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Automotive Sensors Market to Reach $15.6 Billion by 2028; Rising Popularity of Autonomous Vehicles to Propel Market Growth

November 19, 2021 | Automotive & Transportation

The global automotive sensors market size is projected to exhibit striking growth by reaching USD 15.6 billion by 2028 from USD 10.10 billion in 2021. 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 Forecasts, 2021-2028”, observes that the market size stood at USD 10.44 billion in 2020 and USD 10.10 billion in 2021. It is also expected to exhibit a CAGR of 6.38% between 2021 and 2028. The rising demand for modern safety, comfort, and technological features is expected to boost the market's growth. Moreover, the rising popularity and adoption of autonomous vehicles in the coming years may surge the growth of the market.


Valeo and Navya’s Extension of Technological and Industrial Collaboration to Amplify Market Growth


In June 2021, Valeo, global automotive supplier, and Navya, a French leader in autonomous driving and associated systems, announced the extension of their industrial and technological collaboration for autonomous shuttles. Around 180 units of Navya shuttles, equipped with Valeo technologies, were sold as at December 31, 2020. The two companies aim to ramp up the R&D program to produce level 4 autonomous driving systems. Navya will share the functional and technological data gathered during experiments, and Valeo will furnish Navya with sensors that enable vehicles to comprehend their surroundings.


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


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


Rising Adoption of Autonomous Vehicles to Augment Market Growth


Autonomous vehicles have gained striking growth due to technological advancements and the growing consumer awareness for autonomous vehicles. Manufacturers incorporate non-contact 3D magnetic sensors to replace the optical systems or potentiometers that use conventional position-sensing methods. These sensors improve driver concentration by eliminating manual control functions, including infotainment and vehicle lighting.


Hence, the increasing adoption of automotive sensors and vehicles is likely to amplify the global automotive sensors market growth in the coming years. Additionally, the emphasis on comfort and safety has increased in recent years. The growing demand for connected vehicles, new technology features, and new energy vehicles is expected to boost the market's growth.


Key Players Launch New Products to Garner Growth in the Market


The market is fairly competitive, and NXP Semiconductors, Infineon Technologies AG, Robert Bosch GmbH, and STMicroelectronics comprise the key players in the global market. The key players emphasize increased research and development activities to produce high-performance and low-power-consuming sensors. The key players focus on developing new products, patents, technological advancements, collaborations, acquisitions, mergers, and others to generate greater revenues and improve their market presence. For instance, Melexis unveiled next-generation current sensors for automotive power-conversion applications in June 2021. The sensors possess beneficial attributes such as integrated over-current detection circuity, increased resolution, and 3.3V or 5V operation capabilities.


Industry Developments



  • June 2021: Navya and Valeo extended their industrial and technological collaboration for autonomous shuttles. Navya will share the functional and technological data gathered during experiments, and Valeo will furnish Navya with sensors that enable vehicles to comprehend their surroundings.


Key Players in the Global Market are:



  • Robert Bosch GmbH (Gerlingen, Germany)

  • Infineon Technologies AG (Neubiberg, Germany)

  • STMicroelectronics (Geneva, Switzerland)

  • Continental AG (Hanover, Germany)

  • Denso Corporation (Kariya, Japan)

  • NXP Semiconductors (Eindhoven, Netherlands)

  • Texas Instruments Incorporated (Dallas, U.S.)

  • Allegro Microsystems, LLC (New Hampshire, U.S.)

  • CTS Corporation (Illinois, U.S.)

  • Elmos Semiconductor (Dortmund, Germany)

  • Sensata Technologies (Attleboro, Massachusetts, U.S.)


Further Report Findings-



  • The market in Asia Pacific stood at USD 5.52 billion in 2020 and is expected to gain the largest global automotive sensors market share. The growing adoption of electric vehicles is likely to stimulate growth in the coming years. Additionally, the improving personal disposable income levels and available cheap labor are expected to fuel the market growth.

  • The growth in Asia Pacific is also attributable to the improving government regulations for road safety and is expected to augment the growth of the market. For instance, the Ministry of Road Transport, India, has mandated the installation of alert systems, airbags, seat belt reminders, and reverse parking sensors for speeds above 80 km/h. Also, in case of electronic system failure, a manual override for the central locking system is necessary for all cars manufactured post 1st July 2019.

  • According to the segmentation based on vehicle type, the passenger car segment is anticipated to witness the highest growth in the market due to the increasing consumer demand for environment-friendly and safety-oriented vehicles. The rising need to optimize fuel consumption and the surging demand for personal mobility solutions are likely to boost the growth of the segment.


Table of Segmentation:











































  ATTRIBUTE



  DETAILS



Study Period



  2017-2028



Base Year



  2020



Forecast Period



  2021-2028



Historical Period



  2017-2019



Unit



  Value (USD Billion) & 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 (U.S., Canada, and Mexico)

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

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

  • Rest of the World


Automotive Sensors Market
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  • 2017-2019
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