New York, USA, Jan. 02, 2023 (GLOBE NEWSWIRE) -- The value of the automotive sensor market in 2022 was USD 24.3 billion and will be worth USD 74.42 billion by 2030 at a 13.6% CAGR. Factors driving the market expansion include the increasing need for sensors in hybrids and electric vehicles, increased pressure sensor application in the automotive sector, and a considerable rise in customized automotive electronic devices. Due to strict government regulations on the emissions of dangerous gases into the environment, the increase in demand for electric vehicles has been dramatically accelerated in recent years. In recent years, the industry expansion has also been significantly fuelled by public concern about safety and security.
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The Automotive Sensor Market Insights:
- On the basis of sensor type, the temperature automotive sensor segment ruled the entire market in 2021 with a 38.94% revenue share.
- In 2021, the passenger car segment held the market with a share of nearly 84.44% on the basis of vehicle type.
- The powertrain system segment maintained the largest market position with 28.76% revenue share in 2021 by application.
- In 2021, Asia Pacific ruled the regional market for automotive sensors with a 50.16% share.
Factors influencing the Automotive Sensor Market growth:
Factors like rising focus on driver safety and rising sales of automotive vehicles are fostering market expansion.
- Automakers are incorporating advanced sensors as safety units in their vehicles as a result of an increase in fatalities associated with traffic accidents. The need for automotive sensors is driven by growing efforts to build contemporary safety sensors to lower such incidence. Governments are also enforcing tight restrictions to guarantee auto driver safety.
- Automotive sensors are utilized to increase driver safety and comfort in luxury and commercial cars. In high-performance cars, automotive sensors improve performance and fuel economy. A rise in living standards and an increase in the manufacture of luxury automobiles will drive sales of automotive sensors. Commercial vehicles are now required to integrate safety sensors owing to government regulation, which will help the market expand. The market for automotive sensors will foster due to the rising need for adaptive cruise control systems (ACCS) in sedan cars and sports utility vehicles in American and European nations.
Automotive Sensor Market Segmentation Analysis
The market segmentation of automotive sensors is done on the basis of sensor type, vehicle type, application, and region.
Sensor Type:-
- Position and speed automotive sensors
- Temperature automotive sensors
- Mass airflow and inertial automotive sensors
- Pressure and gas automotive sensors
- Torque and viscosity automotive sensors
Vehicle Type:-
- Commercial Vehicles
- HCV (Heavy commercial vehicles)
- LCV (Light commercial vehicles)
- Passenger Cars
Applications:
- Chassis
- Powertrain Systems
- Vehicle Safety & Security
- Exhaust Systems
- Telematics Systems
- Emission Control
By Region
North America
- Mexico
- Canada
- The U.S.A.
Europe
- Germany
- Suomi
- France
- United Kingdom
- Italy
- Russia
- Spain
- Remaining Europe
Asia-Pacific
- Korea
- India
- Japan
- China
- Australia
- Rest of Asia-Pacific
LAMEA
- Africa
- The Middle East
- Latin America
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On the basis of sensor type, the temperature automotive sensor segment ruled the entire market in 2021 with a 38.94% revenue share. The temperature sensor is essential for making sure that the engine of the car runs within the appropriate temperature range and doesn't function over the warning level, which improves market position.
In 2021, the passenger car segment held the market with a share of nearly 84.44% on the basis of vehicle type. Automotive sensors are used in passenger cars to improve performance efficiency, decrease carbon emissions, & promote safety. This is driving market expansion internationally.
The powertrain system segment maintained the largest market position with 28.76% revenue share in 2021 by application. The huge number of sensors employed in the powertrain to track speed, gas, temperature, location, and pressure for safe and effective operation is mostly to blame. Furthermore, the development of automotive sensors for use in powertrains is driven by strict emission standards and fuel-efficiency guidelines established by governments of different nations.
In 2021, Asia Pacific ruled the regional market for automotive sensors with a 50.16% share. Increasing levels of disposable income drive the growth of the APAC market among customers and readily available, affordable labor for installing automobile sensors. It is also projected that the government's effort to speed up the installation of automotive sensors in vehicles for driving safety will aid market growth.
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Automotive Sensor Market Report Coverage
| Report Attribute | Details | |
| Forecast Period | 2021-2030 | |
| The market size value in 2021 | $23.3 Billion | |
| The revenue forecast in 2030 | $74.42 Billion | |
| Growth rate | 13.6% | |
| The base year for estimation | 2021 | |
| Historical data | 2017-2020 | |
| Unit | USD Billion, CAGR (2021 - 2030) | |
| Segmentation | By Sensor Type, By Vehicle Type, By Applications, By Region | |
| Based on Sensor Type | Temperature automotive sensors, Position and speed automotive sensors, Pressure and gas automotive sensors, Mass airflow and inertial automotive sensors, Torque and viscosity automotive sensors | |
| Based on Vehicle Type | Commercial Vehicles (LCV (Light commercial vehicles), HCV (Heavy commercial vehicles) | |
| Based on Applications | Vehicle Safety & Security, Powertrain Systems, Chassis, Telematics Systems, Exhaust Systems, Emission Control | |
| Based on Region | U.S, Mexico, Canada and Rest of North America | |
| Country Scope | U.S., Canada, France, Germany, U.K., China, Japan, India, South Korea, Mexico, Brazil, U.A.E. etc. | |
| Company Usability Profiles | AUTOLIV INC, Robert Bosch, Valeo, DENSO Corporation, Sensata Technologies, Continental AG, STMicroelectronics N.V., Delphi Automotive Company, Infineon Technologies AG, NXP Semiconductor. | |
Automotive Sensor Market key players :
- Robert Bosch
- AUTOLIV INC
- Valeo
- Delphi Automotive Company
- Infineon Technologies AG
- Continental AG
- DENSO Corporation
- Sensata Technologies
- STMicroelectronics N.V.
- NXP Semiconductor
Recent Developments
- On November 2022, In order to provide improved safety, performance, and data insights, Sensata Technologies developed a new Tire Mounted Sensor for vehicle and tire and vehicle OEMs.
- On November 2022, Renesas Electronics Corporation, a leading provider of advanced semiconductor solutions, entered the automotive radar market with a 4x4-channel, 76-81GHz transceiver designed to meet the requirements of ADAS and Level 3 and greater autonomous driving applications.
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