Pune India, Dec. 14, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and the Middle East and Africa. These are the key regions where the Automotive Sensors market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the Automotive Sensors market are present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the type, application, vehicle and regions. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global automotive sensors market are BW Group, Dorian LPG Ltd., EXMAR, Hyundai Heavy Industries Co., Ltd, Kawasaki Heavy Industries, Ltd, Mitsubishi Heavy Industries, Ltd., Namura Shipbuilding Co., Ltd., PT Pertamina (Persero), StealthGas Inc., The Great Eastern Shipping Co. Ltd., Teekay Corporation among others. To achieve a substantial market share in the worldwide automotive sensors market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Autonomous driving is one of the key reasons why automobiles need sensors. Along with the overall automotive market, the automotive sensor sector is growing in large part. The widespread use of ADAS and AD systems is the primary factor for the rise in demand for automotive sensors. The sensors utilised in ADAS/AD systems, which include image sensors, temperature sensors, position sensors, speed sensors, and others, are primarily responsible for the market growth for automotive sensors. Automotive sensors are mostly sold by OEMs due to the underdeveloped aftermarket for automotive sensors. For a variety of various business sectors, such as industrial sensors and home automation devices, the aftermarket is essential to market growth. The greatest barrier to the commercialization of automobile sensors is that the bulk of technical specifications for these sensors are supplied by the automaker or a tier 1 provider. The demand for fuel-efficient cars has skyrocketed, and strong government regulations to cut CO2 emissions have contributed to this growth in semiconductors in both conventional and EV/HEV vehicles. The Chinese government introduced the new 6A emission standard in 2020, which helped to reduce vehicle emissions. Traditional internal combustion engines offer a huge chance to cut CO2 emissions. Recently, autonomous cars have becoming more popular. Level 3 through Level 5 autonomous cars have been used in a number of fatal incidents with little to no human participation. A paper from the Joint Research Centre (JRC) and the EU Agency for Cybersecurity (ENISA) also revealed that there are serious cybersecurity concerns with autonomous vehicles.
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Scope of Automotive Sensors Market Report:
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Type, Application, Vehicle and Regions. |
| Regions Covered | North America, Europe, Asia-Pacific, South America, and Middle-East and Africa |
| Major Players | BW Group, Dorian LPG Ltd., EXMAR, Hyundai Heavy Industries Co., Ltd, Kawasaki Heavy Industries, Ltd, Mitsubishi Heavy Industries, Ltd., Namura Shipbuilding Co., Ltd., PT Pertamina (Persero), StealthGas Inc., The Great Eastern Shipping Co. Ltd., Teekay Corporation among others. |
Segmentation Analysis
The position sensors segment is expected to be the fastest-growing segment in 2021.
The type segment includes LED, image sensors, position sensors, temperature sensors, pressure sensors, MEMS and others. The position sensors segment is expected to witness the highest growth rate during the forecast period. In addition to brake and clutch sensors, manifold flap sensors, accelerator pedal sensors, seat and headrest sensors, electric roof sensors, windscreen wiper position sensors, sunroof position sensors, valve position sensors, gear shift position sensors, crash sensors, headlight position sensors, and seat position sensors are also part of position sensors, driving the market.
The powertrain is expected to be the fastest-growing segment in 2021.
The application segment includes chassis, safety & security, body electronics, powertrain, ADAS and others. The powertrain segment is expected to witness the highest growth rate during the forecast period. The Powertrain is expected to have the highest CAGR over the long term. Worldwide, countries implement strict fuel economy and pollution standards which are boosting the growth of the market.
Passenger car is expected to be the fastest-growing segment in 2021.
The vehicle segment includes LCV, HCV and passenger car. The passenger car segment is expected to witness the highest growth rate during the forecast period. It is predicted that passenger cars will have the highest CAGR in the predicted period since their sensors will increase vehicle performance, increase passenger safety, and reduce emissions.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for Automotive Sensors include the US, Canada, Mexico, Germany, France, the U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa, and Saudi Arabia.
- The Asia Pacific region witnessed a major share. Since the number of fatalities from car accidents has risen in recent years, regulatory bodies have enacted stricter safety and pollution regulations propel the growth of the market. Automotive sensors market expansion will also benefit from an increase in medical tourism.
Country Analysis
- Germany
Germany’s Automotive sensors market size was valued at USD 1.01 billion in 2021 and is expected to reach USD 1.52 billion by 2029, at a CAGR of 5.3% from 2022 to 2029.
Automotive manufacturers and semiconductor manufacturers have maintained strong partnerships, which have contributed to the growth of semiconductors in the automotive industry and propelled the growth of the automotive sensors market.
- China
China’s Automotive sensors’ market size was valued at USD 1.66 billion in 2021 and is expected to reach USD 2.47 billion by 2029, at a CAGR of 5.1% from 2022 to 2029.
Due to the deployment of advanced temperature and position sensors as a part of the battery safety system against mechanical shock and overheating, the demand for automotive sensors in China will rise.
- India
India's Automotive sensors market size was valued at USD 1.27 billion in 2021 and is expected to reach USD 2.02 billion by 2029, at a CAGR of 6.0% from 2022 to 2029. According to data from the Indian Brand Equity Foundation (IBEF), sales of passenger cars rose by 28.39% in March 2021 compared to the same month the previous year. Due to increased demand for adaptive cruise control sensors and expanding sales of passenger cars, top manufacturers are focusing on including these sensors in cheaper vehicles. This is encouraging for the growth of the automotive sensor market.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to the increase in the trading of LPG across countries.
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