Automotive Sensor Market to cross a valuation of US$ 56.29 billion by 2027

Oklahoma, Perkins, 2022-Dec-08 — /EPR Network/ —The global automotive sensor market was valued at USD 37 billion in 2020 to USD 56.29 billion by 2027, at a CAGR of 18.28% from 2021 to 2027. The automotive industry has expanded globally over the last century, primarily owing to changing consumer preferences, rising concerns about driver safety, environmental concerns, and stringent government regulations focusing on crash avoidance rather than crash survival. The constant demand to meet efficiency and security standards are effectively driving the need for deploying sensors. The rising demand in the automotive industry for highly reliable and cost-efficient sensors results in the mass production of these sensors. The sensors play a vital role in the automotive industry, skillfully monitoring various electronic and electromechanical applications by gathering varied forms of data such as temperature, pressure, position, speed, flow, level, torque, and oxygen levels, among others, of different vehicle applications such as powertrain, chassis, body, safety, and exhaust among others. Over the decade, the vehicle electronics system has evolved extensively, which has led to several technological advancements such as microcontroller-based platforms, continuous product development, and evolving applications that are aiding in widening the scope of the automotive sensor.

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An increase in luxury offerings for automotive vehicles leads to a shift in consumer preferences from sedans to SUVs. Rising disposable incomes of individuals have been boosting the demand for luxury cars around the world. Luxury cars provide a high level of comfort and incorporate safety features, leading to the emergence of various opportunities for the market. Moreover, the rising trend of electric luxury vehicles across the regions is leading to a growth in the overall demand for luxury cars in the market.

The leading luxury car manufacturers launching electric versions of their vehicles due to rising environmental concerns and increasing fuel prices are also likely to accelerate further the growth of the luxury car market over the forecast period. Manufacturers of high-end vehicles such as BMW 7 series, Audi 8, and Mercedes Benz E-class ensure the installation of more than 100 individual sensors. The sensors usually work in cohesion with microcontrollers and embedded systems inside the engine control unit (ECU). Modern luxury cars have a higher number of ECUs integrated into them than conventional vehicles, further leading to an increase in the concentration of sensors in luxury vehicles.

Global Automotive Sensor Market Dynamics

Drivers: Increasing Push from Government as Well as Consumers to Develop Safety Features for Vehicles

Safety serves as a major factor driving the growth of the new types of sensors, which has enhanced the safety-critical systems in the vehicles to reduce the increasing number of accidents on the road. OEMs are integrating numerous sensors in their vehicles to achieve performance demands being made by customers regarding increased productivity and minimization of vehicle downtime. Companies are developing solutions to deal with issues such as driver fatigue, which is being seen as a major factor in about 20% of road accidents happening today. Numerous sensor manufacturers such as Allegro Microsystems, Elmos, Infineon, and NXP semiconductors have developed high-resolution sensors that capture angular position and angular rate to measure steering behavior, signifying driver fatigue.

Several growth possibilities to improve vehicle safety and reliability are emerging through smart sensors. This leads to extensive usage of extra sensors to the vehicle without increasing the weight and costs in the copper wires of the connectors. The Fraunhofer Institute’s surface sensors are being used to monitor tyre conditions and the vehicle skin to detect irregularities before the situation of failure arises. The Institute is also developing a wireless tyre pressure monitoring system that consists of tyre pressure sensors that can detect tyre wall or tread damage before injury or deflation. The global semiconductor distributor, Avnet Silica, is actively working to develop sensor technologies spanning from optical, capacitive, and magnetic sensors, ultrasonic sensors being used for parking assistance and self-parking systems, position sensing MEMS sensors, and pressure sensors.

Restraints: Rising Demand for ADAS Systems and Autonomous Vehicles

The automotive market is witnessing large-scale growth in developing advanced vehicles such as autonomous cars and connected vehicles due to rising concerns by the individuals for more safe and secure driving and having provisions for sharing the internet with other devices both inside and outside the vehicle. The rising concern is to provide the driver with advanced driving features such as notification of speeding, safety alerts, and automatic notification of crashes. It will be a big opportunity for auto-sensor manufacturers as many sensors are expected to be deployed in these future vehicles.

Opportunities: Rising Demand of ADAS Systems and Autonomous Vehicles

The automotive market is witnessing large-scale growth in developing advanced vehicles such as autonomous cars and connected vehicles due to rising concerns by the individuals for more safe and secure driving and having provisions for sharing the internet with other devices both inside and outside the vehicle. The rising concern is to provide the driver with advanced driving features such as notification of speeding, safety alerts, and automatic notification of crashes. It will be a big opportunity for auto-sensor manufacturers as the large number of sensors are expected to be deployed in these future vehicles.

The recent technological trends driving the use of sensors can be attributed to the rising demand of ADAS systems. The components are enabling the new generation of vehicles with features such as adaptive cruise control, adaptive light control, automatic braking, parking assistance, blind-spot detection, collision avoidance systems, driver fatigue detection, and lane departure warning systems, among others, is forcing the sensor manufacturers to broaden their portfolio of sensors, especially position and proximity sensor.

Scope of the Report

The study categorizes the automotive sensor market based on sensors type, technology, application, vehicle type, and regions.

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By Sensors Type

• Temperature Sensors
• Pressure Sensors
• Position Sensor
• Speed Sensor
• Level Sensor
• Inertial Sensor
• Gas Sensor
• Proximity Sensor
• Flow Sensor
• Knock Sensor
• Force Sensor
• Torque Sensor

By Technology

• MEMS
• NEMS

By Application

• Powertrain
• Chassis
• Body Electronics
• Safety and Control
• Exhaust System

By Vehicle Type

• Conventional Vehicles
• Electric Vehicles

By Region

• North America (US, Canada, Mexico)
• South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
• Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
• Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
• The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

Flow, by Sensor Type, is estimated to be the fastest-growing segment during the forecast period

Based on the product and service, the global automotive sensor market has been segmented into Temperature Sensors, Pressure Sensors, Position Sensors, Speed Sensors, Level Sensors, Inertial Sensors, Gas Sensors, Proximity Sensor, Flow Sensor, Knock Sensor, Force Sensor, and Torque Sensor. Flow accounted for the fastest-growing segment with a CAGR of 12.27% in the global market of the automotive sensor.

Flow sensors are devices that are used to measure the rate of direct and inferential flow of fluids. Direct measurement includes the amount of the volumetric flow rate of the fluid. In contrast, the inferential flow measurement infers the flow rate’s assessment by calculating other fluid parameters such as pressure, temperature, and mass, among others. One of the major flow sensors is the mass airflow (MAF) sensor.

The Middle East and Africa accounts for the highest CAGR during the forecast period in the automotive sensor market

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Based on region, the global automotive sensor market has been segmented into North America, Europe, Asia Pacific, South America, and the Middle East & Africa. The Middle East and Africa have a growth rate of 7.90% during the forecast period, 2021-2027.

The Middle East automotive market is majorly controlled by Gulf Co-operation Council (GCC) countries since GCC is the largest economic bloc in the region and contributes approximately half of the region’s GDP. Saudi Arabia is the largest auto market for both new and used vehicles and the largest auto parts market in the GCC. It is also the region’s largest importer of automotive products. However, the fall in crude oil prices has led to the economic slowdown and decline in automotive sales in the country. The future outlook for the country’s automotive industry looks positive due to stabilization in the crude oil prices, along with a governmental measure to boost the economy and reduce dependency on the oil income. The Middle East region is considered a lucrative market for automotive sensors because of high growth in the sales of luxury cars across the urban countries of the Gulf. An overall demand escalation for automobiles in the region can largely be attributed to high disposable incomes and extremely low gasoline prices. Thus, these factors provide strong support for the growth of the market in the Middle East.

Africa has emerged as one of the fastest-growing automotive markets globally, with countries such as Nigeria investing in importing different vehicle types from the U.S., Canada, and Europe. The major drivers accounting for the market’s growth in this segment are growing population, rapid urbanization, developing economies, rising disposable incomes, and changing living standards.

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Key Market Players

The key players in the global automotive sensor market are Robert Bosch GmbH, Continental AG, Denso Corporation, Melexis, Allegro Microsystems, Sensata Technologies, Delphi Technologies, and CTS Corporation others. These companies adopt different strategies such as product launches, business expansions, mergers/collaborations/partnerships, and product developments to enhance their market share and widen their regional foothold. These market players are adopting growth strategies to strengthen their position in the market. Product launches and partnerships are the key growth strategies adopted by different key players in the market.