Global Automotive Sensors Market 2023

Global Automotive Sensors Market 2023

Description
Automotive sensors gather crucial vehicle data for informed decisions. The market is projected to reach USD 54.7 billion by 2029, with a CAGR of 6.4% from 2023 to 2029. COVID-19 impacted the industry, but recovery and adoption of ADAS and autonomous vehicles drive sensor demand. Safety features, fuel efficiency standards, and technological advancements contribute to market growth. Autonomous vehicles require more sensors, further driving demand.

The report covers market size and growth, segmentation, regional breakdowns, competitive landscape, trends and strategies for global automotive sensors market. It presents a quantitative analysis of the market to enable stakeholders to capitalize on the prevailing market opportunities. The report also identifies top segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Market Segmentation
The market is segmented based on various factors, including product, application, vehicle type, and region.
Product: flow sensors, gas sensors, IoT sensors, position sensors, pressure sensors, radar and LIDAR sensors, rotational motion sensors, speed sensors, temperature sensors, others, others
Gas sensors: heated planar-type oxygen, heated titania-type oxygen, heated wide-band oxygen, nitrogen oxide, unheated thimble-type oxygen
Application: comfort and convenience, powertrain, safety and security, vehicle control, others
Vehicle type: commercial vehicles, passenger vehicles, specialized vehicles
Powertrain: emission control, engine management, fuel control, ignition control, speed and torque measurement, transmission control

Segmentation by Region
North America - United States, Canada, and Rest of North America
Europe - United Kingdom, Germany, France, and Rest of Europe
Asia-Pacific - China, Japan, India, South Korea, and Rest of Asia-Pacific
Rest of the World - Brazil, United Arab Emirates, and Other Countries

Powertrain sensors, which provide essential information for engine management and transmission control, are driving market growth due to the growing awareness of fuel economy and advancements in powertrain systems. The powertrain segment is projected to have a CAGR of 5.1% during 2023-2029. The market is further driven by increasing emphasis on safety, improving performance, and the growing passenger vehicle market. The passenger cars sub-segment is expected to have a CAGR of 5.4% during 2023-2029, with the rising adoption of sensors in passenger vehicles contributing to market expansion. Factors such as increased disposable income and innovation support the growth of the market. The rise in luxury vehicles and the demand for premium amenities, coupled with the shift towards electrified models, further drive market growth.

Asia-Pacific dominates the market share due to increasing vehicle sales and demand for electric vehicles. Growth opportunities are created by the manufacturing industries in China, India, and Japan. Developing economies experience faster automotive production growth due to urbanization and stable economic conditions. Safety concerns among consumers in these economies lead to the incorporation of sensors in low-cost vehicles. The APAC region has favorable regulatory environments and lower entry barriers for advanced automotive technologies. Additionally, the APAC region has some of the largest markets for electric vehicles, which heavily rely on sensors, thereby boosting the demand for automotive sensors. The combination of high demand for vehicles, expanding economy, government initiatives, favorable regulatory environment, and emphasis on electric vehicles positions the APAC region as the most important market for automotive sensors.

Competitive Landscape
Key market players include ABB Ltd., Aisin Corporation, Amphenol Corporation, ams AG, Analog Devices Inc., Aptiv plc, Autoliv Inc., BorgWarner Inc., Bourns, Inc., Continental AG, CTS Corporation, DENSO Corporation, Hella KGaA Hueck & Co., Honeywell International Inc., Infineon Technologies AG, Microchip Technology Inc., NEC Corporation, Niterra Co., Ltd., NXP Semiconductors N.V., Ohizumi Mfg. Co., Ltd., Quanergy Systems, Inc., Robert Bosch GmbH, ROHM Co., Ltd., Sensata Technologies, Inc., Shibaura Electronics Co., Ltd., STMicroelectronics N.V., Stoneridge Inc., Sumitomo Electric Industries Ltd., TDK Corporation, TE Connectivity Ltd., Valeo S.A., Velodyne Lidar Inc., ZF Friedrichshafen AG, and others. The market is growing due to product innovations, collaborations, and partnerships among major players, which are expected to have a positive impact on the market outlook.

Recent Industry Developments
In March 2022, CTS Corporation successfully completed the acquisition of TEWA Temperature Sensors SP. Zo.o. and its subsidiaries. This strategic move enhances CTS' temperature sensing platform and expands its presence in Europe.

In December 2022, Continental AG unveiled exclusive modules and sensors for electromobility, integrating AI technology from Ambarella.

In November 2022, Infineon Technologies introduced XENSIV TLE4971 family for automotive applications, eliminating negative effects of magnetic cores.

Scope of the Report
To analyze and forecast the market size of the global automotive sensors market.
To classify and forecast the global automotive sensors market based on product, application, vehicle type, region.
To identify drivers and challenges for the global automotive sensors market.
To examine competitive developments such as mergers & acquisitions, agreements, collaborations and partnerships, etc., in the global automotive sensors market.
To identify and analyze the profile of leading players operating in the global automotive sensors market.

Why Choose This Report
Gain a reliable outlook of the global automotive sensors market forecasts from 2023 to 2029 across scenarios.
Identify growth segments for investment.
Stay ahead of competitors through company profiles and market data.
The market estimate for ease of analysis across scenarios in Excel format.
Strategy consulting and research support for three months.
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