Automotive Sensors Market Expected to reach $47.5 billion by 2026
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. The rising adoption of autonomous vehicles increasing demand for automotive sensors worldwide.
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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
Position sensors are likely to lead the automotive sensors
market in the next few years. Key factors driving the growth of this market
include the increasing focus of manufacturers to achieve accurate steering
wheel position, pedal position, and seat position, and the rising adoption of
position sensors in passenger cars and commercial vehicles. Position sensors
have become an integral part of vehicles. These sensors find applications in
vehicle seats, pedals, gear shifters, etc., to ensure vehicle safety and the
proper functioning of all components in the vehicle. Thus, innovations in
automotive technology have increased the use 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
In 2020, the passenger car segment held the largest share of
the automotive sensors market, and a similar trend is expected to be observed
during the forecast period. The passenger car segment is also expected to
record the highest CAGR during the forecast period due to significant demand
and rising production of Passenger cars across the world. Passenger cars
currently account for the largest shipment of the total automobile production
worldwide. Sensors not only help improve the performance of the car but also
enhance safety and reduce carbon emissions to a greater extent.
By application, the safety & control systems segment
is projected to witness growth at the highest CAGR during the forecast period
Based on application, safety and control systems are expected
to record the highest CAGR in the automotive sensors market during the forecast
period due to the rising use of position, speed, gas, pressure, and temperature
sensors in these systems. Also, there has been a significant demand for active
and passive safety systems in the automotive sector. Earlier, safety systems
were part of only luxury vehicles; however, automobile manufacturers have
started deploying safety and control systems in all types of vehicles to reduce
the number of accidents. Thus, the elevated demand for safety and convenience
features in all vehicle types, strict vehicle safety standards across the
world, and increased demand for autonomous cars are some key factors that will
boost the requirement for automotive sensors for safety and control systems.
Asia Pacific region held the largest share of the automotive
sensors market in 2020. This growth is attributed to the stringent government
norms that mandate the use of advanced technologies to improve vehicle safety
and reduce pollution, increased inclination toward electric and hybrid
vehicles, and high adoption of ADAS and autonomous cars. Moreover, 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 key factors accelerating 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.
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