Pune, India, Feb. 11, 2022 (GLOBE NEWSWIRE) -- The global automotive sensors market size is projected to reach USD 15.6 billion by 2028 and exhibit a CAGR of 6.38% during the forecast period. Fortune Business Insights™ has presented this information in its report titled, “Automotive Sensors Industry, 2022-2028”. The market size stood at USD 10.44 billion in 2020.
Industry Development:
- June 2021: Navya and Valeo extended their industrial and technological collaboration for autonomous shuttles. Navya will share the functional and technological data gathered during experiments, and Valeo will furnish Navya with sensors that enable vehicles to comprehend their surroundings.
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Market Growth Factors:
- Manufacturers incorporate non-contact 3D magnetic sensors to replace the optical systems or potentiometers that use conventional position-sensing methods. These sensors improve driver concentration by eliminating manual control functions, including infotainment and vehicle lighting.
- Increase in use of pressure sensors in the automotive industry, surge in demand for automotive sensors in hybrid and electric cars, and rise in use of custom designed electronic devices. Technological advancements in the automobile industry and growth in the automotive sector are expected to offer lucrative opportunities for the market globally
- The market for most automotive sensors is growing in line with the overall growth of the automotive market. The high adoption of ADAS and AD systems is the major reason for the elevated demand for automotive sensors.
- Chassis sensors monitor functions such as braking, steering, and suspension. A cluster of sensors is used in ADAS/AD systems, braking systems, and power steering systems of SAE AV Level 3 vehicles. Body sensors measure the condition and performance of the vehicle on several parameters.
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Market Segmentation:
On the basis of type, the market is segmented into position sensor, speed sensor, pressure sensor, temperature sensor, and others. On the basis of application type, the market is fragmented into ADAS, exhaust, chassis, powertrain, and others. On the basis of vehicle type, the market is trifurcated into heavy commercial vehicles (HCVs), light commercial vehicles (LCVs), and passenger cars. Geographically, the market is classified into four major regions- Asia Pacific, North America, Europe, and the Rest of the World.
Report Coverage:
- The report provides a detailed assessment of the growth potential, demographics, and capabilities of the market.
- The report analyses the current and upcoming investment opportunities in the market.
- The report highlights strategies for growth in the upcoming years.
- The report also analyzes the impact of the COVID-19 pandemic.
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Regional Insights:
Improving Disposable Income Levels to Boost Growth in Asia Pacific
Asia Pacific is projected to gain the largest portion of the global automotive sensors market share. The improving personal disposable income levels and available cheap labor are expected to fuel the market growth. 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.
Automotive production in developing economies is growing at a fast pace, compared to the developed economies, owing to increasing urbanization and stable economic conditions. With an increase in the safety concerns among the consumers in the developing economies of India and the ASEAN countries, the automobile manufacturers are incorporating more sensors in low-cost vehicles. It is expected to drive the demand for automotive sensors in the foreseeable future.
Competitive Landscape:
Key Players Launch New Products to Garner Growth in the Market
The market is fairly competitive, and NXP Semiconductors, Infineon Technologies AG, Robert Bosch GmbH, and STMicroelectronics comprise the key players in the global market. The key players emphasize increased research and development activities to produce high-performance and low-power-consuming sensors.
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Key Players in the Global Market are:
- Robert Bosch GmbH (Gerlingen, Germany)
- Infineon Technologies AG (Neubiberg, Germany)
- STMicroelectronics (Geneva, Switzerland)
- Continental AG (Hanover, Germany)
- Denso Corporation (Kariya, Japan)
- NXP Semiconductors (Eindhoven, Netherlands)
- Texas Instruments Incorporated (Dallas, U.S.)
- Allegro Microsystems, LLC (New Hampshire, U.S.)
- CTS Corporation (Illinois, U.S.)
- Elmos Semiconductor (Dortmund, Germany)
- Sensata Technologies (Attleboro, Massachusetts, U.S.)
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