Automotive Sensors Market

Posted May 18, 2023 by Vamshikrishna19

Sensors are utilized to limit fuel utilization, decrease the locally available load of cars, and confirm government guidelines for the traveler's security

The Global Automotive Sensors Market was worth US$ 34.68 billion in 2022 and is anticipated to reach a valuation of US$ 65.61 billion by 2028 and is predicted to register a CAGR of 13.6% during 2023-2028.

Vehicle-related chemical, physical, and process changes are monitored and maintained by automotive sensors. Sensors are used to reduce fuel consumption, reduce the number of cars that are locally available, and check governmental regulations for the security of travelers.

The market was projected to reach $26.08 billion in 2021, with Safety Sensors accounting for more than $5 billion of the total. In 2021, the Americas region contributed significantly to the global market for automotive sensors, earning about $4,068.60. With multiple security standards being established, the European region is prepared to experience a CAGR of 15.25% from 2022 to 2027. The growing need for autonomy, tougher emission gauges, and the increase in interest in security features in cars are all associated with the growth of the global automotive sensors market.

Market Drivers and Restraints:

The growth of this market is attributed to factors such as rising demand for automobiles, stricter export regulations, and rising interest in security features in vehicles. The use of cutting-edge technologies and developments in automobiles will largely impact the worldwide automotive sensors market's sound growth over the anticipated time frame. Strict environmental and emissions regulations as well as growing security concerns are predicted to drive the growth of the worldwide automotive sensors market. Additionally, increasing automakers' focus on comfortable driving is anticipated to play a crucial role in the growth of the vehicle sensors industry.

However, severe cost pressure on OEMs is impeding the growth of this market.

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The report is segmented as follows:

The Automotive Airbags and Seat belts Market is segmented byType; the Market is segmented byApplication; the Market is segmented byVehicle Type:

By Type (Temperature, Pressure, Position, Oxygen, NOx, Speed, Inertial, Image)

By Application (Powertrain, Chassis, Exhaust, Body Electronics, Safety & Control, Telematics)

By Vehicle Type (Passenger car, Light commercial vehicle, and Heavy commercial vehicle)

Regional Segmentation:

Because of system advancement, which is accelerating the market development of vehicle sensors in the anticipated years, the automotive sensors market in North America is anticipated to have a rapid growth throughout the anticipated period.In terms of incentives during the anticipated time, Europe appeared to be the largest market. This is a result of the laws that must be in place for the installation of pre-programmed emergency braking systems and other car security features, which encourage the use of vehicle sensors in the area.

Geographically speaking, APAC was the largest automotive sensors market in terms of volume during the confirmed period, and it is anticipated that it will maintain its dominance during the projected time frame. Additionally, the region is predicted to experience the fastest growth during the anticipated period. Driven by China, the region is the world's vehicle manufacturing hub, accounting for more than half of all vehicles produced annually, which has led to the installation of an enormous number of sensors in cars. Additionally, this region is where automobiles are being electrified to the fullest extent, which increases interest in vehicle sensors. Forceful marketing in important Latin American, Middle Eastern, and African markets might also be profitable for those in the car sensor industry.

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Impact of COVID-19 pandemic on the market:

The several automotive sensors companies have been significantly hit by the lockdown and economic crisis brought on by the COVID-19 outbreak. Significant resource bottlenecks in the worldwide supply and logistics chains have affected many automotive sensor manufacturers' companies in a noticeable unfavourable way during the past year. OEMs and parts suppliers haven't yet reached full production capacity, with the exception of a few Asian nations that have recovered from the pandemic. Most global supply chains were disrupted in Q1 2020, small and medium-sized firms were financially depleted, and automobile sales declined. Due to the pandemic's effects, there is less demand for automotive sensor testers, automotive sensor connectors, and automotive sensor simulators.


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Last Updated May 18, 2023