidar Inc., Quanergy Systems Inc., Innoviz Technologies Ltd., Broadcom Inc., Bosch Sensortec GmbH, Bourns Inc., Delphi Technologies, Baker Hughes a GE company, Vishay Intertechnology Inc., BorgWarner Inc., Maxim Integrated, Littelfuse Inc., Htachi Automotive Systems Americas Inc., OmniVision Technologies Inc., Autoliv Inc., Valeo Group
The automotive sensors market report table of contents includes:
1. Executive Summary
2. Market Characteristics
3. Market Trends And Strategies
4. Impact Of COVID-19
5. Market Size And Growth
6. Segmentation
7. Regional And Country Analysis
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27. Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
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