Pune, India, Jan. 25, 2022 (GLOBE NEWSWIRE) -- The global automotive rain sensor market size is expected to reach USD 6.82 billion by 2028, exhibiting a CAGR of 6.4% during the forecast period. The market was valued at USD 4.23 billion in 2020 and reached USD 4.42 billion in 2021. Rising car sales and increasing awareness regarding driver safety are expected to boost the market development. Fortune Business Insights™ provides this information in its report titled “Automotive Rain Sensor Market, 2021-2028.”
Automotive rain sensors detect rain on the windshield by using an LED light. As lesser light hits the sensors, signals are immediately transmitted to the control module, activating the vipers. Rising per-capita income and evolving buying preferences lead to the adoption of cars, which, in turn, may increase the sensor’s adoption. Furthermore, rising awareness regarding driver safety may fuel the adoption of advanced safety systems among consumers. The incorporation of sensors protects drivers from accidents and ensures driver safety. These factors are likely to fuel the market’s growth in the upcoming years.
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Industry Development
- June 2021: Lincoln, a brand operating under Ford Motors Company, announced its vehicle portfolio's electrification till 2030. Lincoln expects to transform half of its vehicle offerings to be fully emission-free and assist Ford’s planned investment of USD 30 billion by 2025.
COVID-19 Impact
Supply Chain Disruptions to Negatively Affect Market Growth
This market is expected to be negatively affected during the pandemic because of the supply chain disruptions caused by the lockdown. Rising COVID-19 patients led to the adoption of stringent lockdown measures, which negatively affected the market. Despite relaxations, lack of resources, closure of companies, lack of raw material supply, and the global semiconductor shortage led to disruptions in supply chain activities. However, governments invest heavily in developing safety features in automobiles, thereby facilitating market development. The emergence of several small companies and the adoption of production machinery may enable manufacturers to meet demand and recover costs. These factors are likely to boost market growth during the pandemic.
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 6.4% |
| 2028 Value Projection | USD 4.42 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 4.23 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 125 |
| Segments covered | Vehicle Types and Geography |
| Growth Drivers | High Cost of Sensors to Limit Market Growth |
| Rising Automotive Sales Globally Will Drive Market Growth | |
| Raw Material Ecosystem Collapsed And Key Operating Players’ Revenue Declined Due To COVID-19 |
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Drivers and Restraints
Rising Adoption of Electric Vehicles to Bolster Market Growth
Evolving consumer preferences fuel the adoption of luxury cars, thereby boosting the sensor’s demand. Improving living standards and the rising demand for safety features in automobiles are expected to boost demand for automotive rain sensors. Furthermore, stringent government regulations regarding road safety are expected to boost automotive rain sensors' demand. Furthermore, the rising adoption of the sensors in electric vehicles is expected to boost the sensor’s adoption. Moreover, major companies incorporate these sensors in vehicles to improve safety and expand their manufacturing plants. For example, Denso is expanding its Hokkaido plant to increase semiconductor production. These factors are likely to drive the automotive rain sensor market growth.
Regional Insights
Increased Vehicle Production to Foster Market Development in Europe
Europe is expected to dominate the automotive rain sensor market share because of increasing vehicle production. The market in Europe stood at USD 1.68 billion in 2020 and is expected to hold the largest portion of the market in the upcoming years. In addition, rising automobile sales and rising technological advancements are expected to boost sales. These factors are likely to propel industry development.
In Asia Pacific, rising preference for personal mobility and rising adoption of automobiles is expected to boost sales. Further, the rising adoption of electric vehicles and stringent government initiatives are expected to boost the market growth in the region.
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Competitive Landscape
Prominent Companies to Launch Innovative Products to Improve Brand Image
Prominent companies operating in the market announce innovative products to attract consumer demand and improve their brand image. For example, the optoelectronic group of Vishay Intertechnology announced the first of its kind four-quadrant silicon PIN photodiode for automotive applications in December 2020. The silicon combines high photosensitivity with an extremely low 0.1% crosstalk. The sensor has virtually no tolerance between its segments. The launch of this product shall enable the company to satisfy consumer demand and improve its brand image. In addition, the adoption of expansion strategies may enable companies to reach a wider audience and improve their market position.
Segments
By vehicle type, the market is segmented into heavy commercial vehicle, light commercial vehicle, and passenger car.
Geographically, it is clubbed into North America, Europe, Asia Pacific, and the rest of the world.
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List of Key Players Profiled in this Market Report
- HELLA GmbH & Co. KGaA (Lippstadt, Germany)
- Hamamatsu Photonic K.K (Hamamatsu City, Japan)
- KOSTAL Automobil Elektrik GmbH & Co. KG (Lüdenscheid, Germany)
- Melexis (Leper, Belgium)
- Xenso (Selangor, Malaysia)
- Casco (Frankfurt, Germany)
- Denso Corporation (Aichi, Japan)
- Valeo SA (Paris, France)
- Vishay Intertechnology Inc. (Pennsylvania, U.S.)
- Ford Motor Company (Dearborn, Michigan, U.S.)
Major Table of Contents:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Distribution Analysis
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Technological Developments
- Impact of COVID-19
- Who Supplies Whom by OEM & Region
- Global Automotive Rain Sensor Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Automotive Rain Sensor Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Market Analysis – By Country
- U.S.
- Canada
- Mexico
- Europe Automotive Rain Sensor Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Market Analysis – By Country
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific Automotive Rain Sensor Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Market Analysis – By Country
- China
- Japan
- India
- 8.4.4. South Korea
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- Rest of Asia Pacific
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TOC Continued……..
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