The global automotive sensors market is expected to create flourishing growth opportunities by rising at a year-on-year (YoY) growth of 5.5% from 2021 to 2031. The global market registered an impressive CAGR of 7.2% across the assessment period from 2021 to 2031. The global market totalled a valuation of US$ 36.7 billion in 2021. The increasing demand for excellent security and tracking system in vehicles will drive automotive sensors.
Driven by increasing sales of automobiles due to the rise in per capita income in emerging economies and the automation of vehicles, the automotive sensors market is forecast to grow at a steady pace. Implementation of strict emission control norms aimed at reducing carbon emissions and rising demand for safety and comfort will continue bolstering growth.
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The incorporation of autonomous emergency braking systems (AEBS) in commercial vehicles to enhance the safety and comfort of the driver and passengers alike will propel automotive sensors sales. In addition to that, the demand for automotive sensors to consistently rising in South East Asian countries. The spike in demand can be attributed to the rising production of automobiles and growing awareness among consumers toward technologies to improve driver and passenger safety.
Compelling Market Trends
- There is a surging emphasis on improving overall performance is anticipated to bode well for the market. Moreover, advancements in the sensor industry will aid overall growth. A significant rise in the safety system failure concerning causalities has been witnessed that can negatively affect a company’s reputation among consumers. Growing efforts to develop modern safety sensors to reduce such incidence will drive the demand for automotive sensors over the forecast period.
- Governments also are imposing strict regulations to ensure driver safety in the automobile. Hefty penalties are charged to manufacturers in case of safety system failure-related accidents. Automotive sensors are used to improve driver safety and comfort, especially in commercial and luxury vehicles.
- Automotive sensors also boost performance and fuel efficiency in high-performance cars. The rise in the standard of living and increasing production of luxury vehicles will drive the sales of automotive sensors in the upcoming years.
Growth Drivers
Various governments are mandating the installation of safety sensors in commercial vehicles, which will positively influence market growth. Increasing demand for adaptive cruise control systems (ACCS) within sports utility vehicles and sedan cars in European and American countries will create growth opportunities in the automotive sensor market.
The emergence of autonomous and connected vehicles along with the rising popularity of truck platooning will fuel the demand for automated driving support and connectivity technology. This, in turn, will increase the demand for automotive sensors in trucks.
Increasing vehicle production and growing awareness regarding the safety of passengers and drivers are prompting original equipment manufacturers to install advanced position, level, and speed sensors. This is expected to boost the sales of automotive sensors.
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Restraints
The limited adoption of automotive sensors in compact and economic cars owing to the high cost of sensors will dampen growth prospects to an extent over the assessment period.
Competitive Landscape
The automotive sensor market is anticipated to be highly competitive attributing to the emergence of regional players and start-ups. Increasing sales of automobiles in emerging economies like Brazil, Turkey, Iran, and India is motivating market players to enter these markets by introducing new products at a lower prices.
NXP Semiconductors N.V., TE Connectivity, Continental AG, Denso Corporation, and Robert Bosch GmbH are identified as leading market players in the automotive sensors market.
In April 2021, Honda released its modern advanced driver-assistance system ADAS “Honda Sensing Elite” for a special range of vehicles available in Japan. The system has SAE level 3 capabilities and comes with a Traffic Jam pilot module.
Valuable Insights into the Automotive Sensors Market
The surging implementation of stringent vehicle safety regulations combined with increasing demand for autonomous vehicles is predicted to boost sensor installation in vehicles manufactured in China.
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Rapid industrialization and a rise in per capita income in India will lead to an increase in demand for automotive vehicles which in turn will fuel the demand for automotive sensors in the country.
As per the report conducted by Japan Automobile Manufacturers Association, the Japanese car production rate reached 7.70 million in 2019. The rise in vehicle production and advancement in electronics will drive the sales of automotive sensors in the Japanese automotive market.
Key Segments Covered in Automotive Sensors Market Study
Sensor Type:
- Position Sensors
- Clutch Position Sensors
- Gear Position Sensors
- Throttle Position Sensors
- Crankshaft Position Sensors
- Steering Angle Position Sensors
- Camshaft Position Sensors
- Safety Sensors
- Seat Belt Sensors
- Brake Switch Sensors
- Door Switch Sensors
- ADAS Sensors
- Blind Spot Detection
- Night Vision Sensors
- Light Sensors
- Parking Sensors
- Cruise Control
- Impact Sensors
- Anti-theft Sensors
- Knock Detection Sensors
- Level Sensors
- Fuel Level Sensors
- Coolant Level Sensors
- Oil Level Sensors
- Oxygen Sensors
- Pressure Sensors
- Tire Pressure Sensors
- EGR Pressure Sensors
- Airflow Rate Sensors
- Temperature Sensors
- Engine Coolant Temperature Sensors
- Rain/humidity Sensors
- Oil/Fuel Temperature Sensors
- Battery Temperature Sensors
- Air Temperature Sensors
- Speed Sensors
- Wheel Speed Sensors
- Speedometer
Vehicle Type:
- Passenger Cars
- Compact
- Midsize
- Luxury
- SUVs
- Light Commercial Vehicles
- Heavy Commercial Vehicles
Sales Channel:
- Original Equipment Manufacturers
- Original Equipment Supplier Spare Parts
- Independent Aftermarket
Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- South East Asia & Pacific
- Middle East & Africa
- Japan
- China
- India
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Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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