With 13.6% CAGR, Automotive Sensors Market Growth to Surpass USD 47.5 billion
Posted by edwardzmusso on August 22nd, 2022
The automotive sensors market is projected to grow from USD 24.3 billion in 2020 to USD 47.5 billion by 2026, at a CAGR 13.6% between 2020 and 2026.The major factors driving the growth of the automotive sensors market include increasing electrification in the automotive industry, stringent environment regulations, motor production worldwide, growing consumer demand for safety and comfort.
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By sensor type, position sensors are estimated to account for the largest share of the automotive sensors marketby2025. Primary uses of the position sensor include camshaft position sensing (also called as G-sensor), crankshaft position sensing (also called as NE sensor), throttle position sensing, and fuel level and brake fluid indication. Besides these leading applications, position sensors are used in other applications such as brake pedal position sensing, clutch pedal position sensing, accelerator pedal position sensing, seat and headrest position, electric roof position, sunroof position, windscreen wiper position, crash sensing, valve position sensing, gear shift position sensing, headlight position sensing, manifold flap position sensing, and seat position sensing
By vehicle type, passenger cars are expected to lead the automotive sensors market during the forecast period. Passenger cars currently account for the largest shipment of the total automotive production worldwide. Sensors in passenger cars help in improving the performance of the car along with significantly enhancing the safety and reducing the emission. The improving infrastructure, cheap labor, and increase in purchasing power of consumer, and demand for safer vehicles have directly fueled the demand for automobiles in emerging economies such as China, India, and Brazil. The increased purchasing power has also increased the demand for automobiles with more safety and advanced features. The adoption of ADAS technology and the growth of autonomous cars is helping the automotive sensors market to grow in developed nations such as the US, Germany, and the UK.
By application, the powertrain is expected to lead the automotive sensors market during the forecast period. Powertrain application comprises position, speed, gas, pressure, and temperature sensors, among others. These sensors are required for efficient and safer transport. Stringent regulations from the government on fuel efficiency and emission requirements are driving the growth of sensor technologies in powertrain applications. Gathering analog information such as pressure and temperature for digital control units is crucial to meet regulations norms. The sensors help the engine is burning fuel more efficiently by providing precise data to the engine, which optimizes the fuel consumption according to the requirement.
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In terms of geographic coverage, the automotive sensors market has been segmented into North America, Asia Pacific (APAC), Europe, and Rest of the World (RoW).The automotive industry in APAC has been very dynamic over the past few years, owing to changing consumer preferences, increasing per capita income of the middle-class population, and cost advantages for OEMs. The region is known for producing compact and cost-effective cars and comprises some of the fastest-developing economies of the world, including China and India. APAC is estimated to be the largest market for automobiles. This could be attributed to the growing population and rising income levels, which raise the demand for automobiles.
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Joined: February 8th, 2021
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