Sensor Market for Automated Vehicles worth USD 19.1 billion by 2030

The sensor market for automated vehicles is projected to grow from USD 0.4 billion in 2022 to USD 19.1 billion by 2030, registering a CAGR of 62.6%. The growing demand of safer, efficient and fuel-efficient vehicles are expected to increase the demand for automated vehicles around the world. With this, the demand for sensors for automated vehicles such as cameras, radar sensors, lidar sensors, among others, is expected to increase rapidly.

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Growing penetration of ADAS safety features

The demand for reliable safety measures has grown along with the development efforts for automated vehicles. For the autonomous car to travel securely, autonomous vehicle sensors are a crucial part of these cutting-edge safety measures. Due to this, there is now an increased demand for autonomous vehicle sensors, which is propelling the market's expansion. These sensors are used to convey information about the position and speed of the vehicle as well as to identify obstacles including pedestrians, other cars, and road conditions. There are already several groups active in different aspects of automobile safety throughout the world. The fact that ADAS (advanced driver assistance systems) are being included in more and more vehicles, trucks, and buses has led to a steady increase in the standards and norms linked to ADAS. A fully autonomous car can reduce the risk of drivers with illnesses, alcohol, or drug problems gripping the steering wheel of traditional vehicles, thus reducing the chance of driving problems, which currently account for a major portion of the total deaths caused by road traffic injuries. Autonomous vehicles use a system that finds the fastest route to their destination, resulting in better fuel economy and lower emissions and costs. Many of the global automotive OEMs, such as Audi, BMW, Volkswagen, and Hyundai, provide various types of safety features, such as autonomous emergency braking (AEB), blind spot detection, adaptive cruise control (ACC), lane keeping assist (LKA), autonomous parking, self-diagnostics, autonomous valet parking, and automated highway pilot, in their vehicles

Rising popularity of electric vehicles

Electric vehicles (EVs) are becoming increasingly popular due to their environmental and economic benefits. These vehicles are propelled by electricity rather than gasoline, which lowers both pollution and energy costs. Additionally, through tax credits, subsidies, and other incentives, governments and automakers are encouraging the use of EVs. The use of EVs is expected to increase in the upcoming years due to ongoing technological advancements and growing public awareness of their benefits. OEMs such as Tesla, NIO, Rivian, Xpeng, Volkswagen, and Daimler have developed autonomous EVs and other ADAS features. An autonomous EV includes sensors and controllers such as battery management systems (BMS), electric motor controllers, wheel speed sensors, accelerometer sensors, brake pedal position sensors, and vehicle range sensors. With increasing demand for autonomous and environment-friendly electric vehicles globally, the demand for sensors and sensor platforms is expected to increase. The shift to EVs will drive the demand for automated vehicles. An electric autonomous vehicle offers various benefits, such as improved safety, increased mobility, reduced impact on the environment, and increased efficiency. An electric autonomous vehicle can reduce the dependency on non-renewable sources of energy, such as fossil fuels. Electric autonomous vehicles are also much more efficient in terms of fuel consumption, as they can be programmed to drive in the most efficient way possible. With the added potential of lowering overall greenhouse gas emissions, these battery-powered, energy-efficient vehicles provide cleaner and faster transportation. With the rapidly growing demand for EVs, and targets for greener and safer transportation across many countries in the world, both these technologies will grow simultaneously. Countries like China, Germany, and the US, among others, have made stringent safety and environmental regulations.

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Asia Pacific to be the largest market by volume during the forecast period

Asia Pacific is estimated to account for the largest market share by 2030, followed by Europe and North America, whereas the Rest of the World (RoW) region is projected to register the highest CAGR during the forecast period. Increasing demand for a safe, efficient, and convenient driving experience; rising disposable income in emerging economies; and stringent safety regulations worldwide drive the sensors market for automated vehicles. The market growth in the North American and European regions is expected to be driven by stringent safety regulations. For instance, in 2016, the US National Highway Traffic Safety Administration (NHTSA) and the Insurance Institute for Highway Safety (IIHS) made automatic emergency braking (AEB) a standard for vehicles by 2022. The market in the RoW region is expected to grow at a significant rate as OEMs are increasingly focusing on emerging economies to expand and attract consumers with feature-rich vehicles. Other factors, such as changing preferences of buyers, improved standard of living, and enhanced infrastructure, are also expected to drive the sensors market for automated vehicles. China, South Korea, and Japan account for the largest share of the sensors market for automated vehicles in the Asia Pacific region. The market growth in this region can be attributed to the high vehicle production and increased use of advanced electronics in Japan, South Korea, and China.

Key Market Players

The sensor market for automated vehicles is dominated by Robert Bosch GmbH (Germany), Continental AG (Germany), ZF Friedrichshafen AG (Germany), DENSO (Japan), and NXP Semiconductors (Netherlands), among others.

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