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Passenger Car Sensors Global Market Analysis, Trends, Growth, Research And Forecast 2033
Passenger Car Sensors Global Market Analysis
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According to The Business Research Company's, The passenger car sensors market size has grown strongly in recent years. It will grow from $5.1 billion in 2023 to $5.41 billion in 2024 at a compound annual growth rate (CAGR) of 6.1%. The growth in the historic period can be attributed to higher investments in research and development, increasing urbanization, increasing consumer expectations, rise of wireless sensor networks, introduction of automatic emergency braking, and rise of traffic sign recognition systems.
The passenger car sensors market size is expected to see strong growth in the next few years. It will grow to $6.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%. The growth in the forecast period can be attributed to development of sensors that contribute to the sustainability, development of high-resolution imaging sensors, sensors that monitor external conditions, implementation of new regulations, and Sensors that provide real-time traffic data. Major trends in the forecast period include artificial intelligence and internet of things are being integrated with sensors, microelectromechanical systems, advancements in electromagnetic sensors, integration of 5G technology, and vehicle-to-everything (V2X) communication technology.
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Market Drivers and Trends:
The growing adoption of autonomous passenger cars is expected to propel the growth of the passenger car sensors market going forward. Autonomous passenger cars are vehicles designed for personal use that can navigate and operate without human intervention, using advanced technologies. Autonomous vehicles (AVs) use advanced sensors, cameras, and artificial intelligence to detect and respond to potential hazards, significantly reducing the risk of accidents caused by human error. Passenger car sensors, including LiDAR, radar, cameras, ultrasonic sensors, GPS, IMU, and V2X communication, enable autonomous vehicles to perceive their surroundings, navigate accurately, and make real-time decisions for safe and efficient operation. For Instance, in December 2022, according to the National Association of Insurance Commissioners, a US-based non-profit organization, by 2025, it is expected that there will be 3.5 million self-driving vehicles on U.S. roads, increasing to 4.5 million by 2030. Therefore, the growing adoption of autonomous passenger cars drives the growth of the passenger car sensors market.
Major companies operating in the passenger car sensors market are developing nitrogen oxide (NOx) sensors to address increasingly stringent emissions regulations, improve engine efficiency, and enhance overall vehicle performance. NOx sensor are crucial for monitoring and controlling NOx emissions in real-time, ensuring compliance with environmental standards and reducing harmful pollutants. For instance, in December 2023, Delphi Technologies, a UK-based automotive company, launched a range of NOx sensors for the European aftermarket. These sensors measure the amount of NOx in exhaust gases and help vehicles comply with current and future emission regulations. The sensors cover popular passenger car brands such as Mercedes-Benz, Peugeot, Opel, Skoda, BMW, Renault, and Volkswagen and commercial vehicles from brands such as DAF, MAN, and Scania.
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Major Key Players of the Market:
Robert Bosch GmbH, Panasonic Holdings Corporation, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Mitsubishi Electric Corporation, Honeywell International Inc., Valeo S.A., Texas Instruments Incorporated, Aptiv PLC, TE Connectivity Ltd., STMicroelectronics NV, Infineon Technologies AG, Murata Manufacturing Co. Ltd., NXP Semiconductors N.V., Amphenol Corporation, Analog Devices Inc., Renesas Electronics Corporation, Hella GmbH & Co. KGaA, Omron Corporation, ROHM Co. Ltd., Sensata Technologies Inc., Allegro Microsystems Inc., Melexis NV, Quanergy Systems Inc., Innoviz Technologies Ltd
Passenger Car Sensors Market 2024 Key Insights:
• The passenger car sensors market size is expected to see strong growth in the next few years. It will grow to $6.88 billion in 2028 at a compound annual growth rate (CAGR) of 6.2%.
• Impact of Autonomous Passenger Cars on the Passenger Car Sensors Market
• Advancements in NOx Sensor Technology by Leading Passenger Car Sensor Manufacturers
• Europe was the largest region in the passenger car sensors market in 2023
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