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Jan 09, 2024

Automotive Sensor Market: Trends, Drivers, and Growth Opportunities

Emerging Market Trends in 2023-2030: A Comprehensive Analysis Automotive Sensor

Emerging Market Trends in 2023-2030: A Comprehensive Analysis

Automotive Sensor market research report provides information on the size as well as the growth rate over a forecast period of 2023-2030. The report identifies and analyzes the key trends and drivers influencing the market. This includes technological advancements, changes in consumer preferences, regulatory factors, economic conditions, and competitive landscape, among others. These trends and drivers help to understand the factors shaping the market's direction and growth potential.

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The report provides an overview of the major players operating in the market. This includes both established companies and emerging players, along with their market share, product portfolio, geographical presence, and strategies. Further, the report provides an analysis of the competitive landscape analysis within the market. This analysis helps businesses assess their position in the market and make strategic decisions regarding pricing, product differentiation, or market entry.

✤ Top Key Players:

Robert Bosch Continental AG DENSO Corporation AUTOLIV INC Valeo Sensata Technologies Delphi Automotive Company STMicroelectronics N.V NXP Semiconductor Infineon Technologies AG

✤ Automotive Sensor Market Segmentation:

Automotive sensor market size is projected to reach over USD 67.3 Billion by 2030, accounting for a CAGR of 6.6% during the forecast period (2022-2030) from the value of USD 40.4 Billion in 2022.

Automotive sensors are intelligent sensors that allow manufacturers or service providers for processing multiple aspects such as the pressure of oil, level of emission, engine temperature, coolant levels, etc. Several types of sensors are used in automobiles like mass airflow sensors, oxygen sensors, engine speed sensors, spark knock sensors, manifold absolute pressure (MAF) sensors, coolant sensors, and others that monitor the function of respective components.

The sensors are referred to as the sensory functions of the vehicles which constitute the complete electronic control system. They are responsible for recording and converting the chemical or physical variables into electrical signals, which aids in making adjustments as per the requirement of driving circumstances.

Furthermore, the growing safety and technological standards of automobiles have resulted in the augmented usage of automotive sensors. Features such as electronic stability control, anti-lock braking system, parking, lane assistance and other utilize sensors such as position sensors, force, and torque sensors, and pressure sensors for overall control over each component.

Automotive Sensor Report Coverage:

Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia]

Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland]

North America [United States, Canada, Mexico]

Middle East & Africa [GCC, North Africa, South Africa]

South America [Brazil, Argentina, Columbia, Chile, Peru]

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Market Dynamics:

Driver:

The high technology integration in passenger and commercial vehicles in terms of Advanced Driver Assistance Systems (ADAS), Anti-Lock Braking Systems (ABS), and Electronic Brake force Distribution (EBD) augments the demand for automotive sensors for addressing applications. Such sensors serve multiple applications such as monitoring the vehicle engines, emissions, and fuel consumption, along with protecting the drivers and passengers. Thus, the surging adoption of autonomous vehicles among consumers is expected to accelerate market growth during the forecast period.

Restraint:

The expensive costs of development in terms of sensors result in the reduced manufacturing capacity of the production facilities. Additionally, the majority of business is dominated by the original equipment manufacturers (OEM) which leads to the provision of mostly technical specifications by tier suppliers. Thus, the decreased commercialization of LIDAR, RADAR, and proximity sensors via aftermarket channels is anticipated to hinder market growth during the forecast period.

Opportunity:

The rising emphasis on the production of autonomous vehicles is anticipated to create multiple opportunities for market growth in terms of growing security concerns. Advanced technology integration within the vehicle chassis leads to the responsibility for guaranteeing the security-by-design aspect through a complete network of sensors. Thus, the growing expenditures by OEMs for introducing technological advancements in autonomous cars are expected to augment the adoption of sensors for effective monitoring of such advancements.

COVID-19 Impact:

The automotive sensor market witnessed a substantial decline during the initial phases of the COVID-19 pandemic in terms of reduced manufacturing activities and government lockdown impositions. The major automotive industry experienced an economic slowdown due to the low vehicle sales in the first quarter of 2020 due to rising unemployment and constricted availability of automobiles owing to the disrupted supply chains. However, the situation has improved post COVID-19 pandemic and it has resulted in a sudden increase in the production volume of major passenger vehicles. Thus, the overall market growth witnessed an augmented demand among manufacturers due to large consumer demand for safe and technologically advanced vehicles.

Market Segmentation:

By Type

The type segment is separated into pressure sensors, speed sensors, temperature sensors, gas sensors, and motion sensors. The speed sensors segment is expected to witness the largest usage in terms of volume during the forecast period. The increased production of performance cars has resulted in the high demand for speed sensors for overseeing rotational movements and controlled fuel injection and engine timing. Thus, the major dependence on speed sensors in terms of monitoring the rotating speed of crankshafts, wheels, and fuel injection is estimated to augment the market growth during the forecast period. Additionally, gas sensors also support the growth of the Automotive Sensor market statistics in terms of the largest CAGR growth contribution in 2021. Gas sensors play a crucial role in detecting the toxic and harmful gas in the fresh air supply via oxygen sensors. In terms of toxic gas, gas sensors are majorly utilized to measure the level of nitrogen monoxide, hydrogen, and carbon monoxide concentrations in exhaust gases.

By Application

The application segment is separated into powertrain, safety & security, chassis, body electronics, and telematics. The powertrain application is projected to contribute the largest revenue share to the market growth. The major usage of automotive sensors is implemented into the powertrain aspect of the car as it creates the power from the engine and transmits the generated power to the wheels of the vehicle. Thus, the manufacturers emphasize the integration of the powertrain sensors that improve the drivability and performance via closed-loop operation. The major role of such sensors is to the operational processes that aid in communicating the sensing information essential for transmission control and engine management. Furthermore, the safety & security segment is also projected to support the industry growth in terms of revenue. Automobile safety standards have improved at a fast pace especially due to the strict government regulations in terms of passenger safety. The sensors detect the movements and steering corrections for determining the attention of the driver which aids in the activation of alarms during emergencies.

By Sales Channel

The sales channel is segmented into the original equipment manufacturers, independent aftermarkets, and original equipment supplier spare parts. The original equipment manufacturers segment is anticipated to comprise a major automotive sensor market share due to the complete control over the allocation of such sensors during the production of vehicles. OEMs are responsible for the comfortable, safe, and economic operation of the vehicles by mandating resilient and reliable sensors for features such as automatic speed control, vehicle location tracking, and clear surrounding visuals. Furthermore, the original equipment supplier spare parts segment is also estimated to witness a substantial increase during the forecast period owing to the favorable consumer approach to vehicle customizations. The large presence of car enthusiasts around the world opts for personalized customizations to their cars by utilizing the original equipment supplier spare parts. Thus, the growing knowledge of automotive sensors and components especially among car enthusiasts is expected to create opportunities for market growth during the forecast period.

The report highlights the key challenges faced by market players, such as regulatory hurdles, economic factors, competition, or changing consumer demands. It also identifies opportunities that exist within the market, such as untapped customer segments, emerging technologies, or potential market expansion. The report includes a comprehensive analysis of both pre and post-pandemic market scenarios, capturing all the recent developments and changes observed during the COVID-19 outbreak. It offers valuable insights to navigate the market landscape and make informed decisions.

Understanding the distinct characteristics and behaviors of each segment empowers users to devise targeted marketing strategies aligned with their customers’ specific needs and preferences. This segmentation approach facilitates effective engagement with the target audience and maximizes return on investment. By leveraging segmentation analysis, users can optimize their product offerings, pricing strategies, and promotional efforts, resulting in heightened revenue and profitability. This data-driven approach ensures that resources are allocated efficiently, driving business success and customer satisfaction.

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Leading Regions & Countries Mentioned In Automotive Sensor Market Report:

‣North America (United States, Canada, and Mexico)‣Europe (Germany, UK, France, Italy, Russia and Spain, etc.)‣Asia-Pacific (China, Japan, Korea, India, Australia and Southeast Asia, etc.)‣South America (Brazil, Argentina and Colombia, etc.)‣Middle East and Africa (South Africa, UAE, and Saudi Arabia, etc.)

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Reasons to buy Automotive Sensor market research report:

➺Access to valuable information: Automotive Sensor Market research report provides access to valuable information and data that can help to make informed decisions.

➺Gain competitive intelligence: Automotive Sensor Market research report provides insights into the competitive landscape, including information on the leading players, their market share, and their strategies. This can help businesses develop effective strategies for competing in the market.

➺Make informed investment decisions: Automotive Sensor Market research report provides valuable insights for users, including analysis of market trends, growth potential, and risks. This can help to make investment decisions and minimize their risk.

➺Stay up-to-date on industry developments: Automotive Sensor Market research report also provides regular updates on industry developments, including new product launches, mergers and acquisitions, and regulatory changes. This can help users to stay ahead of the curve and adapt to changing market conditions.

Automotive Sensor Market Research Report Answers the Following Questions:

1⃣What is the historical and projected market data for Automotive Sensor Market?2⃣What are the demand dynamics and application details of Automotive Sensor Market?3⃣What are the price trends in the Automotive Sensor Market?4⃣What are the market shares of the leading Automotive Sensor companies by geography?5⃣How does the market size vary based on application type and geography?6⃣What are the key challenges and opportunities in the market?7⃣What are the market entry barriers and how to overcome them?8⃣What is the market outlook and future prospects of Automotive Sensor industry?

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