Automotive Sensors Market Share, Industry Growth, Trends, Business Opportunities, Challenges, Growth Insights to 2027
Automotive Sensors Market size is projected to reach USD 8,535.6 million
by 2027, exhibiting a CAGR of 3.0% during the forecast period. The emergence of
start-ups specializing in autonomous vehicle technologies is expected to open a
new growth dimension for this market.
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”. Autonomous
vehicles, or self-driving vehicles, depend on sensor technology to operate as
they enable the car to gather data from the external environment and act
accordingly. The growing popularity of these vehicles has led to the birth of
several start-ups, advancing and widening the application of sensors in this
domain.
For example, FiveAI, a UK-based
start-up, is developing smart perception systems that combine artificial
intelligence (AI) and sensor technology to create connected platforms for
shared transportation and urban mobility. In France, a start-up called EasyMile
has engineered a driverless shuttle that can transport up to 15 people to fixed
or on-demand areas within defined premises. This unique development is expected
to propel the market growth in the coming years.
As per the report, the global market
value stood at USD 7,858.6 million in 2019. The highlights of the report
include:
- Bird’s eye-view study of the industry trends and outlook;
- Meticulous analysis of all market segments;
- Comprehensive assessment of the market drivers and challenges; and
- Exhaustive research into the regional dynamics and competitive
landscape of the market.
Market Restraint
Suspension of Production Operations
amid COVID-19 to Stagnate Market Growth
The COVID-19 pandemic has crippled the
global automotive industry, with demand and sales of vehicles falling to
historic lows. In India, the Society of Indian Automobile Manufacturers
reported a shocking 78.43% drop in passenger vehicle sales in April-June 2020.
In Europe, automotive giants have had to shut down their manufacturing
operations amid the demand slump and supply chain disruptions caused by the
coronavirus.
For example, Volkswagen, the German
automaker, closed down its plants in Spain and Italy, while Fiat Chrysler
announced closure of its plants in Serbia, Poland, and Italy. This will
inevitably push down the investment appetite in autonomous vehicles as
investors and car companies are currently focused on surviving through this
unprecedented crisis, which in turn will hamper the automotive sensors market
growth. Furthermore, with key manufacturers prioritizing their spending,
adoption of advanced sensor technologies, is likely to get stalled, signaling a
grim period for the market.
Regional Insights
Asia Pacific to Lead the Global Market
Backed by Stringent Safety Norms
Asia Pacific is expected to dominate
the automotive sensors market share during the forecast period on account of
growing stringency of vehicular safety norms. This trend is mainly driven by
the persistently high number of road fatalities in developing economies. In
response, government authorities have imposed strict regulations to reduce the
number of road accidents, making it mandatory for vehicle manufacturers to install
automotive sensors and sensor-enabled airbags in vehicles for enhanced safety
of passengers. The market size in Europe stood at USD 1,865.8 million in 2019.
Competitive Landscape
Key Players to Provide Sensor Solutions
for Self-Driving Cars & Electric Vehicles
The market for automotive sensors is
expanding at a prolific pace, which is being further bolstered by the
increasing demand for electric vehicles (EVs) and autonomous cars. Key players
are responding to this trend by developing and launching sensor solutions
designed to augment the accuracy and efficiency of these vehicles, thus fueling
the growth of this market.
List of the Leading Companies Profiled
in the Global Automotive Sensors Market are:
- Elmos Semiconductor (Dortmund, Germany)
- Allegro Microsystems, LLC (New Hampshire, US)
- NXP Semiconductors (Eindhoven, Netherlands)
- Continental AG (Hanover, Germany)
- Infineon Technologies AG (Neubiberg, Germany)
- CTS Corporation (Illinois, US)
- Texas Instruments Incorporated (Dallas, US)
- Denso Corporation (Kariya, Japan)
- STMicroelectronics (Geneva, Switzerland)
- Robert Bosch GmbH (Gerlingen, Germany)
Industry Developments:
June 2020: Vitesco Technologies, the powertrain business
division of Continental, partnered with Japan-based ROHM Semiconductor for the
supply of silicon carbide (SiC) power devices. The SiC components will be
utilized by Vitesco to boost the efficiency of its power electronics in
electric vehicles, as this material facilitates better use of electrical energy
stored in EV batteries.
January 2020: Bosch became the first company to develop a
long-range LiDAR system ready for production, which is expected to accelerate
the advancements in autonomous driving. The system is designed to cover both
long and short ranges and can be combined with existing radar and camera
setups.
Browse Detailed Summary of 200 Pages
Premium Research Report With TOC:
https://www.fortunebusinessinsights.com/industry-reports/automotive-sensors-market-101690
Detailed Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Merger, Acquisitions, and Partnerships
- Distributor Analysis – For Major Players
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- PEST Analysis
- Vendor Landscape
- Global Automotive Sensors Market Analysis, Insights and Forecast,
2016-2027
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Sensor Type
- Temperature Sensor
- Pressure Sensor
- Speed Sensor
- Position Sensor
- Others
- Market Analysis, Insights and Forecast – By Application Type
- Powertrain
- Chassis
- Exhaust
- ADAS
- Others
- Market Analysis, Insights and Forecast – By Vehicle Type
- Passenger Car
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the World
TOC Continued…!
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