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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.
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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
Key Players in the Global Market are:
Further Report Findings-
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
|
By Application Type
| |
By Vehicle Type
| |
By Geography
|