Automotive Sensors Market
Global Automotive Sensors Market Set to More than Double Reaching USD 48.3 billion by 2028
Published | 15 September 2022
Global Automotive Sensors Market is expanding at a significant growth rate owing to rising consumer preference for alternative fuel vehicles to reduce greenhouse gas emissions and rising consumer demand for vehicle safety.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recently published report, estimated the size of Global Automotive Sensors Market at USD 23.14 billion in 2021. Also, BlueWeave expects Global Automotive Sensors Market to expand at a double-digit CAGR of 11.3% between 2022 and 2028 to reach a value of USD 48.31 billion by 2028. Major growth drivers for Global Automotive Sensors market include an increasing demand for autonomous vehicles across major world economies.
Global Automotive Sensors Market - Technology Advancements
Robert Bosch GmbH created a cutting-edge driver-assistance system for municipal rail transit in November 2021. It alerts the tram driver via a signal in the event of a potential accident. To avoid a crash or, at the least, to lessen damage as much as possible, the system automatically brakes the tram until it comes to a complete stop if the driver does not or does so too late. To integrate long-range LiDAR technology into its full sensor stack solution and develop the first full-stack automotive-grade system for Level 2+ to Level 4 automated and autonomous driving applications, Continental AG teamed up with a LiDAR specialist called AEye in July 2021. High-level automation systems' sensor setup includes a significant amount of the AEye LiDAR technology-based solution.
A minority share in the Tel Aviv, Israel-based industry 4.0 firm Feelit was purchased by Continental AG in July 2021. Feelit offers cutting-edge predictive maintenance solutions based on customized algorithms and proprietary hardware sensors for a variety of industrial machinery and equipment. A structural sensing technique that is up to 50 times more sensitive than currently available conventional market applications is the startup's main goal.
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Rising Demand in Global Automotive Sensors Market
One of the main causes of the need for car sensors is autonomous driving. The majority of the automotive sensor industry is expanding along with the total automotive market. The main driver of the increased demand for automotive sensors is the wide deployment of ADAS and AD systems. Most of the market growth for automotive sensors is due to the sensors used in ADAS/AD systems, which include image sensors, temperature sensors, position sensors, and speed sensors. Other sensors, including body, chassis, and powertrain sensors, are also crucial in promoting the expansion of the automotive sensor industry. Powertrain sensors are essential to the efficient operation of the alternator, gearbox, and engine. Braking, steering, and suspension systems are all monitored by the chassis sensors. The brakes, power steering, and ADAS/AD systems of SAE AV Level 3 vehicles all make use of a cluster of sensors. Vehicle performance and condition are measured by body sensors based on a number of factors. For instance, body sensors collect and transmit data on seat occupancy, door/roof closure, and the amount of sunlight or precipitation. Based on this data, alerts can be set off and simple tasks can be carried out. Thus, the deployment of autonomous vehicles equipped with a wide range of sensors can lower drivers' levels of stress and boost their output. Hence, global automotive sensors market is expanding due to the growing popularity of autonomous vehicles.
Global Automotive Sensors Market - By Application
Global Automotive Sensors market is divided into powertrain, exhaust, chassis, ADAS, and other segments based on application. LiDAR, cameras, and radar are examples of ADAS sensors. For safety-related applications, level 1 and level 2 autonomous cars primarily combine cameras and radars. For instance, to receive a five-star rating from the New Car Assessment Programme (NCAP), a vehicle must have a high degree of safety features, which is driving the demand for the radars and cameras. To further improve vehicle safety, further ADAS sensors include ultrasonic, airbag, tire pressure, and rain. Therefore, during the forecast period, these elements are expected to fuel the segment's expansion. By keeping track of important vehicle factors, such as temperature and pressure and communicating that data to the engine control unit, powertrain sensors maximize fuel usage. These factors are expected to contribute to the powertrain segment's substantial market share.
In Global Automotive Sensors Market by region, Asia Pacific (APAC) holds the highest market share. The APAC market expansion is fueled by rising personal disposable income levels and readily available cheap labor. Governments’ efforts to improve road safety standards are also expected to boost the market expansion. For instance, the Indian Ministry of Road Transport has made it mandatory to install airbags, seat belt reminders, alarm systems, and reverse parking sensors in vehicles travelling at speeds greater than 80 km/h. Additionally, all vehicles built after July 01, 2019, require a manual override for the central locking system in the event of an electronic system failure. Due to rising safety standards and improved fuel efficiency, Europe is predicted to experience tremendous development. For buses, vans, and trucks beginning in 2022, the government has enforced safety equipment, such as risky road user recognition systems and tire pressure monitoring. These factors could accelerate the market expansion. The adoption of electric vehicles is increasing, and North America is expected to experience significant increase. Additionally, the industry can expand as a result of the rising demand for driverless vehicles.
Impact of COVID-19 on the Global Automotive Sensors Market
In 2020, the market for car sensors suffered as a result of the COVID-19 outbreak and its subsequent expansion, which impacted consumer demand for vehicle sensors. The revenues from them decreased as a result of this. Consequently, the market's growth trajectory experienced a pause in the first half of 2020. This pattern persisted through the first quarter of 2021. However, it is expected that the need for automotive sensors would grow along with the volume of passenger cars and hybrid electric vehicles being produced.
In the global automotive sensors market, NXP Semiconductors, N.VTE Connectivity, Continental AG, Denso Corporation, and Robert Bosch GmbH are top players. According to FMI, they collectively owned more than 30% share of the market in 2021. Due to the advent of local competitors and start-ups, the automotive sensor market is extremely competitive. Market participants are being compelled to penetrate emerging economies such as Brazil, Turkey, Iran, and India by launching new goods at reduced prices due to the rising sale of automobiles in the countries.
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