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Automotive Sensors Market Worth $41.9 Billion By 2025
The report "Automotive Sensors Market by Type (Temperature, Pressure, Position, Oxygen, NOx, Speed, Inertial, Image), Application (Powertrain, Chassis, Safety & Control, Telematics), Vehicle Type, Sales Channel, Region - Global Forecast to 2025", is projected to reach USD 41.9 billion by 2025 from an estimated USD 28.1 billion in 2020, it is expected to grow at a CAGR of 6.9% from 2020 to 2025.
Increased global motor vehicle production, rise in demand for vehicle electrification, formulation of stringent government regulations related to emissions, and an increase in consumer demand for safety and comfort in vehicles are the major factors driving the growth of the automotive sensors market. Increasing demand for advanced driver-assistance systems (ADAS) and ongoing rapid developments in autonomous cars present growth opportunities for the automotive sensors market.
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Based on type, the image sensors segment of the automotive sensors market is projected to grow at the highest CAGR from 2020 and 2025.
Based on type, the automotive sensors market has been segmented into position sensors, speed sensors, pressure sensors, oxygen sensors, NOx sensors, inertial sensors, temperature sensors, image sensors, and other sensors. Among all these, the image sensors segment is projected to grow at the highest CAGR during the forecast period. The growth of this segment can be attributed to the increased demand for image sensors used in ADAS, active parking assistance (APA) systems, lane departure warning (LDW) systems, collision avoidance systems, and other safety systems. The rapid development of autonomous cars, which rely significantly on image sensors, has also spiked the global demand for image sensors.
Based on application, the telematics segment of the automotive sensors market is projected to grow at the highest CAGR during the forecast period.
The automotive sensors market has been segmented into powertrain, chassis, body electronics, safety & control, exhaust, telematics, and others. The telematics and the safety & control segments are significantly growing application segments of the market. Increasing demand for ensuring safety & comfort in vehicles is driving the demand for safety & comfort sensors worldwide.
The automotive sensors market in APAC is projected to grow at the highest CAGR from 2019 to 2024.
The automotive sensors market has been studied for North America, Europe, Asia Pacific (APAC), and the Rest of the World (RoW). The increasing purchasing power of consumers and the rising demand for highly efficient and safe vehicles are the main factors driving the growth of the automotive sensors market in APAC. Emerging economies such as India and China are major contributors to the growth of the automotive sensors market in this region. China is leading the global automobile production, and it is expected to continue leading this production during the forecast period as well. The Government of the People’s Republic of China emphasizes the promotion and adoption of energy-efficient plug-in hybrid electric vehicles (EVs) and pure EVs.
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Robert Bosch (Germany), Continental AG (Germany), Delphi Automotive (UK), Denso Corporation (Japan), Infineon Technologies (Germany), Sensata Technologies (US), Allegro Microsystems (US), Analog Devices (US), Elmos Semiconductor (Germany), CTS Corporation (US), Autoliv Inc. (Sweden), NXP Semiconductor (Netherlands), TE Connectivity (Switzerland), STMicroelectronics(Switzerland), ZF Friedrichshafen AG (Germany), Quanergy (US), Innoviz Technologies (Israel), and Velodyne LiDAR (US) are some of the key players in the automotive sensors market.
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