Global Automotive Sensor Market Size, Expanding Application Areas expected to Reach $37.65 Billion by 2027 | Growing at a CAGR of 10.2%.

Global Automotive Sensor Market by Type (Temperature Sensors, Pressure Sensors, Motion Sensors, Speed Sensors, and Gas Sensors) and Application (Powertrain, Chassis, Body Electronics, Safety & Security, and Telematics): Global Opportunity Analysis and Industry Forecast, 2020-2027

The global automotive sensor market size is expected to reach $37.65 billion by 2027 from $16.40 billion in 2019, growing at a CAGR of 10.2% from 2020 to 2027.

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Automotive sensors are used to detect and monitor different physical and chemical processes in a vehicle, which helps find out any issues that could occur in the future. With the help of automotive sensors, leading companies provide safety, comfort, and affordability to their consumers. It enhances the performance of a vehicle and increases its life span. The report analyzes the global automotive sensor market growth, covering different technologies used for manufacturing of various sensor types. Sensor is a device that detects physical input such as heat, motion, pressure, or any other entity, and responds by producing an output on a display or transmits the information in electronic form for further processing.

The concept of driverless cars is based on the data collected by various sensors such as speed sensors, accelerometer, position sensors, and proximity sensors. This data is constantly collected and processed through a centralized control system, which controls the motion of a car, minimizing the need of a driver. Companies such as Google and Tesla are spending heavily on R&D of such cars and the technology is currently in its testing phase. Positive responses from tests are anticipated to drive the growth in the future.

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Competitive Analysis:

The global automotive sensor industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.

Some of the major key players of the global automotive sensor market include,

· Sensata Technologies,

· DENSO Corporation,

· NXP Semiconductor,

· STMicroelectronics N.V,

· AUTOLIV INC, and many more.


Top Impacting Factors:

The most prominent factors that drive the automotive sensor market growth include increase in use of pressure sensors in the automotive industry, surge in demand for automotive sensors in hybrid and electric cars, and rise in use of custom designed electronic devices. However, high development cost of automotive sensors is expected to hinder the market growth. Moreover, technological advancements in the automobile industry and growth in the automotive sector are expected to offer lucrative opportunities for the market globally. Each of these factors is anticipated to have a definite impact on the automotive sensor market during the forecast period.

Research Methodology:

The research uses both primary and secondary research to assemble data on the various facets of the international security screening market. Using interviews or surveys, primary market research has been used to collect highly authenticated data from direct sources, such as consumers in a particular market. Secondary market research is a method for gathering information from previously released data that has been produced by international organizations, business groups, government and research institutions, and so on.

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Key Benefits for Stakeholders:

· This study comprises analytical depiction of the global automotive sensor market size along with the current trends and future estimations to depict the imminent investment pockets.

· The overall automotive sensor market analysis is determined to understand the profitable trends to gain a stronger foothold.

· The report presents information related to key drivers, restraints, and automotive sensor market opportunities with a detailed impact analysis.

· The current automotive sensor market forecast is quantitatively analyzed from 2019 to 2027 to benchmark the financial competency.

· Porter's five forces analysis illustrates the potency of the buyers and the automotive sensor market share of key vendors.

· The report includes the market trends and the market share of key vendors.

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This release was published on openPR.