Northbrook, IL 60062 -- (SBWIRE) -- 09/07/2022 -- The global automotive sensors market is estimated to reach USD 47.5 billion by 2026 from USD 24.3 billion in 2020, registering a CAGR of 13.6% during the forecast period.
Growing inclination of consumers toward alternative fuel vehicles to reduce GHG emissions and surging consumer demand for vehicle safety propelling the demand for automotive sensors across the globe.
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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Asia Pacific held the largest share of the automotive sensors market in 2020, and a similar trend is expected to be observed during the forecast period. This growth is attributed to the owing to 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.
2020, the position sensors segment held the largest share of the automotive sensors market, and a similar trend is expected to be observed during the forecast period. The growth of the market for position sensors can be attributed to the rising demand for autonomous cars and autopilot applications. Advanced technologies are increasingly being adopted in passenger and commercial cars because of the improving standard of living and rising consumer preference for better safety standards and comfort. Position sensors have become an integral part of vehicles, from vehicle seats through pedals to gear shifters, to ensure the safety and proper functioning of all vehicle components. Thus, innovation in automotive technology has increased the use of position sensors in a vehicle.
The OEM segment is expected to lead the automotive sensors market during the forecast period due to the rising demand for sensors in modern vehicles. Sensors are an essential component in automotive systems for the safe, comfortable, and economic operation of vehicles. The extreme conditions in automotive applications such as heat, cold, or continuous vibrations create a high demand for sensors that are highly reliable and resilient. Moreover, the newly mandated sensors-based features such as clear surrounding visuals, automatic vehicle speed control, and vehicle location tracking also drive the growth of the OEM segment in the automotive sensors market.