A change in a physical phenomenon, such as pressure, temperature, or speed, can be detect using sensors. The need for sensors has increased dramatically due to technological advancements in the automotive sector. The precise state of the vehicles, such as the oil pressure, temperature, emission level, coolant level, and fuel consumption, are controll and monitor by automotive sensors. Several kinds of car sensors are utilize, including fuel temperature, spark knock, voltage, and mass airflow sensors.
In 2021, the market for the automotive sensor was worth USD 23.3 billion, and by 2030 it will reach USD 74.42 billion, growing at a 13.6% CAGR during the forecast period.
Market growth is boost by the growing demand for passenger automobiles and the global automotive sector. Due to strict government laws governing car emissions, the adoption of electric vehicles has considerably expanded, encouraging industry expansion. Growing ADAS system demand, technological improvements, and vehicle modernization are other market growth drivers. In the upcoming years, the automotive sensor industry will have development prospects due to new emerging markets, changing consumer demographics, and rising vehicle demand.
Market Dynamics
Drivers
Lower gas prices, lower emissions, and improved national energy security will result from the increasing use of alternative fuels and automobiles. The use of alternative fuel cars will significantly increase demand for automotive sensors.
The scope of electrification has also been expand by the incorporation of new systems and technologies into automobiles. The installation of ADAS systems has expanded the use of sensors in autos. The automotive industry has seen a promising increase in vehicle electrification, particularly in the transmission, temperature control, powertrain, safety, and exhaust systems.
Restraints
Automotive sensors, especially LIDAR sensors, are too expensive for the average person to afford, negatively impacting the industry’s growth. The equipment required for autonomous driving can cost well over $10,000, despite the highest LIDAR sensor utilized by Google and Uber have a price tag of up to $80,000.
Opportunity
IMU sensors are in high demand in MEMS (micro-electromechanical systems) and offer high growth prospects in the future. This type of IMU is refer to as a system-in-package, which combines numerous gyroscope and accelerometer sensing elements with an application-specific integrate circuit for signal processing to create an inertial sensor that can quantify up to six degrees of freedom, as well as enable the lateral, longitudinal, and vertical acceleration for linear movements of the vehicle.
Market Segmentation
By Type
Speed sensors ruled the entire automotive sensor market in 2022. The primary factor stimulating market growth is its use in monitoring and regulating vehicle speed. Speed sensors are the first sensors automakers employ to improve vehicle safety because speed has been identify as the primary factor contributing to the increase in accidents worldwide.
By Application
On the basis of application, the automotive sensors market is segmented into chassis, vehicle safety & security, powertrain systems, exhaust systems, emission control, and telematics systems.
In 2022, the powertrain systems led the entire market with a significant revenue share. The huge number of sensors employed in the powertrain to track speed, location, gas, temperature, and pressure for safe and effective operation is mostly to blame. Furthermore, the development of automotive sensors for use in powertrains is drive by strict emission standards and fuel-efficiency guidelines establish by governments of various nations.
Regional Analysis
In 2022, Asia Pacific was the biggest market contributor, with a significant revenue share. It is due to the rising demand for vehicles with improved safety features and rising regional purchasing power. The need for automotive sensors is particularly high in emerging economies in the Asia-Pacific region, including China and India. The region’s large consumer base and efforts to promote the green revolution have expanded the use of sensor technologies, notably in the automotive industry.
North America and Europe are two major revenue generators for the market for automotive sensors. Early technological adoption and a high Gross Domestic Product (GDP) are key drivers of the region’s expansion. Also, manufacturers have been compel to incorporate smart sensor technology in automotive vehicles to regulate and monitor gas emissions in the atmosphere due to the growing concern for pollution control and environmental safety.
Key Players
- STMicroelectronics N.V.
- Sensata Technologies
- NXP Semiconductor
- Delphi Automotive Company
- Infineon Technologies AG
- Continental AG
- DENSO Corporation
- AUTOLIV INC
- Valeo
- Robert Bosch
In 2021, the market for the automotive sensor was worth USD 23.3 billion, and by 2030 it will reach USD 74.42 billion, growing at a 13.6% CAGR during the forecast period. Growing production of automobiles, increasing vehicle electrification, formulation of strict government regulations and growing demand for safety and comfort in vehicles are primary factors influencing the market growth rate.
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