NEW YORK, March 17, 2020 (GLOBE NEWSWIRE) -- In 2019, the global automotive sensors market share reached a value of $25,723.8 million and is expected to generate a revenue of $58,215.3 million in 2030, witnessing a 7.4% CAGR during the forecast period (2020–2030). On the basis of application, the powertrain application accounted for the largest volume share of the market in 2019. This is because of the greater utilization of these sensors in transmission, engine, and alternator of the traditional internal combustion engine vehicles.
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The advanced driver-assistance system (ADAS) application is predicted to grow at the fastest pace during the forecast period in the automotive sensors market. At the present time, ADAS sensors find applications in level 1, 2, and 3 autonomous cars. The requirement for these sensors is projected to increase because of the introduction of level 4 and level 5 autonomous vehicles in 2023 and 2025, respectively.
The growing adoption of ADAS sensors is a major driving factor of the automotive sensors market. These sensors are becoming more and more important for vehicles due to the rising adoption of autonomous vehicles. Autonomous vehicles have various functions including eye tracking, natural language interface, driver monitoring, gesture recognition, and virtual assistance, which are highly dependent on enhanced automotive sensors. Furthermore, the development of ADAS, including driver condition evaluation systems, radar-based detection units, camera-based machine vision systems, and sensor fusion engine control units, is creating increasing demand for these sensors.
Browse report overview with 214 tables and 78 figures spread through 244 pages and detailed TOC on "Automotive Sensors Market Research Report: Global Industry Share, Size, Growth and Demand Forecast to 2030" at: https://www.psmarketresearch.com/market-analysis/automotive-sensors-market.
In terms of type, the optical sensors division is predicted to advance at the fastest pace during the forecast period in the automotive sensors market. This is because, the application area of these sensors is projected to expand with the rising adoption of autonomous vehicles in the coming years. Based on technology, micro-electromechanical system is expected to register the higher CAGR during the forecast period, which is ascribed to its higher efficiency, lower cost, and smaller size.
On the basis of vehicle type, the passenger car category held the larger share of the automotive sensors market in 2017. In this category, the faster growth is predicted to be registered by the alternative fuel car subcategory due to the increasing penetration of electric cars in primary automobile producing countries around the world. Geographically, Asia-Pacific accounted for the largest revenue share of the market during the historical period and is further predicted to register the highest CAGR during the forecast period.
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A key trend in the automotive sensors market are technological advancements. For example, the concept of sensor fusion is gaining traction in the automotive industry. The intent of this technology is to combine the best information from each of the sensor systems installed in the vehicle. In addition to this, the growing installation of electronic devices in vehicles has increased the requirement for several automobile sensors for engine management systems, heating, ventilation, & air conditioning systems, and other application areas.
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