April 13, 2022 05:01 ET | Source: Fortune Business Insights Fortune Business Insights
Pune, India, April 13, 2022 (GLOBE NEWSWIRE) -- The global automotive sensors market size is anticipated to reach USD 15.6 billion in 2028 from USD 10.10 billion in 2021, at a Compound Annual Growth Rate (CAGR) of 6.38%. The global Automotive Sensors market size was USD 10.44 billion in 2020. Increasing Demand for Advanced Technologies, Comfort and Safety to Set Positive Trend for Market Growth. Additionally, factors, such as rising oil & gas exploration activities, will increase the footprint of the market, states Fortunes Business Insights in its recently published report “Global Automotive Sensors Market 2021-2028.
COVID-19 Impact On Automotive Sensors Industry-
The humanitarian crisis has hampered the growth of the global automotive industry. The demand for passenger and commercial vehicles has reduced during the pandemic. The low production of vehicles due to the low available workforce has affected the market growth. The stringent lockdowns and curfews imposed by the governments of several nations have disrupted the global supply chain and logistical networks and declined the growth of the market. Some players in the Asia countries are recovering swiftly compared to others. The impact of the coronavirus pandemic is expected to last for a long duration, and the market is expected to witness strong growth once the pandemic is over.
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Improving Disposable Income Levels to Boost Growth in Asia Pacific
Asia Pacific is projected to gain the largest portion of the global automotive sensors market share. The improving personal disposable income levels and available cheap labor are expected to fuel the market growth. Additionally, improving government regulations for road safety is expected to augment the growth of the market. For instance, the Ministry of Road Transport, India, has mandated the installation of alert systems, airbags, seatbelt reminders, and reverse parking sensors for speeds above 80 km/h. Also, in case of electronic system failure, a manual override for the central locking system is necessary for all cars manufactured post 1st July 2019.
Europe is expected to witness immense growth due to the improving fuel efficiency and safety norms. The government has mandated safety features such as risky road user detection systems and tire pressure monitoring for buses, vans, and trucks from 2022. These factors are likely to augment the growth of the market in upcoming years.
North America is likely to witness substantial growth due to the growing electric vehicle adoption. Additionally, the growing demand for autonomous vehicles may foster growth for the market.
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Automotive Sensors Market Drivers & Restraints-
Rising Adoption of Autonomous Vehicles to Augment Market Growth
Manufacturers incorporate non-contact 3D magnetic sensors to replace the optical systems or potentiometers that use conventional position-sensing methods. These sensors improve driver concentration by eliminating manual control functions, including infotainment and vehicle lighting. Hence, the rising adoption of such advanced technologies is likely to boost the global automotive sensors market growth. Additionally, the emphasis on comfort and safety has increased in recent years. The growing demand for connected vehicles, new technology features, and new energy vehicles is expected to boost the market's growth.
Autonomous vehicles have gained striking growth due to technological advancements and the growing consumer awareness for autonomous vehicles. The increasing adoption of automotive sensors and vehicles is likely to amplify market growth in the coming years.
However, the high costs of automotive sensors due to low production may hinder the market growth.
On the basis of sensor type, the market is segmented into position sensor, speed sensor, pressure sensor, temperature sensor, and others. On the basis of application type, the market is fragmented into ADAS, exhaust, chassis, powertrain, and others. On the basis of vehicle type, the market is trifurcated into heavy commercial vehicles (HCVs), light commercial vehicles (LCVs), and passenger cars. Geographically, the market is classified into four major regions- Asia Pacific, North America, Europe, and the Rest of the World.
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June 2021: Navya and Valeo extended their industrial and technological collaboration for autonomous shuttles. Navya will share the functional and technological data gathered during experiments, and Valeo will furnish Navya with sensors that enable vehicles to comprehend their surroundings.
Key Players in the Global Automotive Sensors Market are:
Key Players Launch New Products to Garner Growth in the Market
The market is fairly competitive, and NXP Semiconductors, Infineon Technologies AG, Robert Bosch GmbH, and STMicroelectronics comprise the key players in the global market. The key players emphasize increased research and development activities to produce high-performance and low-power-consuming sensors. The key players focus on developing new products, patents, technological advancements, collaborations, acquisitions, mergers, and others to generate greater revenues and improve their market presence. For instance, Melexis unveiled next-generation current sensors for automotive power-conversion applications in June 2021. The sensors possess beneficial attributes such as integrated over-current detection circuity, increased resolution, and 3.3V or 5V operation capabilities.
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4.3 Porter’s Five Forces Analysis
4.5 Technological Developments in Automotive Sensor vehicles
5. Global Automotive Sensor Market Analysis, Insights and Forecast, 2017-2028
5.2. Market Analysis, Insights and Forecast – By Sensor Type
5.3. Market Analysis, Insights and Forecast – By Application Type
5.4. Market Analysis, Insights and Forecast – By Vehicle Type
5.5. Market Analysis, Insights and Forecast – By Region
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