Global Automotive Electronics Sensors Market- Industry Analysis and forecast
Posted by shankar on November 20th, 2020
Global Automotive Electronics Sensors Market size was valued US$ 35.92 Bn. in 2019 and the total revenue is expected to grow about 7.14% from 2020 to 2027, reaching nearly US$ 62.37 Bn.
Global Automotive Electronics Sensors Market
Increased vehicle production globally, also rise in demand for an electric vehicle, implementation of strict government rules and regulations related to emissions, and increase in consumer demand for safety, comfort and luxury in vehicles, These are the factors driving the growth of global automotive electronics sensors market.
Temperature sensing and control are among the most important and well-established functions in automotive electronics. In automotive electronics, they are found especially in climate control and power-train applications. In recent years companies have introduced a great variety of new sensors and sensor systems to the automotive market and continuously develop innovative products to meet customers’ requirements. Advanced technologies allow cost-efficient and large-scale production of reliable sensors. These factors are driving the automotive electronics sensors market. Emerging, state-of-the-art, sensor technologies are defined here as those which are currently in the R&D stage of development, or those which have been newly introduced and which are expected to have a significant impact on automotive systems development.
During the past two decades, market studies have continued to track the increasing deployment of sensors to automotive systems. From early market studies circa 1990 with estimates of the total world market of US$ 2.3bn, the market has steadily grown to around US$ 10.1 bn in 2006 with a year-on-year growth of 11% predicting to take it to US$ 15.8 Bn in 2012, Although the passenger car production is expected to grow at less than 4% during the next few years, during the same period automotive sensor revenues are predicted to grow by 10.1% CAGR as a result of OEM’s responding to increasing environmental and safety legislation as well as consumer expectation by introducing electronically controlled innovations for enhanced performance, safety, comfort, and convenience.
Fatality-free vehicles are not unprecedented. In fact, there already are some, and they're not just Volvos. According to data from the Insurance Institute for Highway Safety, there are nine vehicle models -- including the Volvo XC90 -- in which no one in the United States died in the four years from 2009 to 2012, the most recent period for which data is available.
Volvo still based in Sweden but now owned by China's Zhejiang Geely Holding Group (GELYY), wants to make this the case for its entire vehicle line up throughout the world. The automaker already tracks how many people die in its vehicles in order to monitor safety. That way, engineers can tell how much safer their vehicles become each time they roll out new crash-prevention technology. That also helps Volvo predict how much safer its vehicles will be with each new advancement.
Europe car industry has demonstrated signs of improvement in June 2020, boosted by the reopening of more showrooms. According to reports of the Society of Motor Manufacturers and Traders (SMMT), June 2020 registrations fell 35% YoY to 145,377, an improvement over prior months when YoY 2020 demand fell by 89% in May, 97% in April and close to 45% in March. While car showrooms in England reopened at the beginning of June 2020, dealers in Wales and Scotland were allowed to do so only from near the month-end.
The power-train segment dominated by the increasing need for automotive sensors in power-train systems due to the stringent government regulations in the developed as well as developing regions, to enhance fuel efficiency, and reduce exhaust gas emissions by the vehicles. These factors are driving the automotive electronics sensors market.
MMR forecasts that the three-wheeled Automotive Electronics Sensor segment is projected to reach USD 61.37 Mn in 2027 from USD 35.92 Bn in 2019, representing a compound annual growth rate (CAGR) of 7.14% from 2020 to 2027.
Level 2 and Level 3 autonomous driving is currently commercialized. The demand for global automotive sensors is expected to grow during the forecast period given the increasing number of vehicles equipped with autonomous driving. Vehicle autonomy would be achieved by incorporating efficient micro-controllers and highly accurate sensors. Advanced Driver Assistance Systems (ADAS), the technology currently in trend powered by automotive electronics sensors are driving the market. It helps the driver and with continuous research, with timely excluding human errors which may be due to strong emotions, fatigue, or other distractions.
Automotive Electronics Sensors Market, by Application
• Air cushion restraint system
• Passenger Cars
• Original Equipment Manufacturer (OEM)
• Asia Pacific
• Robert Bosch
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Joined: July 22nd, 2019
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