Automotive Sensors Market Analysis, Growth, Size & Future Scope

While vehicles have had a huge positive impact on lives of human beings, their safety has always been a cause for concern. The rising number of road accidents, most of which are related to the inattentiveness of the driver, have made things worse across the globe. Because of this, governments of several countries have implemented strict laws regarding the integration of safety features in vehicles, which, in turn is resulting in the increasing demand for automotive sensors. These intelligent sensors can be utilized for controlling and processing the temperature, coolant levels, pressure of oil, and level of emission. Moreover, automotive sensors effectively recognize a problem and solve the ones that can be solved.

The major function of automotive sensors is to make the vehicle and roads safer for drivers as well as pedestrians. Owing to these factors, the global automotive sensors market is expected to attain a value of $58,215.3 million in 2030, growing from $25,723.8 million in 2019, advancing at a 7.4% CAGR during the forecast period (2020–2030). Different types of automotive sensors are level sensors, pressure sensors, gas sensor, torque sensors, optical sensors, oxygen sensors, motion sensors, position sensors, and temperature sensors.

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Out of all these, the demand for position sensors was the highest in the past, which is due to the wide usage of these sensors in several vehicle parts, including clutch, chassis, brakes, transmission, and engine, for determining motor rotor position, throttle position, positions of different actuators, valves, and knobs, steering wheel position, gear position, seat positions, and pedal positions. Apart from this, the demand for optical sensors is also predicted to grow at a significant pace in the near future, as their adoption in autonomous vehicles is projected to grow.

Among the different vehicle types, the largest demand for automotive sensors was created for passenger vehicles in 2019 in order to increase the safety and security of these vehicles. Furthermore, various technological advancements are being made in the automobile industry when it comes to autonomous driving and electrification of vehicles, which is why sensors are being implemented in these vehicles. Geographically, Asia-Pacific has been the largest automotive sensors market, which can be attributed to the fact that China is the major producer of automobiles and accounts for more than 50% of the worldwide vehicle production, thereby creating high volume demand for automotive sensors.

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In conclusion, the demand for automotive sensors is growing for increasing the safety on roads and providing an improved driving experience.

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This release was published on openPR.