The automotive sensor demand will continue rising through 2021 with worldwide demand projected to increase by 5.5% year over year. As per Future Market Insights (FMI), automotive sensor revenues generation will increase at a ten-year compound annual growth rate (CAGR) of 7.2%, as the automotive production recovers after bucking skepticism about how the market would perform post pandemic.
Auto theft has emerged as a serious problem across the globe. According to a report by the National Insurance Crime Bureau, auto theft grew by 9.2% year-on-year in U.S. reaching 873,080 cases in 2020. To tackle this issue, automakers are installing modern anti-theft sensors in economic and budget cars. This development will fuel the demand for automotive sensors in upcoming years.
Advancement in the field of transport management system and incorporation of smart sensors in advanced driver-assistance systems will create attractive prospects for the expansion of the market.
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Truck platooning is an emerging area of application for automotive sensors. In truck platooning, automated driving support and connectivity technology work in sync and are controlled by central operating system. All trucks are connected to leader trucks and rest of platoon adapts their movement according to leader truck. This will increase ADAS penetration in trucks.
Governments in developed economies are mandating the installation of safety sensors in passenger and commercial vehicles to curb the rise in number of road accidents and related fatalities. This will significantly contribute to the overall growth of the automotive sensors market.
Manufacturers are working towards avoiding overheads by reducing the number of product recalls and satisfy consumer demand of modern warning alert system and safety feature in compact cars.
Advancement in the crash prevention technologies like vehicle-to-vehicle communication, traction control system, active kinematics control with integrated brake control, and automated braking system will boost demand for automotive sensor in upcoming years.
Key Takeaways from FMI’s Automotive Sensor Market Study
- Driven by increasing sales of electric vehicles and presence of leading original equipment manufacturers in U.S., North America market will expand at 4.7% CAGR over the forecast period.
- European automotive sensor market will grow at a healthy CAGR of 6.5% backed by increasing demand of European luxury cars across the globe and rising production of electric cars in the region.
- Japan and South Korea will collectively account for around 9.1% of global market share in 2021. Surge in research and development activities in these countries towards miniaturization of automotive sensors will drive the market growth in these countries.
- India will offer lucrative opportunities for market growth, as it is the fastest growing economy in the world. Increasing demand for passenger cars and rise in consumer spending on enhanced safety features will boost the sales of automotive sensors in India.
- Safety sensor is the fastest growing sensor type segment owing to imposition of stringent vehicle and driver safety regulation and increasing demand for luxury and convenience in automobiles.
“Increasing investment in automating vehicles and installing smart technologies in critical safety systems to improve safety standards will boost the demand of automotive sensors in the forthcoming years,” says the FMI analyst.
Who Is Winning?
Stringent emission norms are driving development in automotive sensor technologies. Despite the emergence of various small automotive sensor manufacturers, top 10 market players will account for 30% market share by the end of 2021. As the world is switching towards autonomous and electric vehicles, leading market are focusing on developing smart sensors for these vehicles to gain an early movers advantage.
For instance, in July 2021, Samsung launched its first ISOCELL image sensor specifically designed for automotive applications. Samsung aims at becoming global leader in image sensor sector and capture maximum market share in upcoming years.
In 2020, AMS introduced two new position sensors the AMS AS5147U and the AS5247U for high-speed electric motors to promote car electrification initiative. These new position sensors are expected to reduce the system cost and boost the electrification of critical vehicle functions like as power steering, active damper control, and braking.
Bridgestone recently developed new “Smart Strain Sensor” technology for autonomous vehicles integrated with next-gen internet of things (IoT) capabilities.
Prominent players operating in the automotive sensor market are:-
- NXP Semiconductors N.V.
- TE Connectivity
- Continental AG
- Denso Corporation
- Robert Bosch GmbH.
More Insights on the Global Automotive Sensor Market
In its latest report, FMI offers an unbiased analysis of the global automotive sensor market, providing historical data for the period of 2019-2028 and forecast statistics for the period of 2021-2031. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of sensor type (position sensors, safety sensors, level sensors, oxygen sensors, pressure sensors, temperature sensors, and speed sensors), vehicle type (light commercial vehicle, passenger car, heavy commercial vehicle), sales channel (original equipment manufacturers, original equipment supplier spare parts, and independent aftermarket), across seven major regions (North America, Latin America, Eastern Europe, Western Europe, South East Asia and Pacific, Japan, China, India, and Middle East & Africa)
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Automotive sensors Market – Report Scope
|Forecast Period||2021 – 2031|
|Historical Data Available for||2019 – 2028|
|Market Analysis||US$ Mn for Value & Units for Volume|
|Key Regions Covered||North America, Latin America, Western Europe, Eastern Europe, South East Asia Pacific, and Middle East & Africa|
|Key Countries Covered||U.S., Canada, Brazil, Mexico, Argentina, Rest of Latin America, EU-5, BENELUX (Belgium, Netherlands, Luxembourg), NORDIC (Denmark, Finland, Iceland, Norway, Sweden), Rest of Western Europe, Poland, Russia, Rest of Eastern Europe, China, India, Japan, GCC Countries, South Africa, Israel, Turkey, Iran, Rest of Middle East & Africa, Australia, New Zealand, South Korea, the Philippines, Malaysia, and Thailand|
|Key Segments Covered||By Sensor Type, By Vehicle Type, By Sales Channel, and By Region|
|Key Companies Profiled||NXP Semiconductors N.V., TE Connectivity, Continental AG, Denso Corporation, and Robert Bosch GmbH|
|Report Coverage||Market Overview, Market Background, Market Forecast, Segmental Analysis, Regional Profiling and Competition Analysis|
|Customization & Pricing||Available upon Request|
Key Questions Answered in the Report
- What is automotive sensors market size? Driven by innovations in vehicle security features against rising demand for advanced sensor functionalities, the automotive sensors market size is forecast to reach US$ 36.7 Bn in 2021 with a CAGR of 7.2%.
- At what rate did the automotive sensors market expand in the last five years? Between 2016 and 2020, the automotive sensors sales grew at 1.1% CAGR. The slump in sales is due to closure of manufacturing facilities due to COVID-19 pandemic.
- What are the key trends shaping the automotive sensors market? Adoption of advanced technologies like real time monitoring, tracking and navigation system in fleet management, development of autonomous and connected automobiles, and development of advance security features on the backdrop of advanced sensor functionalities are few of the key trends shaping the automotive sensors market.
- What is the growth rate in automotive sensors market in terms of market volume? The global sales of automotive sensors are expected to grow by 5.0% from 2021 to 2031, with valuation of just over US$ 36.7 billion in 2021.