Northbrook, IL 60062 -- (SBWIRE) -- 08/25/2023 -- The global automotive sensors market in terms of revenue was estimated to be worth USD 25.1 billion in 2021 and is poised to reach USD 47.5 billion by 2026, growing at a CAGR of 13.6% from 2021 to 2026. The new research study consists of an industry trend analysis of the market.
Increasing consumer preference for alternative fuel vehicles to reduce greenhouse gas emissions and rising demand for vehicle safety are driving the demand for automotive sensors worldwide. Discover more about the growth prospects and opportunities in the global automotive sensors market.
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The market for the original equipment manufacturer (OEM) segment is expected to grow at the highest CAGR during the forecast period
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 industry.
The market for the position sensors segment is expected to grow at the highest CAGR during the forecast period
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 passenger car segment held the largest of the automotive sensors market
In 2021, the passenger car segment is anticipated to hold the largest share of the automotive sensors market, and a similar trend is likely to be observed during the forecast period. The passenger car segment is also expected to record the highest CAGR during the forecast period. The leading position of the passenger car segment can be attributed to the significant demand and high production of automobiles across the world. Passenger cars currently account for the largest shipment of the total automobile production worldwide.
The use of automotive sensors in passenger cars helps improve the car's performance, enhance vehicle safety, and reduce CO2 emissions from vehicles. Improvements in road infrastructure, availability of cheap labor, and increase in purchasing power of consumers have fueled the demand for automobiles in emerging economies such as China, India, and Brazil, which, in turn, stimulates the need for automotive sensors.
The powertrain systems application held the largest share of the automotive sensors market, and this trend is expected to continue during the forecast period
In 2020, powertrain systems held the largest share of the automotive sensors market, and a similar trend is expected to be observed during the forecast period. Safety and control systems are expected to record the highest CAGR in the automotive sensors market during the forecast period. The growth of the market for powertrain and safety and control systems can be attributed to the rising use of position, speed, gas, pressure, and temperature sensors in them. These sensors are required for the efficient performance of vehicles and safe rides. Stringent regulations by governments regarding fuel efficiency and emission control accelerate the adoption of sensors in powertrain systems. Automotive sensors are used in exhaust systems to monitor and analyze the level of gases emitted through the vehicle.
Asia Pacific held the largest share in 2020 and is expected to account for the highest CAGR of the automotive sensors market by 2026
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.
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Key Market Players
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 companies.