PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514948
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1514948
In-Vehicle Sensor Technologies Market size was valued at USD 31,241.2 Million in 2023, expanding at a CAGR of 15.80% from 2024 to 2032.
An automotive sensor is a device that detects and responds to environmental changes by translating physical inputs like temperature, pressure, light, motion, and other phenomena into electrical impulses. In the automobile industry, sensors are critical for monitoring, controlling, and improving different elements of vehicle performance, safety, efficiency, and comfort. The automotive sensor market includes a variety of sensor types, including temperature sensors, pressure sensors, position and motion sensors, proximity sensors, and more.
In-Vehicle Sensor Technologies Market- Market Dynamics
O Investments in the Automotive Sector Driving Automotive Sensor Market Growth
Rising investments in the automotive sector are projected to drive the In-Vehicle Sensor Technologies market forward. Investments in the automotive sector are defined as the investment of cash or financial resources into various elements of the automobile business to create a financial return. Investments in the In-Vehicle Sensor Technologies business are used to fuel innovation, research, and development, increase sensor production capacity and reliability, meet regulatory requirements, and improve sensor technology for the benefit of customers. For instance, in 2022, according to statistics published by Alliance for Automotive Innovation, a US-based manufacturing firm, US car makers invested $32 billion, which has since climbed to $43 billion, and $23 billion in R&D in 2020.
In-Vehicle Sensor Technologies Market- Key Insights
v As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 15.80% over the forecast period (2024-2032)
v Based on Sales Channel segmentation, OEMs are the dominant segment in the market.
v Based on Sensor Type segmentation, in 2023, the global automotive sensor market was dominated by speed sensors, which had a high revenue share.
v Based on Vehicle Type segmentation, the passenger car sector leads the global market in 2023
v On the basis of region, Asia Pacific was the leading revenue generator in 2023
The Global In-Vehicle Sensor Technologies Market is segmented on the basis of Sales Channel, Sensor Type, Vehicle Type, Application, and Region.
The market is divided into two categories based on Sales Channel: Original Equipment Manufacturers (OEMs) and Aftermarkets. Original equipment manufacturers (OEMs) lead the market. Original equipment manufacturers (OEMs) are progressively using advanced sensor technology to improve vehicle performance, safety, and efficiency. With the automobile industry's rapid shift toward electrification and connectivity, OEMs aim to provide vehicles with highly reliable and precise sensors. This desire has fueled the development of cutting-edge sensor technologies that allow vehicles to perceive and respond to their surroundings with precision. As automakers work to meet tight regulatory criteria and consumer expectations for better driving experiences, the integration of modern sensor technology has become critical. OEMs are extensively spending in R&D to innovate sensor designs, improve durability, and improve performance, putting them at the forefront of the worldwide In-Vehicle Sensor Technologies market.
The market is divided into three categories based on Vehicle Type: Passenger Cars, Light Commercial Vehicle (LCV) and Heavy Commercial Vehicle (HCV). The passenger car industry dominates the global market. Sensors that measure mass air flow, coolant, and oxygen help the vehicle control pollutants, monitor temperature changes, and transmit signals to the engine control unit so that spark timing can be adjusted and fuel supply is exact. Thus, due to increased consumer demand for safer and more environmentally friendly vehicles, the passenger car category is likely to dominate the market.
In-Vehicle Sensor Technologies Market- Geographical Insights
Geographically, this market is distributed over North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further split based on the nations bringing commerce. Asia Pacific is the most important region in the worldwide market. The region had a considerable revenue share in 2023 and is poised for profitable expansion in the next years. The primary reasons for this are the rising demand for safer vehicles and increased purchasing power in the region. Emerging economies in the Asia Pacific, such as India and China, have a high demand for In-Vehicle Sensor Technologies. The region's large customer base and green revolution push have significantly increased the use of sensor technologies in the automotive industry.
North America and Europe are the other major revenue contributors to the global automotive sensor industry. Some of the primary elements driving the region's growth are early adoption of technology and a high GDP. Furthermore, growing concern about pollution management and environmental safety has compelled manufacturers to include smart sensor technology in motor vehicles to control and monitor gas emissions in the atmosphere.
In the In-Vehicle Sensor Technologies market, major players such as Robert Bosch GmbH, ON Semiconductor, OmniVision, TE Connectivity, Continental AG, and others are working on expanding the market demand by investing in research and development activities. Market participants are also pursuing a variety of strategic measures to expand their global footprint, including new product releases, contractual agreements, mergers and acquisitions, increased investment, and collaboration with other companies. To expand and survive in a more competitive and expanding market climate, competitors in the automotive sensor market must provide cost-effective products.
v In February 2023, Continental has announced that it is expanding its sensor portfolio for the rapidly developing electric vehicle market by launching a new revolutionary sensor. The high-speed inductive e-motor Rotor location Sensor (eRPS) identifies the real location of the rotor in a synchronous electric machine, resulting in increased efficiency and smoother operations. Compared to traditional resolver sensors, the eRPS is more compact and 40% lighter.
GLOBAL IN-VEHICLE SENSOR TECHNOLOGIES MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
O Robert Bosch GmbH (Germany)
O ON Semiconductor (US)
O OMNIVISION (US)
O TE Connectivity (Germany)
O Continental AG (Germany)
O Infineon Technologies AG (Germany)
O NXP Semiconductors (Netherlands)
O Denso Corporation (Japan)
O Panasonic (Japan)
O Allegro MicroSystems, Inc. (US)
O Sensata Technologies, Inc (US)
O BorgWarner, Inc. (US),
O Analog Devices, Inc. (US)
O ELMOS Semiconductor SE (Germany)
O Aptiv. (Ireland)
O CTS Corporation (US)
O Autoliv, Inc. (Sweden)
O STMicroelectronics (Switzerland)
O ZF Friedrichshafen AG (Germany)
O Quanergy Solutions, Inc. (US)
O Innoviz Technologies Ltd (Israel)
O Valeo S.A. (France)
O Magna International Inc. (Canada)
O Melexis (Belgium)
O Amphenol Advanced Sensors (US)
O Others