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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.
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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.
List of Key Players Profiled in this Market Report:
Further Report Findings:
Table of Segmentation:
Value (USD Million) & Volume (Thousand Units)
By Sensor Type
By Application Type
By Vehicle Type