Automotive Sensors Market Size to Reach $67.3 Billion by 2030, According to Insights Reports

The global automotive sensor market is expected to register a CAGR of 6.6% during the period 2022-2030, accelerated by the wide adoption of ADAS functionality in vehicle automation.

New York, 06 Dec. 2022 (GLOBE NEWSWIRE) — According to the research report “Automotive Sensor Market” published by Reports Insights, the market is expected to exceed USD 67.3 billion by 2030, from a value of USD 40.4 billion in 2022.

Automotive sensors are the devices that monitor crucial aspects of the vehicle such as engine, cooling system, oil temperature and pressure, and transmit this data to the electronic control unit (ECU). The ECU makes certain adjustments as required by the situations based on information received from the sensors. Additionally, automotive sensors are also used to facilitate advanced safety features such as forward collision warning (FCW), electronic stability controls, adaptive cruise control, and more.

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The high demand for vehicles with integrated technology in terms of aspects such as anti-lock braking systems (ABS), advanced driver assistance systems (ADAS) and others is driving the growth of the market. Additionally, growing consumer awareness of enhanced safety features such as stability control, automatic emergency braking (AEB), and crash avoidance systems in passenger vehicles is also driving a high demand for sensors. Thus, the growth of the automotive industry owing to the integration of technology and rising safety standards is accelerating the growth statistics of the market over the forecast period.

Major Market Highlights

• The global automotive sensor market is estimated to witness a CAGR of 6.6% during the forecast period (2022-2030), reaching USD 67.3 billion by 2030.

• Overall, the automotive sensor includes five types: pressure sensors, speed sensors, temperature sensors, gas sensors and motion sensors.

• In the context of application, the market is categorized into powertrain, safety & security, chassis, body electronics, and telematics.

• Based on sales channel, the market share is segmented into three groups: original equipment manufacturers, independent aftermarket, and original equipment supplier aftermarket.

• The market is geographically classified into five regions: Europe, North America, Asia-Pacific, South America, Middle East and Africa.

• Asia-Pacific and North America are estimated to support the industry growth over the forecast period in terms of significant production and consumption of sensors in emerging automotive demand.

The story continues

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automotive sensors market Segmentation In detail:

Type-based, the speed sensor segment is expected to contribute a substantial market share over the projected period. The high demand for high-performance vehicles among consumers has led to the improvement in the production of speed sensors. These sensors effectively monitor engine crankshaft speeds and wheel rotational speeds. Such sensors help determine any irregularities in these crucial components.

Based on demand, powertrain is expected to make a significant contribution to the automotive sensor market share during the forecast period. The major reliance on the vehicle’s powertrain for generating and transmitting power to components has resulted in the extensive integration of sensors into the engine. Thus, automotive sensors connected to the powertrain are entirely responsible for engine management and transmission control.

Based on sales channel, the original equipment manufacturer segment is expected to contribute the largest share to the market growth over the forecast period. The complete assignment of the sensors in the vehicle chassis is the responsibility of the original equipment manufacturers who integrate the sensors required during the manufacture of the vehicles. Thus, manufacturers integrate essential sensors related to major functional elements such as the engine, wheels, braking, and others when assembling the vehicle chassis.

Based on region, Asia-Pacific is expected to support the market growth in terms of volume. Low-cost manufacturing facilities and easy availability of skilled labor at affordable costs are expected to create lucrative opportunities for the growth of automotive sensors market statistics in Asia Pacific region. In addition, the scope of sensor improvement should also be explored in developing countries such as China and India, which are abundant in terms of capital and technical professionals.

RECENT DEVELOPMENTS

• In January 2020, the German multinational Bosch, presented the world’s first long-range LiDAR system ready to enter the production process. This release is expected to boost advancements related to autonomous driving. The system is created to cover both short and long ranges with the flexibility to be combined with existing camera and radar setups.

• In July 2018, an American company named Curtis-Wright has launched a new rotary position sensor called “WM-H10”. It is a Hall effect sensor which gives two electrically isolated and independent outputs. This sensor is shaft actuated with two independent electrically isolated outputs and is intended for harsh on/off road applications.

• In October 2021, the German semiconductor manufacturer, Infineon Technologies AG, has announced the release of an automotive current sensor named XENSIV TLE4972. This coreless current sensor is based on Infineon’s proven Hall technology which is used for consistent and accurate current measurements.

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List of Automotive Sensors Market Key Players

In addition, the market research report assesses recent market trends and analyzes to describe the strategies adopted by competitors, collaborations and product launches. Thus, the assessment provides a comprehensive assessment of the key players operating in the market to elaborate on the recent market circumstances—

•Robert Bosch

• Continental AG

• DENSO Corporation

• AUTOLIV INC.

• Valeo

• Sensata Technologies

• Delphi Automotive Company

• STMicroelectronics SA

• NXP Semiconductor

• Infineon Technologies AG

Global market segmentation:

By type

• Pressure sensors

• Speed ​​sensors

• Temperature sensors

• Gas sensors

• Motion detectors

By request

• Powertrain

• security safety

• Frame

• Body electronics

• Telematics

By sales channel

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