The global automotive sensors market is projected to grow at a CAGR of 10.72% to reach US$49.055 billion by 2027, from US$24.048 billion in 2020. Automotive sensors are components or devices that are used to process information, monitor, and control the proper functioning of different aspects or different components in automobiles. The automobile sensors can facilitate different functions such as sensing oil pressure, sensing temperature, sensing the wheel speed, sensing the proximity of obstacles in the path of the vehicle, tyre pressure monitoring, and airflow into the intake valve, among a plethora of other functions. Ultrasonic waves are used by automotive sensors, either through radar or image sensors. The sensors can provide the sensed data for processing while also providing real-time information about the situation and condition right now. After processing, the electronic control module determines how to respond to the circumstance and what actions are necessary.
People's inclination to purchase autos is rising along with their disposable income. As a result, there is an increase in the demand for automobiles, which drives up automakers' need for automotive sensors and fuels a surge in the market's growth throughout the projection period. Moreover, with the increasing concern of people to have vehicles that are advanced and can mitigate any problem that might cause damage to the vehicles and their occupants, the market for automotive sensors is expanding as a result of the rising demand for these sensors.
However, the high expense of manufacturing some of these automotive sensors and the inability to fit some sensors that are only present in high-end vehicles, which are not affordable by a majority of the population, is a factor that will restrain the growth of the market to some extent.
Furthermore, the market provides enormous opportunities for automakers and sensor manufacturers to upgrade sensing technologies, reduce sensor size, and lower R&D costs for advanced applications such as telematics, autonomous vehicles, and heads-up displays, among others, which will act as a growth opportunity for the market during the forecast period. The automotive sensors market has been divided into segments based on geography, distribution channel, vehicle type, and sensor type. By sensor type, the market has been segmented as a wheel speed sensor, temperature sensor, pressure sensor, position sensor, and others. By, vehicle type, the market has been segmented into passenger vehicles and commercial vehicles. Market segments by distribution channel include OEMs and aftermarkets.
The Wheel Speed Sensor accounts for the majority of the share by sensor type.
Wheel speed sensors are anticipated to have a sizable share of the market by sensor type for the reason that these sensors are vital for the functioning of safety features like ABS and EBD, which require the measurement of the speed of the wheels to take action. In conjunction, the government is also taking steps to make ABS mandatory in all vehicles, which would contribute to the increase in the market share of wheel speed sensors. Due to the fact they are capable of detecting any temperature rise that occurs in the environment, temperature sensors are indeed anticipated to have a gain in market share throughout the projection period, vehicle and take action to stop the damage from occurring to vehicle components.
OEMs dominate the distribution channel segment.
OEMs are estimated to hold a significant market share as most of the sensors that are present in the vehicles these days are offered in the vehicles manufactured themselves, If users so choose, they can add more sensors through aftermarket installation to their vehicles.
Geographically, it is projected that considerable market shares are accounted for by North America and the Asia Pacific.
Based on geography, Asia Pacific is expected to hold a healthy market share owing to the increasing automobile production in countries such as China and India. Additionally, two of the key centres for the production of automobile components are China and India.
Robert Bosch GmbH, STMicroelectronics, Delphi Auto Parts, STMicroelectronics, Continental AG, TGS GROUP, and Murata Manufacturing Co., Ltd. are a few of the significant firms discussed in this study.
The onset and widespread of the pandemic had a severe impact on the market for automotive sensors, which led to a decline in demand. Major manufacturers closed their factories, disrupting the supply chain and perhaps hindering market expansion. The COVID-19 outbreak has caused significant problems for the world economy. The overall pandemic scenario has had an effect on the automotive sensors industry through the export of Chinese parts, a stop in production, and the closing of the facilities where the parts are assembled. However, it fully depends on the scope and gravity of the pandemic as well as the choice made by the governments regarding the lockdown period. The epidemic has affected market relationships, R&D partnerships, and collaborations. The decreasing market demand will have a significant impact on the manufacture of automobiles. The pandemic is most likely to harm the rise in demand for new cars, and it is unlikely that this situation will improve any time soon. The automotive sensors market outlook is directly impacted by all of these unfavourable pandemic consequences on the automotive industry.
|Market Size Value in 2020||US$24.048 billion|
|Market Size Value in 2027||US$49.055 billion|
|Growth Rate||CAGR of 10.72% from 2020 to 2027|
|Forecast Unit (Value)||USD Billion|
|Segments Covered||Sensor Type, Vehicle Type, Distribution Channel, And Geography|
|Regions Covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies Covered||Robert Bosch GmbH, STMicroelectronics, Delphi Auto Parts, Texas Instruments Incorporated, DENSO CORPORATION, NXP Semiconductors N.V., TE Connectivity, Sensata Technologies, Inc, Continental AG, TGS GROUP, Murata Manufacturing Co., Ltd., CTS Corporation, Infineon Technologies AG, Hitachi High-Technologies Corporation, Analog Devices, Inc.|
|Customization Scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What is the size of the automotive sensors market?
A1. Automotive Sensors Market was valued at US$24.048 billion in the year 2020.
Q2. What will be the automotive sensors market size by 2027?
A2. The global automotive sensors market is projected to reach a market size of US$49.055 billion by 2027.
Q3. What are the growth prospects for the automotive sensors market?
A3. The automotive sensors market is projected to grow at a CAGR of 10.72% over the forecast period.
Q4. Who are the major players in the automotive sensors market?
A4. Some of the major players in the automotive sensors market are Robert Bosch GmbH, STMicroelectronics, Delphi Auto Parts, Texas Instruments Incorporated, DENSO CORPORATION, NXP Semiconductors N.V., and TE Connectivity, among others.
Q5. Which region holds the largest share in the automotive sensors market?
A5. The Asia Pacific is expected to hold a healthy share in the automotive sensors market owing to the increasing automobile production in counties such as China and India.
Robert Bosch GmbH
Delphi Auto Parts
Texas Instruments Incorporated
NXP Semiconductors N.V.
Murata Manufacturing Co., Ltd.
Infineon Technologies AG
Hitachi High-Technologies Corporation
Analog Devices, Inc.
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