Market Analysis
The global automotive sensors market size will touch USD 35 billion at a 7% CAGR between the forecast period 2017- 2023, according to the new Market Research Future (MRFR) analysis. Automotive sensors will help to detect, transmit, and measure information that helps to analyze the performance of cars. The sensor technology helps in detecting events or amends in the environment and then offers a corresponding output.
Various factors are fuelling the global automotive sensors market share. According to the recent MRFR market estimates, such factors include increased motor vehicle production worldwide, demand for automotive sensor technology, demand for vehicle electrification, strict government regulations associated with emissions, and a rise in consumer demand for comfort and safety in cars. Other market drivers include increasing use of pressure sensors, an increase in demand for automotive sensors in electric and hybrid cars, demand for customized electronic devices, and demand for autonomous cars.
On the contrary, the high development cost of automotive sensors, and the impact of the COVID-19 outbreak may deter the global automotive sensors market growth over the forecast period.
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Market Players & Key Strategies
Some of the most renowned players of this market can be enlisted as Panasonic Corporation, Broadcom Limited, Micronas Semiconductor, Sensata Technologies, and Measurement & Control Solutions.
All of these brands have worked for years and evolved with changing trends to keep themselves ahead in this race. They also deploy certain set growth strategies like the strategic expansion of business, alliance with other organizations, and investment in research and development activities.
Market Segmentation
The MRFR report highlights an inclusive segmental analysis of the global automotive sensors market based on sensor type, technology, and vehicle type.
By sensor type, the global automotive sensors market is segmented into image sensors, inertial sensors, NOx sensors, O2 sensors, position sensors, speed sensors, temperature sensors, pressure sensors, and others. Of these, the position sensors will lead the market over the forecast period.
By technology, the global automotive sensors market is segmented into nano-electro-mechanical systems (NEMS), and micro-electro-mechanical systems (MEMS).
By vehicle type, the global automotive sensors market is segmented into electrical vehicles, heavy vehicle, high end, medium end, low end, and others.
Regional Analysis
By region, the global automotive sensors market covers the growth opportunity and recent trends across Europe, North America, the Asia Pacific (APAC), and the Rest of the World (RoW). Of these, the APAC region is predicted to spearhead the market over the forecast period. The increasing purchasing power of consumers, growing population, increasing per capita income of the middle-class people, cost advantages of OEMs, production of cost-effective and compact cars, presence of fast-developing economies like India and China, low automobile production costs, demand for autonomous vehicles, easy accessibility of economical labor, safety norms and lenient emission, government initiatives to support FDIs, increase in automobile production, and growing inclination of consumers towards luxury, safety, and comfort are adding to the global automotive sensors market growth in the region.
In North America, the automotive sensors market is predicted to have healthy growth over the forecast period. Infrastructure development, early adoption of advanced driving assistance features, and increasing sales of electric vehicles are adding to the global automotive sensors market growth in the region.
The automotive sensors market in Europe is predicted to have sound growth over the forecast period. Growing demand for safer and more efficient cars, safety and fuel efficiency norms, and safety regulations for commercial vehicles are adding to the global automotive sensors market growth in the region.
The automotive sensors market in the Rest of the World is predicted to have steady growth over the forecast period.
Key Players
Key contenders profiled in the global automotive sensors market report include Vishay Intertechnology, Inc. (U.S.), TRW Automotive Inc. (U.S.), Sensata Technologies (U.S.), Panasonic Corporation (Japan), Micronas Semiconductor Inc. (Switzerland), Continental AG (Germany), Infineon Technologies AG (Germany), STMicroelectronics (Switzerland), GE Measurement & Control Solutions (U.S.), Denso Corporation (Japan), Delphi Automotive LLP (U.K), Bourns Inc. (U.S.), Bosch Sensortech GmBH (Germany), Broadcom Limited (U.S.), and Analog Devices Inc. (U.S.).
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