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The automotive sensors market size is forecast to increase by USD 8.33 billion between 2022 and 2027, accelerating at a CAGR (Compound Annual Growth Rate) of 6.12%. The growth of the market depends on several factors, including electrification and hybridization of vehicles, collaborations and partnerships among players, and increasing disposable income of consumers. leading to automobile demand.
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Electrification and hybridization of vehicles are the key drivers notably driving the growth of the global market. Owing to the rising adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs) is driving the demand to the powertrain systems. Sensors that are used for battery management, motor control, regenerative braking, and charging infrastructure monitoring are showing significant growth. The electrification and hybridization of vehicles are done through electric motors, batteries, and power electronics, which require accurate monitoring and control.
Moreover, sensors such as temperature sensors, current sensors, voltage sensors, and position sensors are critical for monitoring and managing the electric powertrain in vehicles. The increased electrification and hybridization of vehicles have rise the demand for a wide range of sensors. For monitoring, controlling, and optimizing various components and systems in electric and hybrid vehicles sensors are required. Sensors are also essential for contributing to their improved performance, efficiency, and safety. Hence, the rising electrification and hybridization of vehicles will increase the growth of the market in focus during the forecast period.
The passenger cars segment was valued at USD 12.38 billion in 2017. ADAS features have a rising demand in passenger cars. These systems depend on various sensors, including radar, LiDAR, camera, and ultrasonic sensors. Which enables functions like adaptive cruise control, lane departure warning, blind-spot detection, and automatic emergency braking. As ADAS features become more common in passenger cars thus demand for sensors to support these systems continues to grow. In addition, the growing adoption of electric and hybrid vehicles has led to the demand for such sensors. These sensors are crucial for monitoring battery health, managing energy efficiency, and ensuring the optimal performance of electric powertrains.
APAC is estimated to contribute 33% to the growth of the global market during the forecast period. Industrialization and significant investments in road infrastructure development have been driving the growth of the automotive market in the region. Because of the demand for automotive temperature sensors, oxygen sensors, and light sensors is increased in this region. Consumers in APAC are raising the demand for advanced features and technologies in their vehicles, these features depend heavily on sensors for their proper functioning.
Furthermore, the advancements in sensor technologies, such as Light Detection and Ranging (LiDAR), radar, cameras, and ultrasonic sensors have opened up new opportunities for vendors operating in the regional market. These sensors are capable of autonomous driving capabilities and are increasingly being integrated into vehicles. The presence of large-scale production facilities and the need to meet global quality standards have contributed to the increased usage of these sensors in the region, which, in turn, will boost the growth of the regional market in focus during the forecast period.
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The market is fragmented in nature. Some significant players include Amphenol Corp., Aptiv Plc, Auto DITEX BG Ltd., Dorman Products Inc., Electricfil SA, Faurecia, Hitachi Ltd.
The market forecasting report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Mitsubishi Electric Corp., Niterra Co. Ltd., NXP Semiconductors NV, PRENCO Progress and Engineering Corp. Ltd., Robert Bosch Stiftung GmbH, Schaeffler AG, Sensata Technologies Inc., Spectra Premium Industries Inc., TDK Corp., Tenneco Inc., Texas Instruments Inc., Toyota Motor Corp., and Walker Products Inc.
The global automotive sensors market is witnessing significant growth, with a Compound Annual Growth Rate (CAGR) driven by various factors. These include vehicle authentication, driver safety, and comfort features. The rise of advanced driver-assistance systems (ADAS) is a key contributor, especially with the increasing adoption of Electric Vehicles (EVs) and Hybrid Vehicles (HVs) to address concerns regarding CO2 emissions. Automobile manufacturers are investing in LiDAR technology and compact, energy-efficient, and cost-effective sensors to enhance safety, comfort, and engine management.
However, challenges such as the high cost of LiDAR, raw materials scarcity, and complexities in manufacturing processes impact adoption rates. To mitigate risks, research and development efforts are focused on prototyping investment and technological advancements, particularly in solid-state LiDAR, CMOS image sensors, and 3D mapping for object detection capabilities.
With increasing focus on autonomous vehicles and connected cars, government initiatives drive the demand for safer automotive systems and road accident reduction. Electric power steering (EPS) and adherence to fuel efficiency standards align with international safety measures, underscoring the importance of technological developments in self-driving systems and automobile sensors for enhanced vehicle performance and environmental sustainability.
The market report forecasts market research and growth by revenue at global, regional & country levels market forecast and provides a market analysis and report of the latest market trends and analysis and market growth analysis opportunities from 2017 - 2027.
Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2022 |
Historic period |
2017 - 2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 6.12% |
Market growth 2023-2027 |
USD 8.33 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
5.76 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 33% |
Key countries |
US, China, Japan, Germany, and UK |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Amphenol Corp., Aptiv Plc, Auto DITEX BG Ltd., Dorman Products Inc., Electricfil SA, Faurecia, Hitachi Ltd., Mitsubishi Electric Corp., Niterra Co. Ltd., NXP Semiconductors NV, PRENCO Progress and Engineering Corp. Ltd., Robert Bosch Stiftung GmbH, Schaeffler AG, Sensata Technologies Inc., Spectra Premium Industries Inc., TDK Corp., Tenneco Inc., Texas Instruments Inc., Toyota Motor Corp., and Walker Products Inc. |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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