PUBLISHER: The Insight Partners | PRODUCT CODE: 1874073
PUBLISHER: The Insight Partners | PRODUCT CODE: 1874073
The automotive sensors market is anticipated to grow from US$ 30.45 Billion in 2024 to US$ 51.40 Billion by 2031, reflecting a compound annual growth rate (CAGR) of 7.1% from 2031 to 2031. The automotive sector is rapidly evolving, driven by the rise of connected vehicles and the global shift towards electric vehicles. Automotive electronic sensors are utilized extensively in both commercial and passenger vehicles. Continuous advancements in automotive technology are propelling market expansion, with a heightened emphasis on adopting cutting-edge automotive technologies, including autonomous driving and increased electrification, further stimulating market growth. The growing preference for position sensors within the automotive industry is also expected to contribute to market growth throughout the forecast period.
Automotive Sensors Market Analysis
An automotive sensor is a semiconductor device designed to detect abrupt changes within a vehicle. These sensors are crucial for monitoring various physical changes in the automotive engine environment, such as fuel needs, oil leaks, heat dissipation, temperature, motion, humidity, pressure, and more. The automotive sensors market features a variety of sensor types, including position sensors, temperature sensors, LED sensors, image sensors, and others.
Automotive Sensors Market Overview
The increasing emphasis on vehicle driver safety and comfort, along with the growing adoption of advanced driver-assistance systems (ADAS), is driving the growth of the automotive sensors market during the forecast period. Factors such as the rising sales of electric vehicles aimed at reducing carbon emissions and increased investments in the automotive sector are also contributing to the global growth of the automotive sensors market.
Strategic Insights
Automotive Sensors Market Drivers and Opportunities
The surge in passenger car sales, coupled with stringent government regulations, is expected to be a primary driver for the global automotive sensors market.
Global sales of passenger cars have surged significantly, driven by rising disposable incomes among consumers, which has created substantial demand for automotive sensors. According to the International Organization of Motor Vehicle Manufacturers (OICA), passenger car sales reached approximately 65.27 million units in 2024, marking an 11.3% increase from 2022. This growth in passenger car sales worldwide is expected to significantly boost the automotive sensors market during the forecast period, as these sensors are essential for various vehicle functions, including engine management, safety, and comfort features. The development of advanced sensor technologies is also paving the way for opportunities in autonomous driving vehicles.
Increased Adoption of Connected Cars is Expected to Create Ample Opportunities for Market Growth.
The rapid increase in connected car sales is attributed to the growing disposable income of consumers globally. Connected cars are equipped with a variety of sensors and Bluetooth technology that enable connectivity with smartphones and tablets. These vehicles transmit data to the electronic control unit using various advanced technology-based sensors. Recently, automotive manufacturers have introduced advanced connectivity solutions such as vehicle-to-infrastructure (V2I) and vehicle-to-vehicle (V2V) systems to enhance automotive connectivity. Connected vehicles utilize automotive sensors to improve safety, with the primary goal of preventing collisions, reducing fatalities, and enhancing vehicle efficiency.
Automotive Sensors Market Report Segmentation Analysis
The automotive sensors market analysis is segmented by type, component, and application.
Automotive Sensors Market Share Analysis by Geography
The geographic analysis of the Automotive Sensors Market report is divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific is expected to dominate the global automotive sensors market in 2024 and throughout the forecast period, driven by increased automotive sales in countries like Japan, India, South Korea, and China. Additionally, nations such as Indonesia, Taiwan, the Philippines, and other ASEAN countries are experiencing moderate growth in automotive sales in 2024. The presence of key market players in the Asia Pacific region, such as RoboSense, DENSO Corporation, LIVOX, Hesai, and Huawei Technologies Co., Ltd., is likely to further stimulate the growth of the automotive sensors market.
Automotive Sensors Market Report Scope
Automotive Sensors Market News and Recent Developments
The automotive sensors market evaluation is based on qualitative and quantitative data collected through primary and secondary research, including significant corporate publications, association data, and databases. Below are some recent developments and strategies in the automotive sensors market:
Automotive Sensors Market Report Coverage and Deliverables
The report titled "Automotive Sensors Market Size and Forecast (2021-2031)" offers a comprehensive analysis of the market, covering the following areas:
list of tables
list of figures