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”.
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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.