The Automotive Sensors Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-PacificWestern Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Sensors Global Market Report 2024, 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.
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.
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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
The rise in the use of pressure sensors in the automotive industry is a key trend gaining popularity in the automotive sensor market. Pressure sensors are used for discovering the early faults in hydraulic brakes, optimising the fuel mix to match the air pressure, automatic cleaning of exhaust filters, tracking exhaust recirculation, critical fluid examinations, finding vapour leakages, triggering airbags faster, and launching pedestrian airbags. For example, in September 2021, Sensata Technologies, Inc., an industrial technology company and a leading provider of sensors, launched the new PTE7100 and PTE7300 hermetic pressure sensors for industrial applications. The sensor is made with the leading micro silicon strain gauge technology in the automotive industry. The sensor has several unique features, including high accuracy, burst strength, and shock performance, making it a robust solution for customers with challenging measurement requirements.
The automotive sensors market report table of contents includes:
1. Executive Summary
2. Automotive Sensors Market Characteristics
3. Automotive Sensors Market Trends And Strategies
4. Automotive Sensors Market – Macro Economic Scenario
5. Global Automotive Sensors Market Size and Growth
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26. South America Automotive Sensors Market
27. Brazil Automotive Sensors Market
28. Middle East Automotive Sensors Market
29. Africa Automotive Sensors Market
30. Automotive Sensors Market Competitive Landscape And Company Profiles
Top Major Players:
- Robert Bosch GmbH
- Continental AG
- DENSO Corporation
- Infineon Technologies AG
- Sensata Technologies
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