New York, March 13, 2023 (GLOBE NEWSWIRE) -- The Global Automotive Sensor Market was valued at around USD 21.4 billion in 2022 and is expected to reach approximately USD 55 billion in 2032, growing at a CAGR of slightly above 10.1% between 2023 and 2032. Vehicle sensors are essential components made to sense, transmit, resolve, record, and display information about the vehicle's performance in the vehicle's internal and external environments. There is a rising popularity of vehicle automation and global demand for connected cars. This results in demand for automotive sensors which is anticipated to rise significantly over the forecast period.
To get additional highlights on major revenue-generating segments, Request a Global Automotive Sensor Market sample report at https://market.us/report/automotive-sensor-market/request-sample/
Key Takeaway:
- By Type, 2022, the Pressure Sensors segment has generated the highest revenue share in 2022.
- By Vehicle Type, the Passenger Car segment has dominated the market and it is growing at a significant rate over the forecast period 2023 to 2032.
- In 2022, Asia-Pacific Region dominated the market with the highest revenue share of 46.8%.
- Europe Region has held the second position in revenue share in 2022.
- Europe will grow at a significant rate from 2023-2032.
Miniaturization and enhanced communication capabilities are widely being adopted. This makes it possible for sensors to be integrated into vehicles without affecting their fundamental functionality. These are the primary trends that are driving the global market for automotive sensors. Expanding interest in auto security and insurance is the principal factor driving the market development.
Factors affecting the growth of the Automotive Sensor industry
Several factors can affect the growth of the Automotive Sensor industry. Some of these factors include:
- Rising Disposable Income: The rise in disposable income in developing countries such as India, Latin America, and South-East Asia resulted in an increase in demand for medium-duty transportation vehicles.
- Increase In Autonomous features: Increase in autonomous features in commercial vehicles is expected to develop rapidly over the coming years.
- Vehicle Sensor features: The vehicle sensor features provide safety, security, and telematics which will result in lucrative growth of the market.
- ADAS Sensors features: The ADAS sensor includes Airbags, Rain, Tire, Ultrasound, and much more to provide safety to the vehicles
To understand how our report can bring a difference to your business strategy, Inquire about a brochure at https://market.us/report/automotive-sensor-market/#inquiry
Top Trends in Global Automotive Sensor Market
The automotive sensors market will grow due to the increasing acceptance of hybrid and electric vehicles and consumer awareness about the conveniences and benefits of using sensors. This will lead to a greater number of vehicles around the world. There are clear benefits to hybrid electric vehicles in terms of lower CO2 emissions and higher efficiency as well as lower maintenance costs. Due to the rapid integration of security systems into vehicles, the demand for and use of sensors will rise significantly in North America and Europe during the forecast period.
These vehicles are becoming more popular, which has led to a rise in demand for automotive sensors. The global automotive sensor market is driven by key trends such as miniaturization and enhanced communication capabilities, which allow integration into vehicles without affecting the vehicle's fundamental functionality. The global market is also driven by the growing demand for the safety and protection of vehicles. Growth will be supported by the implementation of strict emission standards to reduce CO2 emissions and the increasing demand for safety- and comfort.
Market Growth
Due to increasing safety standards and increased awareness about vehicle safety, autonomous features in commercial vehicles will likely develop quickly. In developed countries, features like cruise control and lane departure warning are required in all vehicles. Blind spot monitoring, in particular, is regulated in Europe.
The market is predominantly driven by the adoption of advanced technologies in the automotive sector.
Regional Analysis
Asia Pacific dominates the market in 2022. This region will enjoy a substantial revenue share of 46.8%, and it is expected to experience lucrative growth over the next few years. This is due to the growing demand for cars with improved security and increased sales in the region. Sensor technology has greatly benefited from the large regional consumer base and push for the green revolution.
European standards for passenger vehicle safety and fuel efficiency are very strict. Due to environmental concerns, safety regulations for commercial vehicles are also becoming more stringent. Safety features like tire pressure monitoring, hazard detection, and warning systems have become mandatory for vans, trucks, and buses since 2022. These factors will increase demand for European automotive sensors over the forecast period.
North America is poised for significant market growth. This is due to rising EV sales and the early adoption of technology for the development of automotive sensors.
Competitive Landscape
Robert Bosch and Denso Corporation, which hold more than 25% of the market share, are currently working together to consolidate their market position. Robert Bosch and Denso Corporation are both global businesses with offices across the globe. To outpace market growth, they have used strategies such as mergers and acquisitions. A significant number of market players have adopted product development and advancement as a growth strategy to protect their market position.
Robert Bosch GmbH, DENSO Corporation, and Infineon Technologies AG are some of the key players in the global market. The advancements in the latest technology have increased over the past few years. Steer-by-wire systems, for example, use high-resolution sensors made by companies like Allegro Microsystems, Elmos, and Infineon.
Driver awareness algorithms can combine steering sensor data with other information such as turn signals and mileage to alert drivers when drowsiness levels exceed certain thresholds. Nearly 20% of traffic accidents are caused by driver fatigue. To increase marketability for automakers, sensor developers, particularly Tier 1 suppliers, might increase their R&D funding.
Have Queries? Speak to an expert or To Download/Request a Sample, Click here.
Scope of the Report
| Report Attribute | Details |
| Market Value (2022) | USD 21.4 billion |
| Market Size (2032) | USD 55 billion |
| CAGR (from 2023 to 2032) | 10.1% from 2023 to 2032 |
| Asia-Pacific Revenue Share | 46.8% |
| Europe Revenue Share | 24.4% |
| Historic Period | 2016 to 2022 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2032 |
Market Drivers
Recently, the demand for medium-duty transport vehicles has grown due to rising disposable income. Developing countries such as India, South-East Asia, and Latin America. South Africa, Turkey, and Thailand are known for having strong vehicle assembly plants that can support both their local markets and export abroad. Automakers' R&D investments are being driven by consumer demands for greater product variety, better safety standards, and lower costs - leading to more mid-sized cars that are fuel efficient and electrified - thus increasing the need for powertrain sensors.
The development of autonomous features in commercial vehicles is expected to accelerate due to stricter regulations and safety tests. This is especially true in emergency brake assistance as well as increased awareness about safety. Features like cruise control, lane departure warning, and blind spot monitoring are all mandatory in developed nations.
Vehicles require long-range radar sensors in order to use adaptive cruise control. There are also two rear-facing medium-range radar sensors that can detect blind spots. Additional functions like parking assistance may need up to 12 ultrasonic sensors. As autonomous driving capabilities become more widespread, high-precision sensors may become increasingly commonplace.
Market Restraints
Current sensors lack a wide signal bandwidth and measurement range. This makes it difficult to differentiate system signals from noises such as road obstructions. Furthermore, tracking moving objects during adverse weather conditions like rain or snowstorms becomes even more challenging. Due to these constraints, market growth for automotive sensors could potentially be curtailed.
Due to their small production volumes, it is impossible to reduce the cost of sensors for driver assistance systems. This is also due to their high price point. Automotive sensors tend to be too expensive for mass consumption, making them inaccessible to many potential buyers, which ultimately limits market expansion opportunities. LIDAR sensors cost more than radar ones in AVs due to their use of rare earth metals.
Market Opportunities
Automotive sensors are growing because of the rising demand for vehicles and strict government regulations to reduce CO2 emissions. Advanced technology has enabled electric vehicles to be electrified. Many countries are replacing internal combustion engines with electric vehicles. This has increased the need for sensors in electric cars. The automotive sensors required for electric vehicles are far more than those that run on gasoline. With the increasing electrification of automobiles, the demand for automotive sensors is growing.
Grow your profit margin with Market.us - Purchase This Premium Report at https://market.us/purchase-report/?report_id=13982
Report Segmentation of the Automotive Sensor Market
Type Insight
The market can be divided into pressure sensors, temperature sensors, motion sensors, speed sensors, and gas sensors. Pressure sensors play a significant role in engine operation and safety. They send digital signals for the rapid deployment of airbags. Furthermore, air pressure sensors control ignition advance angle to enhance performance. These factors have contributed to this segment's growth.
Automakers will first implement speed sensors to enhance vehicle safety. Speed has been identified as the leading cause of car accidents worldwide, This prompts demand for speed sensors due to an uptick in accidents caused by speed.
The temperature sensor market is expected to experience positive growth over the forecast period. These sensors monitor water, engine oil, and fuel temperature as well as transmission oil and exhaust gas temperatures. This helps ensure your engine runs optimally throughout its lifetime.
Vehicle Type Insight
The market can be divided by vehicle type into passenger cars or commercial vehicles. At 62.8%, the market share for automotive sensors was held by the passenger cars segment. Different types of sensors are required for passenger cars to monitor temperature and emission, send signals to the engine control units, set the ignition timing, achieve accurate fuel delivery, and control air mass flow to coolant and oxygen.
The passenger car market is expected to have the largest share due to increased consumer demand for safer and more environmentally-friendly vehicles. Sensors in passenger cars are more important than ever, because of the increasing demand for personal mobility and fuel efficiency.
Due to increased safety awareness and compliance with government regulations, the commercial vehicle segment will experience a significant growth rate over the forecast period.
Application Insight
In 2022, the largest share of the global automotive sensor market's revenue went to powertrains. Earning segment in the global automotive sensors market was the powertrain in 2022. This is due to the many sensors that monitor speed, position, temperature, pressure, and throttle for safe and efficient operation. The growth of automotive sensors in powertrain applications is also driven by stringent emission regulations and fuel economy standards in different countries. To meet emission regulations and maximize fuel efficiency, digital control units must collect analog temperature/pressure information from vehicles. Sensors optimize vehicle fuel economy by analyzing engine data and optimizing fuel economy according to vehicle needs.
Additional ADAS sensors include rain, tire pressure, and ultrasound. These factors will drive growth in this market over the forecast. These components monitor crucial functions such as steering and acceleration. In the next few years, chassis segments will likely adopt these components as they place more emphasis on vehicle maneuverability.
Safety, security, and telematics are all areas that offer great growth opportunities. The rise in traffic accidents over the past few years has forced automakers into making their vehicles safer. Traffic accidents are the leading cause of death, according to the World Health Organization.
Recent Development of the Automotive Sensor Market
- STMicroelectronics introduced a hybrid sensor to monitor the vehicle's interior in September 2022 as part of its highly innovative car safety and comfort system. 3D Stacked B.S.I. / S.T. Backside Illuminated (B.S.I.) Wafer Technology's new vehicle image sensors optimize the vehicle's optical section as well as on-chip processing. This eliminates the need to use an external coprocessor and allows the sensor's complex algorithms to be properly executed to obtain the best NIR (near infrared) automotive imaging performance.
- In order to achieve higher levels of automated driving, Valeo will equip passenger and commercial vehicles in 2022 with the revolutionary SCALA LiDAR sensor. The sensor is made in Germany in the company's own factory in Wemding. Valeo Wemding is a pioneer in the development and production of driving assist sensors. He was instrumental in developing the ultrasonically-advanced sensor that can be used to park automatically. This factory has produced over 500 million of these sensors to date. Over the years, the organization produced many types of automotive sensors. Lately, it has been producing front-facing cameras and domain controllers as well as LiDAR sensors.
For more insights on the historical and Forecast market data from 2016 to 2032 - download a sample report at https://market.us/report/automotive-sensor-market/request-sample/
Market Segmentation
By Type
- Temperature Sensors
- Pressure Sensors
- Motion Sensors
- Speed Sensors
- Gas Sensors
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Application
- Powertrain
- Chassis
- Exhaust
- Security
- Telematics
- ADAS
By Geography
- North America
- The US
- Canada
- Mexico
- Western Europe
- Germany
- France
- The UK
- Spain
- Italy
- Portugal
- Ireland
- Austria
- Switzerland
- Benelux
- Nordic
- Rest of Western Europe
- Eastern Europe
- Russia
- Poland
- The Czech Republic
- Greece
- Rest of Eastern Europe
- APAC
- China
- Japan
- South Korea
- India
- Australia & New Zealand
- Indonesia
- Malaysia
- Philippines
- Singapore
- Thailand
- Vietnam
- Rest of APAC
- Latin America
- Brazil
- Colombia
- Chile
- Argentina
- Costa Rica
- Rest of Latin America
- Middle East & Africa
- Algeria
- Egypt
- Israel
- Kuwait
- Nigeria
- Saudi Arabia
- South Africa
- Turkey
- United Arab Emirates
- Rest of MEA
Key Market Players
- Robert Bosch GmbH
- DENSO Corporation
- Infineon Technologies AG
- NXP Semiconductor
- ST Microelectronics
- Valeo
- Continental AG
- Sensata Technologies
- Delphi Automotive Company
- Texas Instruments Incorporated
- Elmos Semiconductor
- Other Key Players
Browse More Related Reports:
- Automotive mass air flow sensors market was valued at US $ 12.82 Mn. in 2020. Automotive Mass Air Flow (MAF) Sensors Market size is estimated to grow at a CAGR of 3 %.
- Image Sensors Market is expected to grow at a CAGR of roughly 8.1%. It will reach USD 55.8 Bn in 2032, from USD 26.1 Bn in 2022.
- Automotive Cabin Air Quality Sensor Market is valued USD 379.16 Mn and is expected to be reach USD 1233 Mn in 2032, with a CAGR 14 %.
- Automotive-hvac-sensors-market is expected to grow at a CAGR of 6.5% from 2022 to 2030
- Lidar market was worth USD 1.6 billion in 2021. It is expected to reach USD 4.26 billion at a compound annual growth rate (CAGR) of 9.3% between 2023 and 2032.
- Light duty vehicle market was worth USD 635.82 million. It is projected to grow at 9.5% between 2023 and 2032.
About Us:
Market.US (Powered by Prudour Pvt Ltd) specializes in in-depth market research and analysis and has been proving its mettle as a consulting and customized market research company, apart from being a much sought-after syndicated market research report-providing firm. Market.US provides customization to suit any specific or unique requirement and tailor-makes reports as per request. We go beyond boundaries to take analytics, analysis, study, and outlook to newer heights and broader horizons.
Follow Us on LinkedIn | Facebook | Twitter
Our Blog:
