Automotive sensors are the devices, used in automobiles, which detects physical or chemical quantity such as temperature or position and transduces, indicate or respond to it. These sensors are made out of semiconductors such as cobalt and nickel. Automotive sensors are used to increase vehicle performance, safety and passenger comfort. Sensors are getting improved in terms of quality, smartness and they are more specific and robust. Further, these sensors are cheaper than the previous generation sensors. Better system and pleasures are encouraging people to buy automobiles equipped with sensors. Moreover, the demand of automotive sensors in Asia –Pacific is bolstering the growth rate of automotive sensors market. In automobile sector, the electronic systems are expanding on the back of rising number of sensors in automobiles. Thus, automotive sensors market is expected to showcase a lucrative growth.
Global Automotive Sensors Market is expected to flourish at a significant CAGR of 7.8% during the forecast period. Moreover, the global automotive sensors market is expected to garner USD 45.76 Billion by the end of 2024. Increasing sale of automotive across the globe, rising disposable income, stringent government regulations, rising electrification of vehicle are some of the key factors driving the growth of automotive sensors market.
The global automotive sensors market is expected to rise in terms of demand due to the invention of diverse sensors along with technological advancement of connected integrated technologies. Also, high efficiency and cheaper price of new generation sensor is expected to encourage the market growth. Government’s legislation and regulations on safety, emission reduction, fuel economy, driver assistance and onboard diagnosis systems are the factors which are driving the automotive sensors market.
Rising Number of Vehicle Production across the Globe
Increasing sale of vehicles in the world is one of the key factors behind the growth of automotive sensor market. According to Organisation Internationale des Constructeurs d’Automobiles (OICA), number of passenger vehicles sales and registration increases from 45,407,298 in 2005 to 69,464432 in 2016. Moreover, rising trend of electrification of vehicles is expected to spur the growth of the market.
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Stringent Government Regulations
Government’s legislation and regulations on safety, emission reduction, fuel economy, driver assistance and onboard diagnosis systems are the factors which are driving the automotive sensors market. Automotive industry being one of the largest industries in the world with a growth rate of 2.8% is encouraging the development of connected technologies and rising the demand for automotive sensors. Moreover, the demand of automotive sensors in Asia –Pacific is bolstering the growth rate of automotive sensors market. In automobile sector, the electronic systems are expanding on the back of rising number of sensors in automobiles. Thus, automotive sensors market is expected to showcase a lucrative growth.
The report titled “Automotive Sensors Market : Global Demand Analysis & Opportunity Outlook 2024” delivers detailed overview of the global automotive sensors market in terms of market segmentation by type, by area of system application, by vehicle type and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
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This report also provides the existing competitive scenario of some of the key players of the global automotive sensors market which includes company profiling of Avago Technologies, Delphi Automotive LLP, Casco Automotive Groups, Bourns, Inc., CTS Corporation, Infineon Technologies AG, GE Sensors and Measurement, Analog Devices Inc., Denso Corporation and Bosch Sensortec. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global automotive sensors market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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