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Automotive Sensors Market to Touch USD 8,535.6 Million by 2027; Rising Popularity of Autonomous Vehicles in Developed Nations to Aid Growth

September 21, 2020 | Automotive & Transportation

The global automotive sensors market size is projected to reach USD 8,535.6 million by 2027 on account of surging demand for efficient and sustainable urban mobility solutions, shares Fortune Business Insights™ in its report, titled Automotive Sensors Market Size, Share & COVID-19 Impact Analysis, By Sensor Type (Temperature Sensor, Pressure Sensor, Speed Sensor, Position Sensor, Others), By Application Type (Powertrain, Chassis, Exhaust, ADAS, Others), By Vehicle Type (Passenger Car, LCV, HCV) and Regional Forecast, 2020-2027. The report states that the market value stood at USD 7,858.6 million in 2019 and is expected to register a CAGR of 3.0% from 2020 to 2027.


With major carmakers suspending production activities and temporarily closing down plants amid the COVID-19 pandemic, the automotive sensors market growth is expected to be hit during 2020. Moreover, investments in advanced automotive technologies have declined as carmakers are prioritizing their expenditures to survive this unprecedented crisis.


Tesla Announces Plans for Developing Child Safety Sensors for Cars


In August 2020, Tesla unveiled its plan to develop next-gen motion-detection automotive sensors that will be designed to determine if a child was left behind in a hot car. The system will be armed with a radar imaging, which will enable it to differentiate between a child and an adult. Tesla’s innovation on these lines comes on the heels of recent data released by the National Highway Traffic Safety Administration, which revealed that instances related to children dying of heat strokes or suffocation due to being left behind or being trapped in cars have been rising in the past few years. Moreover, the new motion detection technology will also be capable of detecting broken windows or intrusion activities, which will significantly improve the vehicle’s safety quotient.


To get a detailed report summary and research scope of this market, click here:


https://www.fortunebusinessinsights.com/industry-reports/automotive-sensors-market-101690


Promising Advancements in ADAS Technologies to Propel Growth


Advanced Driver Assistance Systems (ADAS) are smart electronic technologies that heighten the awareness of a driver of the road and traffic conditions, thereby elevating the safety of the vehicle occupants as well as the pedestrians. Given their multiple benefits, carmakers and automotive technology specialists are developing highly sophisticated ADAS solutions for consumers. For example, in 2017, Zenuity, a joint venture between Autoliv and Volvo Cars, began its operations to develop cutting-edge ADAS and autonomous driving software solutions. More recently, Bosch, a leading provider of ADAS, announced in August 2020 that it now has a comprehensive portfolio of automotive sensor products for automated driving, including long-range LiDAR, self-parking, cruise control, and automatic emergency braking. These advancements are playing a key role in raising the potential of this market.


Growing Demand for Autonomous Vehicles to Fuel Innovation among Key Players


The demand for autonomous cars and other vehicles is rising at a steady rate as governments around the world aggressively promote sustainable urban mobility. To capitalize on this emerging trend, key players in the market for automotive sensors are adopting different strategies to strengthen their position. Companies such as Vitesco are also entering into collaborations with different entities to broaden and deepen their footprint in this market. Other companies such as Infineon are building their R&D capacities to expand their offerings and gain a decisive edge in the competitive milieu of this market.


Industry Development:



  • April 2019: US-based sensor technology specialist company, Aeva, developed Aeries, its Frequency Modulated Continuous Wave LiDAR system. Integrating core elements of LiDAR into a miniature photonics chip, the 4D LiDAR system is designed to deliver full range of performance for low reflective objects and to measure instant velocity at every point.     


List of Key Players Profiled in this Market Report:



  • CTS Corporation (Illinois, US)

  • Texas Instruments Incorporated (Dallas, US)

  • Denso Corporation (Kariya, Japan)

  • STMicroelectronics (Geneva, Switzerland)

  • Robert Bosch GmbH (Gerlingen, Germany)

  • Elmos Semiconductor (Dortmund, Germany)

  • Allegro Microsystems, LLC (New Hampshire, US)

  • NXP Semiconductors (Eindhoven, Netherlands)

  • Continental AG (Hanover, Germany)

  • Infineon Technologies AG (Neubiberg, Germany)


Further Report Findings:



  • The passenger cars segment is expected to lead the market during the forecast period owing to high demand for personal mobility vehicles worldwide.

  • Europe is poised to dominate the automotive sensors market share in the foreseeable future on account of the strong presence of some of biggest automobile companies in the world. In 2019, the region’s market size stood at USD 1,865.8 million.


Table of Segmentation:











































 ATTRIBUTE



  DETAILS



Study Period



  2016-2027



Base Year



  2019



Forecast Period



  2020-2027



Historical Period



 2016-2018



Unit



  Value (USD Million) & Volume (Thousand Units)



Segmentation



By Sensor Type



  • Temperature Sensor

  • Pressure Sensor

  • Speed Sensor

  • Position Sensor

  • Others



By Application Type



  • Powertrain

  • Chassis

  • Exhaust

  • ADAS

  • Others



By Vehicle Type



  • Passenger Car

  • Light Commercial Vehicle (LCV)

  • Heavy Commercial Vehicle (HCV)



By Geography



  • North America (the U.S., Canada, and Mexico)

  • Europe (the U.K., Germany, France, and Rest of Europe)

  • Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia- Pacific)

  • Rest of the World


Automotive Sensors Market
  • PDF
  • 2019
  • 2016-2018
  • 200

    CHOOSE LICENSE TYPE

  • 4850
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    8850

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