Automotive Sensors Market Growth to Surpass USD 62.2 billion

Posted by edwardzmusso on February 7th, 2024

According to MarketsandMarkets, the automotive sensor market size is valued at USD 30.8 billion in 2023 and is anticipated to be USD 62.2 billion by 2028, growing at a CAGR of 15.0% from 2023 to 2028. Factors such as minimizing driver stress through adoption of advanced driver-assistance systems, and government incentives and grants to support R&D in automotive sensor industry will likely drive market growth. Autonomous driving is one of the primary factors triggering the demand for automotive sensors. The market for most automotive sensors is growing in line with the overall growth of the automotive market. The high adoption of ADAS and AD systems is the primary reason for the elevated demand for automotive sensors.

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Based on sensor types, the automotive sensor market has been segmented into includes temperature sensors, pressure sensors, position sensors, oxygen sensors, NOx sensors, speed sensors, inertial sensors, image sensors, level sensors, chemical sensors, radar sensors, ultrasonic sensors, LiDAR sensors, current sensors, and other sensor types (rain sensors, relative humidity sensors, proximity sensors, particulate matter sensors). The position sensors segment for the automotive sensor market held the largest the share of the market in 2022. Position sensors will lead the automotive sensor market in the next few years. Key factors driving this market’s growth include manufacturers’ increasing focus on achieving accurate steering wheel position, pedal position, and seat position and the rising adoption of position sensors in passenger cars and commercial vehicles.

Based on sales channel, the automotive sensor market has been segmented original equipment manufacturers (OEMs) and aftermarkets. Vehicle safety regulations are becoming more stringent, and modern-day vehicles now have several applications for ADAS technology, such as automatic high beam control, night vision, front luminance, and others. This will provide an opportunity for automotive sensor manufacturers to grow their OEM segment in the automotive sensor market.

The automotive sensor market has been segmented based on vehicle types into passenger cars, light commercial vehicles (LCVs), and heavy commercial vehicles (HCVs). The passenger cars segment is anticipated to hold the largest share of the automotive sensor 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 increased production of automobiles worldwide.

Based on the application, the automotive sensor market has been segmented into powertrain systems, chassis, exhaust systems, safety and control systems, vehicle body electronics, telematics systems, driver assistance and automation, and other applications (vehicle monitoring systems, vehicle tracking systems, and vehicle security systems). The automotive sensor market for the safety, and control systems is expected to record the highest CAGR in the automotive sensor market during the forecast period due to the rising use of position, speed, gas, pressure, and temperature sensors in these systems.

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Major players operating in the automotive sensor market include include Robert Bosch GmbH (Germany), ON Semiconductor (US), OMNIVISION (US), TE Connectivity (Germany), Continental AG (Germany), Infineon Technologies AG (Germany), NXP Semiconductors (Netherlands), Denso Corporation (Japan), Panasonic (Japan), Allegro MicroSystems, Inc. (US), Sensata Technologies,Inc (US), BorgWarner, Inc. (US), Analog Devices, Inc. (US), ELMOS Semiconductor SE (Germany), Aptiv. (Ireland), CTS Corporation (US), Autoliv, Inc. (Sweden), STMicroelectronics (Switzerland), ZF Friedrichshafen AG (Germany), Quanergy Solutions, Inc. (US), Innoviz Technologies Ltd (Israel), Valeo S.A. (France), Magna International Inc. (Canada), Melexis (Belgium), and Amphenol Advanced Sensors (US). These companies have reliable manufacturing facilities and strong distribution networks across key regions, such as North America, Europe, and Asia Pacific. They have an established portfolio of a robust market presence, reputable products and services, and strong business strategies. Furthermore, these companies have a significant market share, products with more comprehensive applications, and broader geographical footprints.