Automotive Sensors Market Growth Prospects, Key Vendors, and Future Scenario

4
automobiles

Summary

Automotive Sensors Market To Progress at 7.4% CAGR during 2020–2030

Press Release

The surging integration of advanced driver assistance systems (ADASs) in vehicles is an important factor propelling the demand for automotive sensors across the world. Furthermore, the increasing popularity of autonomous vehicles is significantly boosting the global demand for these sensors. These sensors are incorporated in autonomous vehicles for numerous purposes such as eye tracking, speech recognition, virtual assistance, driver monitoring, gesture recognition, and in natural language interface. Additionally, “the development of ADASs equipped with radar-based detection devices, sensor fusion engine control units (ECUs), and camera-based machine vision systems is tremendously boosting the requirement of automotive sensors”.

Apart from the aforementioned factors, the implementation of stringent vehicular safety polices and regulations by the governments of different countries is another key factor responsible for the soaring adoption of advanced automotive sensors in automobiles throughout the world. For example, the European regulatory bodies have mandated the incorporation of various driving-assistance systems and features in vehicles such as emergency stop signal, advanced emergency braking, lane keeping assist system, tire pressure monitoring device, intelligent speed assistance device, driver drowsiness and attention detection system, and reversing camera system, owing to which, the automotive sensors are being increasingly integrated in vehicles.

Therefore, the rising enactment of such laws will lead to huge revenue growth in “the global automotive sensors market in the coming years, from $25,723.8 million to $58,215.3 million from 2019 to 2030”. The market is also predicted to advance at a CAGR of 7.4% from 2020 to 2030, according to the estimates of the market research company P&S Intelligence. These sensors are adopted in both commercial and passenger vehicles, of which, the passenger cars generated higher demand for these sensors in the past. This trend is likely to continue in the future years as well.

Geographically, “the automotive sensors market registered the highest growth in the Asia-Pacific (APAC) region in the last few years”. Furthermore, the market will demonstrate the fastest growth in the APAC region in the future years. This is attributed to the high automobile manufacturing capacity of China and the rapid development of advanced autonomous and electric vehicles in the country. The increasing production of such advanced vehicles is creating huge demand for automotive sensors in the country.

Hence, it can be said with surety that the sales of automotive sensors will surge all over the world in the upcoming years, mainly because of the growing popularity of autonomous and electric vehicles and the rising requirement of ADASs and other systems in vehicles across the world.