Automotive Sensors Industry Procurement Intelligence Report 2020-2027Posted by Manisha S on January 25th, 2022 The global automotive sensor market was valued at ~USD 25-30 billion in 2020 and it is expected to grow at a CAGR of 7-10% from 2020 to 2027. The increasing adoption of hybrid electric vehicles has increased the demand for various automotive sensors such as current sensors, temperature sensors, cell voltage sensors, and other components for battery management systems. APAC is the largest geographic segment in the global automotive sensor market with more than 50% revenue share in 2020. The growth in APAC is driven by the growing adoption of electric vehicles in China, South Korea, and Japan. Favorable government policies regarding the use of electric vehicles have propelled market potential for automotive sensor makers in the region. For instance, in January 2021, South Korea approved an electric vehicle subsidy budget of USD891.7 million for 2021. EV cars with a price range of less than USD53,000 will be fully subsidized. Read report summary or request a free sample copy of the report “Automotive Sensors Industry Procurement Intelligence, Supplier Intelligence, Supplier Ranking, Pricing & Cost Structure Intelligence, Best Practices, Engagement Model, Low & Best Cost Country, Day One Analysis Report, 2020 – 2027” An automotive sensor is a device that monitors the condition and keeps track of almost everything happening in and outside a vehicle, allowing the onboard computers to make decisions. These decisions help to improve engine performance, reduce emissions, improve safety, etc. Following are the most commonly used sensors across different vehicles:
Raw material cost is the major cost driver of automotive sensor manufacturing. It accounted for more than one-third of the overall cost of production. Thermoplastics like PET (Polyethylene terephthalate), PBT (Polybutylene terephthalate), ceramics are widely used raw materials for automotive sensors. Other major costs include facility costs, machinery costs, labor costs, etc. Find more research reports by Grand View Research:
The COVID-19 pandemics negatively affected the global automotive sensor industry. It resulted in disruptions in the export of Chinese parts, large-scale manufacturing interruptions across Europe, and closure of assembly plants in the U.S. More than 2.5 million passenger cars were removed from the production schedule due to large-scale industrial lockdowns across North America and Europe. Reduced vehicle production directly translates to a significant drop in demand for automotive sensors. Moreover, the lack of aftermarket sensors is considered as one of the key constraints in the developing market during the forecast period. Leading suppliers of automotive sensors are:
The global automotive sensor industry features a moderately consolidated landscape with leading players contributing around 55% of the market share. Industry leaders are strengthening their presence through multiple mergers and acquisitions. About us: A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of the supply chain which helps in efficient procurement decisions. Our services include (not limited to): Market Intelligence involving - market size and forecast, growth factors, and driving trends Price and Cost Intelligence - pricing models adopted for the category, the total cost of ownership Supplier Intelligence - rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing Sourcing / Procurement Intelligence - best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best-suited countries for sourcing to minimize supply chain disruption Our market/procurement Intelligence reports include in-depth and actionable insights that help clients in understanding the different aspects of the supply chain and take more effective decisions. Like it? Share it! More by this author |