New York, Feb. 01, 2024 (GLOBE NEWSWIRE) -- The global automotive rain sensor market size is predicted to expand at ~6% CAGR between 2023 and 2033. The market is projected to garner a revenue of USD 11 billion by the end of 2033, up from a revenue of ~USD 5 billion in the year 2022.This growth in the market revenue is set to be influenced by rising demand for automotive. From roughly 65 million vehicles sold worldwide in 2021 to approximately 66 million in 2022, auto sales increased. As a result, the need for automotive rain sensors is also growing.
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Furthermore. the National Highway Traffic Safety Administration (NHTSA) reports that over 45% of weather-related car incidents happen due to rain. It might be challenging for drivers to distinguish between other automobiles during rainstorms. Windscreens can get filthy very quickly when rain mixes with road debris that other cars have stirred up. In light of this, it's crucial to always ensure that the windscreen wipers on your automobile are in working order. Hence, the market demand for automotive rain sensors is surging.
Rising Disposable Income to Boost the Growth of Global Automotive Rain Sensor Market
Both family spending and disposable income are predicted to increase by over 3% globally in 2022. Hence, the demand for automobiles is also surging. However, currently, more people prefer automotive with the latest technology owing to their rising standard of living owing to which the market demand for automotive rain sensors is estimated to reach the height. Furthermore, large investments have been made by a number of key players in order to deploy various systems in the vehicles taking into light the changing preferences of customers hence further boosting market demand.
Automotive Rain Sensor Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
Surging Demand for Connected Cars to Drive the Market Growth in Europe
The automotive rain sensor market in Europe is estimated to capture the highest revenue by the end of 2033. This growth of the market in this region is predicted to be influenced by rising demand for connected vehicles. Approximately 29 percent of the world's connected car fleet is now based in Europe. One area with a lot of potential for linked services is the European Union. Telecommunication equipment installed in connected automobiles allows the car to connect to networks and other in-car devices from outside the car. Therefore, the market demand is also set to experience upward movement in the region.
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Growing Urban Population to Influence the Market Growth in Asia Pacific
The Asia Pacific market in Asia Pacific is poised to have notable growth in the market over the coming years. This could be owing to the growing urban population. Over 2.2 billion people, or 54% of the world's metropolitan population, reside in Asia. Asia's urban population is predicted to increase by 50% by 2050, adding 1.2 billion new residents.
Automotive Rain Sensor, Segmentation by Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
The passenger cars segment is set to capture the highest revenue by the end of 2033. This growth of the segment is poised to be dominated by rising demand for passenger cars. Global sales of passenger cars reached over 56 million in 2022, an increase of almost 2 percent over the previous year.
Automotive Rain Sensor, Segmentation by Sales Channel
- Original Equipment Manufacturer (OEM)
- Aftermarket
The original equipment manufacturer (OEM) segment is predicted to have significant growth in the market over the forecast period. The main element to influence the segment growth is the rising production of automobiles. In 2022, over 84 million motor vehicles were built worldwide. This amounts to a rise of almost 5 percent when compared to the prior year.
A few of the well-known indsutry leaders in automotive rain sensor market that are profiled by Research Nester are Vishay Intertechnology, Inc., Tesla, Casco Schoeller GmbH, Ford Motor Company, Xenso, Denso Corporation, HELLA GmbH & Co. KGaA, ams OSRAM, Hamamatsu Group, Leopold Kostal GmbH & Co. KG, and others.
Recent Development in the Market
- A novel 4-quadrant silicon PIN photodiode for automotive use was unveiled by the Optoelectronics group in a conventional surface-mount package. Small signal detection for automotive rain and light sensors, industrial automation systems, laser beam alignment, and virtual reality applications is made possible by the AEC-Q101 approved device's linear photo response.
- Tesla recently announced a software upgrade that improved the automated wiper system. This update included a new deep neural net that was previously known as "Deep Rain."
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