The global automotive sensors market size is expected to register a considerable CAGR during the forecast period, 2021–2028. The growth of the market is attributed to the rising popularity of vehicle automation and growing demand for connected automobiles worldwide.
Automotive sensors are vital components of a vehicle primarily designed to detect, transmit, analyze, record, and display data about the vehicle's internal & exterior environments. The automotive sensors are crucial parts of various types of vehicles including passenger, commercial, and personal cars to avoid any unwanted incidences happened to the vehicles.
Wide adoption of such sensors ultimately helps to prevent road accidents as many technologies are designed to warn or alert drivers about possible dangers that might cause severe damage to vehicles as well as put the lives of people who are onboard the vehicles in danger.
In 2020, the Covid-19 pandemic outbreak had a severe consequence on the market due to the harsh impact of the pandemic on the automotive industry. The pandemic has resulted in lowering the demand for car sensors due to prolonged shut down of the manufacturing units of the automotive industry. As a result, during the first half of 2020, the market growth had been largely dipped and the trend lasted until the first quarter of 2021. However, the increased production volume of passenger cars especially hybrid electric vehicles in the second & third quarters of 2021 present a key reason to drive up demand for automotive sensors.
Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for the expansion of communication capabilities for vehicles due to wide penetration of the Internet is a primary factor driving the market.
- Wide incidences of road accidents as well as rising need for safety and security in vehicles are projected to boost the market in the coming years.
- Strict government regulations to improve safety gears and rising number of owing private vehicles due to increasing disposable income present another key factors for the market expansion.
- High price of fully-automated cars as more sensors are equipped and installed acts as a major hurdle that can hamper the market growth.
- Trend of urbanization and stable economic conditions across countries especially in major economies of developing countries are likely to provide lucrative growth opportunities of the market.
Scope of the Report
The report on the global automotive sensors market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Automotive Sensors Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Types (Pressure, Temperature, Inertial Speed, Magnetic, Gas, and Level/Position), Applications (Telematics Powertrain, Vehicle Security Systems, and Body Electronics), and Vehicle Types (Commercial Vehicles, Passenger Cars, and Motorcycles)
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Regional Scope
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North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Continental AG; Texas Instruments Incorporated; TE Connectivity Ltd.; Sensata Technologies Holding PLC; and NXP Semiconductors NV
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Market Segment Insights
Pressure segment is expected to grow at a rapid pace
Based on types, the automotive sensors market is divided into pressure, temperature, inertial speed, magnetic, gas, and level/position. The pressure segment is expected to grow at a rapid pace during the forecast period as engines safety of vehicles are increasingly relied on pressure sensors. Whenever the accelerator or brake pedals are pressed, the sensors within the engine monitor the oil and coolant pressures that allow to control the power delivered by the engine to reach the desired speed.
Furthermore, pressure sensors are important components of the anti-lock braking system (ABS). This technology responds to the road surface and guarantees that tires do not lock and the car does not slide when stopping at high speeds. The ABS processor is informed of the road conditions as well as the vehicle's speed through pressure sensors. Furthermore, once a vehicle encounters a collision impact, airbag systems employ pressure sensors to deploy airbags and protect the safety of the passengers and driver.
Vehicle security systems segment to expand at a considerable CAGR
On the basis of applications, the market is segregated into telematics powertrain, vehicle security systems, and body electronics. The vehicle security systems segment is projected to expand at a considerable CAGR during the forecast period owing to the increasing use of the safety and control systems in vehicles.
Previously, safety systems were only found in luxury automobiles; however, automakers have begun to include safety & control systems in all types of vehicles to ensure safety and reduce the chance of meeting accidents. As a result, rising demand for safety & convenience features in all vehicle types, tight vehicle safety requirements from regulatory policies throughout the world, and increased need for autonomous vehicles are some of the important reasons that help to drive up demand for automotive sensors.
Passenger cars segment is anticipated to account for a major market
On the basis of vehicle types, the automotive sensors market is segmented into commercial vehicles, passenger cars, and motorcycles. The passenger cars segment is anticipated to account for a major market share during the forecast period due to strict government regulations to minimize the chance of accidents and save people lives. High-value sensing modules such as RADAR, image, and LIDAR are being rapidly integrated into automobile systems to ensure safety functioning of the vehicles.
In the long run, the introduction of electric cars is expected to drastically alter the dimension of pressure and magnetic sensors in automobiles. With more electric automobiles on the road, fewer pressure sensors are likely and a boom in magnetic sensors for battery monitoring, location, and detection of moving parts are possible.
North America is anticipated to constitute a key market share
In terms of regions, the market is classified as North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. North America is anticipated to constitute a key market share in the coming years owing to early adoption of advanced technology for sensors in the automotive industry. Strict government policies towards the safety of the passengers and wide investment in R&D programs to develop innovative sensors present another key factors for the regional market growth.
Segments
The automotive sensors market has been segmented on the basis of
Types
- Pressure
- Temperature
- Inertial Speed
- Magnetic
- Gas
- Level/Position
Applications
- Telematics Powertrain
- Vehicle Security Systems
- Body Electronics
Vehicle Types
- Commercial Vehicles
- Passenger Cars
- Motorcycles
Regions
- North America
- Asia Pacific
- Europe
- Latin America
- Middle East & Africa
Key Players
Competitive Landscape
Key players competing in the global automotive sensors market are Continental AG; Texas Instruments Incorporated; TE Connectivity Ltd.; Sensata Technologies Holding PLC; and NXP Semiconductors NV. Some of these players are progressively investing in R&D initiatives and forming strategic alliances with other leading technology companies to ensure competitive edge in the market.
Wabco Holdings Inc., for example, signed a Memorandum of Understanding (MoU) with Valeo in September 2018. As per the deal, Valeo agreed to offer WABCO with sophisticated short and mid-range sensors, including 77GHz radar and solid-state LiDAR, in order to develop and industrialize the next generation of Advanced Driver Assistance Systems (ADAS). The technology is a crucial building block for vehicle autonomy and the first application to leverage Valeo's sensor technology is WABCO's OnCityALERT. Even in low-visibility situations, OnCityALERT technology can help drivers to continuously monitor blind-spots on the passenger side of the car.
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