Automotive Sensors Market Growth, Analysis, Latest Trends and Forecast till 2026

The global automotive sensors market was valued at USD 24.3 billion in 2020 and is estimated to reach USD 47.5 billion by 2026, registering a CAGR of 13.6% during the forecast period.

Growing inclination of consumers toward alternative fuel vehicles to reduce GHG emissions and surging consumer demand for vehicle safety propelling the demand for automotive sensors across the globe.

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By sales channel, the original equipment manufacturer (OEM) is projected to hold the largest share of automotive sensors market during the forecast period

In 2021, the OEM segment is expected to hold a larger share of the automotive sensors market than the aftermarket segment, and a similar trend is expected to be observed from 2021 to 2026. The enforcement of stringent vehicle safety regulations and the deployment of ADAS technology for automatic high beam control, night vision, front luminance, and several other applications in modern-day vehicles will create opportunities for automotive sensor manufacturers. All these factors will drive the growth of the OEM segment in the automotive sensors market.

By sensor type, position sensors is projected to hold the largest share of automotive sensors market during the forecast period

The automotive sensors market is expected to be led by position sensors in the next few years due to several factors, such as the growing emphasis on achieving accurate steering wheel, pedal, and seat positions by manufacturers and the increasing use of position sensors in passenger and commercial vehicles. Position sensors have become a crucial component in vehicles and are used in various parts such as seats, pedals, and gear shifters to ensure safety and proper functioning. As a result, advances in automotive technology have resulted in the widespread adoption of position sensors in all types of vehicles.

By vehicle type, passenger car is projected to hold the largest share of automotive sensors market during the forecast period

The passenger car segment held the largest share of the automotive sensors market in 2020, and it is expected to maintain this trend during the forecast period. The passenger car segment is also predicted to have the highest CAGR due to the increasing demand and production of passenger cars globally. Passenger cars make up the majority of automobile production worldwide, and sensors not only improve car performance but also enhance safety and reduce carbon emissions.

By application, the safety & control systems segment is projected to witness growth at the highest CAGR during the forecast period

The safety and control systems are expected to have the highest CAGR in the automotive sensors market during the forecast period due to the increasing use of various sensors such as position, speed, gas, pressure, and temperature sensors in these systems. There has been significant demand for both active and passive safety systems in the automotive sector, which were previously limited to luxury vehicles. Now, automobile manufacturers are deploying these systems in all types of vehicles to reduce accidents. This increasing demand for safety and convenience features in all vehicle types, strict vehicle safety standards worldwide, and growing demand for autonomous cars will boost the requirement for automotive sensors in safety and control systems.

By region, APAC to hold the largest share of the automotive sensors market throughout the forecast period

The Asia Pacific region had the largest share of the automotive sensors market in 2020, mainly due to several factors. The region has strict government regulations that mandate the use of advanced technologies to improve vehicle safety and reduce pollution. There is also a significant inclination toward electric and hybrid vehicles and a high adoption of ADAS and autonomous cars. Additionally, the increasing purchasing power of consumers, rising investments in infrastructure development for the automotive sector, and surging demand for more efficient and safer vehicles are other factors driving the growth of the automotive sensors market in Asia Pacific.

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Robert Bosch GmbH (Germany), Continental AG (Germany), DENSO Corporation (Japan), Infineon Technologies AG (Germany), BorgWarner, Inc. (US), Sensata Technologies (US), Allegro Microsystems, Inc. (US), Analog Devices, Inc. (US), ELMOS Semiconductor SE (Germany), Aptiv plc (Ireland), are some of the key players in the automotive sensors market.

News also Covered: https://www.prnewswire.com/news-releases/automotive-sensors-market-worth-47-5-billion-by-2026--exclusive-report-by-marketsandmarkets-301459302.html