Automotive Sensors Market Growth Accelerates: Strategic Forecast Predicts $56.84 Billion by 2029

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What Will the Automotive Sensors Industry Market Size Be by 2025?
The size of the automotive sensors market has seen a rapid expansion in the previous years. The market value, currently standing at $31.94 billion in 2024, is projected to rise to $35.49 billion in 2025, with a compound annual growth rate (CAGR) of 11.1%. The historical growth of the market can be credited to regulatory requirements, an increase in passenger car sales, economic progress, and governmental aid.

What's the Long-Term Growth Forecast for the Automotive Sensors Market Size Through 2029?
The market size for automotive sensors is anticipated to experience accelerated expansion in the coming years, reaching $56.84 billion in 2029 with a Compound Annual Growth Rate (CAGR) of 12.5%. This surge during the projection period can be attributed to the escalating focus on vehicle safety, increased vehicle sales, growth in connected vehicles, urbanization, and higher disposable income. Key trends for this forecast period encompass advancements in Lidar technology, in-cabin sensing, the emergence of 5G connectivity, solid-state sensors, and sensor fusion.

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What Are the Key Growth Drivers Fueling the Automotive Sensors Market Expansion?
The growth of the automotive sensors market is predicted to be driven by the increasing acceptance of autonomous vehicles. Without requiring any human intervention, these driverless vehicles can operate and conduct essential functions independently. The utilization of automotive sensors in these vehicles not only reduces driver stress but also enhances vehicle productivity. A report from August 2022 by the US-based Insurance Institute for Highway Safety (a non-profit organization dedicated to road safety) predicts there will be 3.5 million self-driving cars on America's roads by 2025, increasing to 4.5 million by 2030. Similarly, the projected economic and societal influence of connected and autonomous vehicles in the UK is expected to reach roughly £51 ($66.79) billion annually by 2030. Thus, the heightened adoption of autonomous vehicles significantly contributes to the expansion of the automotive sensors market.

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What Are the Key Trends Driving Automotive Sensors Market Growth?
An increasingly popular trend in the automotive sensor market is the growing utilization of pressure sensors in the car manufacturing industry. These sensors serve multiple functions like identifying early stage defects in hydraulic brakes, fine-tuning the fuel to air pressure ratio, automatic cleansing of exhaust filters, monitoring exhaust recirculation, vital fluid tests, locating vapour leaks, quickening the triggering of airbags, and the deployment of pedestrian airbags. Case in point, Melexis Microelectronics Engineering Company in November 2022, unveiled a novel range of PCB-less pressure sensor ICs - MLX90824 and MLX90822. These ICs are crafted for elevated precision and enduring stability, holding an accuracy rate of ±0.5%FS throughout their operational period. The MLX90824 renders a digital output through the SENT protocol, whereas the MLX90822 gifts an analogue output, making it perfect for time-sensitive applications like motorcycles and compact engines. Both the sensors come with effective overvoltage and reverse voltage safeguards, function in a temperature bracket of -40°C to 160°C, and adhere to ISO 26262 safety norms.

How Is the Automotive Sensors Market Segmented?
The automotive sensors market covered in this report is segmented -

1) By Type: Temperature Sensors, Pressure Sensors, Speed Sensors, Level/Position Sensors, Magnetic Sensors, Gas Sensors, Inertial Sensors
2) By Vehicle Type: Passenger Car, Light Commercial Vehicle, Heavy Commercial Vehicle
3) By Technology: Nano-Electro-Mechanical Systems, Micro-Electro-Mechanical Systems
4) By Application Type: Powertrain, Chassis, Exhaust, ADAS, Other Applications

Subsegments:
1) By Temperature Sensors: Thermocouples, Thermistors, Infrared Temperature Sensors
2) By Pressure Sensors: Piezoelectric Pressure Sensors, Strain Gauge Pressure Sensors, Capacitive Pressure Sensors
3) By Speed Sensors: Hall Effect Speed Sensors, Inductive Speed Sensors, Optical Speed Sensors
4) By Level/Position Sensors: Ultrasonic Level Sensors, Capacitive Level Sensors, Linear Position Sensors
5) By Magnetic Sensors: Hall Effect Sensors, Magnetoresistive Sensors, Fluxgate Sensors
6) By Gas Sensors: Oxygen Sensors, Carbon Dioxide Sensors, Nitrogen Oxide Sensors
7) By Inertial Sensors: Accelerometers, Gyroscopes, Inertial Measurement Units (IMUs)

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Which Companies Are Leading the Charge in Automotive Sensors Market Innovation?
Major companies operating in the automotive sensors market include Robert Bosch GmbH, Continental AG, DENSO Corporation, Infineon Technologies AG, Sensata Technologies, Analog Devices Inc. Aptiv plc, NXP Semiconductors N.V., STMicroelectronics N.V., CTS Corporation, Texas Instruments Incorporated, TE Connectivity Ltd, ZF Friedrichshafen, Magna International, Melexis N.V., ON Semiconductor, Amphenol Advanced Sensors, Velodyne Lidar Inc., Quanergy Systems Inc., Innoviz Technologies Ltd., Broadcom Inc., Bosch Sensortec GmbH, Bourns Inc., Delphi Technologies, Vishay Intertechnology Inc., BorgWarner Inc., Maxim Integrated, Littelfuse Inc., Htachi Automotive Systems Americas Inc., OmniVision Technologies Inc., Autoliv Inc., Valeo Group

Which Regions Are Leading the Global Automotive Sensors Market in Revenue?
Asia-Pacific was the largest region in the automotive sensors market in 2024 and is also expected to be the fastest-growing region in the forecast period. The regions covered in the automotive sensors market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

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