Automotive Sensors Market Trends and Growth – 2024

Posted on 2019-08-15 by P&S Intelligence in Automotive, Software, Technology, Transportation & Logistics // 0 Comments

The global automotive sensors market is anticipated to observe significant growth in the coming years on account of the increasing vehicle electrification, rising motor vehicle production, and growing implementation of stringent regulations with respect to vehicular emissions. In addition, the growing consumer concerns over vehicle safety and security are playing a major role in boosting the installation of sensors in automobiles.

The research scope of the report primarily includes temperature sensors, position sensors, pressure sensors, NOx sensors, oxygen sensors, speed sensors, image sensors, and inertial sensors. Among these, position sensors accounted for the largest share in the automotive sensors market during the historical period owing to the increased installation of these sensors for window and seat position sensing in economy cars. The increased production of economy cars in recent years has contributed significantly to the market growth of this category.

Based on vehicle type, the automotive sensors market is classified into passenger car, light commercial vehicle (LCV), and heavy commercial vehicle (HCV). Passenger cars account for the largest share in the production of automobiles, globally. Supported by this factor, the category accounted for about 75% share in the market in 2017. Sensors when installed in passenger cars help improve the car performance in addition to contributing to safety enhancement and emission reduction. The growing demand for passenger cars with high safety levels has, thus, boosted the demand for automotive sensors, particularly in developing economies including India, China, and Brazil, where the market for automobiles is rapidly growing.

Geographically, Asia-Pacific (APAC) held the largest share in the automotive sensors market during the historical period. Increasing purchasing power of consumers, growing demand for more fuel-efficient vehicles, and rapid development in infrastructure are the key factors that have contributed to the market growth in the APAC region. Globally, China leads the automotive industry and is anticipated to continue dominating the automotive production in the coming years as well. Moreover, due to the heavy demand for passenger and commercial vehicles in the APAC region, numerous automotive players have started expanding their operations in the regional market.

Consumer anxiety over vehicle security and safety, coupled with increasing electrification in the automotive industry, is driving the growth of the automotive sensors market, globally. According to a report released by the World Health Organization in 2018, around 50 million people get injured and over 1.25 million people die in road accidents every year. Thus, the growing concerns related to the increasing incidence of road accidents have impelled governments in many countries to take initiatives to encourage safe driving.

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Some of the key players operating in the global automotive sensors market are Robert Bosch GmbH, Continental AG, Aptiv PLC, DENSO Corporation, Infineon Technologies AG, Sensata Technologies Inc., Allegro Microsystems LLC, Analog Devices Inc., CTS Corporation Inc., Autoliv Inc., NXP Semiconductors N.V., STMicroelectronics N.V., Panasonic Corporation, Micronas GmbH, and ZF Friedrichshafen AG.

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