Automotive Sensors Market to Grow at a CAGR of 7.2% through 2031
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 scepticism about how the market would perform post pandemic.
NXP Semiconductors
N.V., TE Connectivity, Continental AG, Denso Corporation, Robert Bosch GmbH are
identified as leading players in automotive sensor market. They will
collectively account for nearly 30% of global market share in
2021.
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.
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.
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.
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
For more information:
https://www.futuremarketinsights.com/reports/automotive-sensors-market
Comments
Post a Comment