Dublin, Jan. 26, 2024 (GLOBE NEWSWIRE) -- The "Automotive Sensors Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global automotive sensors industry is poised for an extraordinary period of growth, as detailed in a comprehensive research report now available on our website. This in-depth analysis outlines the industry's development, offering invaluable insights into market size, shares, trends, and future projections.
Automotive sensors, a critical component for enhancing vehicle safety, efficiency, and automation, are becoming increasingly popular in the automotive sector. With the advent of autonomous vehicles and connected car technology, the demand for high-precision sensors is skyrocketing, making this sector one of the most dynamic in the global economy.
The report provides an expansive market outlook, anticipating significant growth from $28.53 billion in 2023 to a staggering $53.46 billion in 2028. This trend reflects a robust Compound Annual Growth Rate (CAGR) of 13.3%. Contributing factors to this impressive expansion include regulatory mandates, technological advancements in vehicle automation, and an overall surge in vehicle sales worldwide.
Key Highlights and Developments in the Automotive Sensors Market
- Asia-Pacific Dominates the Market: The Asia-Pacific region, already leading the globe in 2023, is forecasted to accelerate at the highest pace, solidifying its dominance in the automotive sensors market.
- Autonomous Vehicles Fuel Growth: Autonomous technology, requiring an array of sophisticated sensors for navigation and safety, is a significant driver of market expansion.
- Sensor Innovation Continues: Innovations such as MEMS and NEMS sensor technologies are reshaping the market, delivering enhanced performance and reliability.
- Pressure Sensors in Demand: The increased integration of pressure sensors in vehicles highlights the demand for precise control and safety mechanisms in braking systems, fuel efficiency, and exhaust management.
This market analysis also identifies notable trends and opportunities, such as the integration of 5G connectivity and advances in Lidar and sensor fusion technologies. Moreover, the automotive sensors market is benefitting from substantial investments in research and development, as auto manufacturers seek to refine sensor capabilities and comply with tightening regulatory standards.
Major companies operating within the sector, including market leaders like Robert Bosch GmbH and Continental AG, are keen to capitalize on these trends. Industry players are actively engaging in mergers and acquisitions, such as CTS Corporation's acquisition of TEWA Temperature Sensors, aimed at diversifying product offerings and expanding market reach.
The comprehensive report covers the vast landscape of the automotive sensors market, analyzing key geographic regions and providing a breakdown of market shares and competitive dynamics. It serves as an essential resource for stakeholders and entities aiming to navigate the complexities of this rapidly evolving market.
A selection of companies mentioned in this report includes
- Robert Bosch GmbH
- Continental AG
- DENSO Corporation
- Infineon Technologies AG
- Sensata Technologies
- Allegro Microsystems Inc.
- Analog Devices Inc.
- ELMOS Semiconductor SE
- Aptiv plc
- NXP Semiconductors N.V.
- STMicroelectronics N.V.
- CTS Corporation
- Texas Instruments Incorporated
- TE Connectivity Ltd
- ZF Friedrichshafen
- Magna International
- Melexis N.V.
- ON Semiconductor
- Amphenol Advanced Sensors
- Velodyne Lidar Inc.
- Quanergy Systems Inc.
- Innoviz Technologies Ltd.
- Broadcom Inc.
- Bosch Sensortec GmbH
- Bourns Inc.
- Delphi Technologies
- Baker Hughes a GE company
- Vishay Intertechnology Inc.
- BorgWarner Inc.
- Maxim Integrated
- Littelfuse Inc.
- Htachi Automotive Systems Americas Inc.
- OmniVision Technologies Inc.
- Autoliv Inc.
- Valeo Group
For more information about this report visit https://www.researchandmarkets.com/r/zaaw3d
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