Automotive Sensors Market Set to Grow at the Fastest Rate- Time to Grow your Revenue

The global automotive sensors market was valued at USD 24.3 billion in 2020 and is estimated to reach USD 47.5 billion by 2026, registering a CAGR of 13.6% during the forecast period.

Growing inclination of consumers toward alternative fuel vehicles to reduce GHG emissions and surging consumer demand for vehicle safety propelling the demand for automotive sensors across the globe.

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By sales channel, the original equipment manufacturer (OEM) is projected to hold the largest share of automotive sensors market during the forecast period

In 2021, the OEM segment is expected to hold a larger share of the automotive sensors market than the aftermarket segment, and a similar trend is expected to be observed from 2021 to 2026. The enforcement of stringent vehicle safety regulations and the deployment of ADAS technology for automatic high beam control, night vision, front luminance, and several other applications in modern-day vehicles will create opportunities for automotive sensor manufacturers. All these factors will drive the growth of the OEM segment in the automotive sensors market.

By sensor type, position sensors is projected to hold the largest share of automotive sensors market during the forecast period

Position sensors are likely to lead the automotive sensors market in the next few years. Key factors driving the growth of this market include the increasing focus of manufacturers to achieve accurate steering wheel position, pedal position, and seat position, and the rising adoption of position sensors in passenger cars and commercial vehicles. Position sensors have become an integral part of vehicles. These sensors find applications in vehicle seats, pedals, gear shifters, etc., to ensure vehicle safety and the proper functioning of all components in the vehicle. Thus, innovations in automotive technology have increased the use of position sensors in all types of vehicles.

By vehicle type, passenger car is projected to hold the largest share of automotive sensors market during the forecast period

In 2020, the passenger car segment held the largest share of the automotive sensors market, and a similar trend is expected to be observed during the forecast period. The passenger car segment is also expected to record the highest CAGR during the forecast period due to significant demand and rising production of Passenger cars across the world. Passenger cars currently account for the largest shipment of the total automobile production worldwide. Sensors not only help improve the performance of the car but also enhance safety and reduce carbon emissions to a greater extent.

By application, the safety & control systems segment is projected to witness growth at the highest CAGR during the forecast period

Based on application, safety and control systems are expected to record the highest CAGR in the automotive sensors market during the forecast period due to the rising use of position, speed, gas, pressure, and temperature sensors in these systems. Also, there has been a significant demand for active and passive safety systems in the automotive sector. Earlier, safety systems were part of only luxury vehicles; however, automobile manufacturers have started deploying safety and control systems in all types of vehicles to reduce the number of accidents. Thus, the elevated demand for safety and convenience features in all vehicle types, strict vehicle safety standards across the world, and increased demand for autonomous cars are some key factors that will boost the requirement for automotive sensors for safety and control systems.

By region, APAC to hold the largest share of the automotive sensors market throughout the forecast period

Asia Pacific region held the largest share of the automotive sensors market in 2020. This growth is attributed to the stringent government norms that mandate the use of advanced technologies to improve vehicle safety and reduce pollution, increased inclination toward electric and hybrid vehicles, and high adoption of ADAS and autonomous cars. Moreover, the increasing purchasing power of consumers, rising investments in infrastructure development for the automotive sector, and surging demand for more efficient and safer vehicles are other key factors accelerating the growth of the automotive sensors market in Asia Pacific.

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Robert Bosch GmbH (Germany), Continental AG (Germany), DENSO Corporation (Japan), Infineon Technologies AG (Germany), BorgWarner, Inc. (US), Sensata Technologies (US), Allegro Microsystems, Inc. (US), Analog Devices, Inc. (US), ELMOS Semiconductor SE (Germany), Aptiv plc (Ireland), are some of the key players in the automotive sensors market.

News also Covered: https://www.prnewswire.com/news-releases/automotive-sensors-market-worth-47-5-billion-by-2026--exclusive-report-by-marketsandmarkets-301459302.html

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This release was published on openPR.