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Automotive Sensor Market to Witness Highest Growth in CAGR 10.4% by 2027

The automotive sensor market is pegged at more than US$  39.41 Billion by the end of the forecast period 2020 to 2027 and is witness to grow highest CAGR of  10.4 % from 2020 to 2027. The report provides the overall revenue of the global automotive sensor market from 2016 to 2027, considering 2020 as the base year and 2027 as the forecast year.

Automotive sensors measure, detect, and transmit information that helps to analyze vehicle performance. Sensors are the electronic component that analyzes the changes in environment and provide an output correspondingly. They used to sense physical parameters such as heat, light, pressure, moisture, motion, and other entity, and transmit a response in electronic form for further process. Sensors are designed using Integrated Circuit (IC) fabrication technology on silicon wafers. It controls and monitors chemical, process, and physical changes of an automotive vehicle.

Sensors are very useful in reducing fuel consumption along with onboard weight of the vehicle. Sensors used in automobile are smart and used to process and control the coolant level, pressure, and oil pressure in vehicles. There are various types of automotive sensors such as coolant sensors, speed sensors, pressure sensors, temperature sensors, voltage sensors, magnetic sensors, and oxygen sensors. Automotive sensors experience the fastest growth among other automotive technologies as they are one of the prime equipment used for safety and security of the vehicle and driver.

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Growth Factors

Increased sales of electric and hybrid vehicles drive the market growth. Furthermore, charging stations and other related technology to electric and hybrid vehicles propel the growth of automotive sensors in the coming years. Moreover, increased application of pressure and gas sensors to enhance the vehicle safety significantly propels the growth of sensor technology in the automotive sector. The pressure and gas sensors are largely applicable to control and monitor the gas emission and fuel efficiency of the vehicle.

Report Highlights

Regional Snapshots

The Asia Pacific held prominent market value share in 2019 and experience stupendous growth opportunity during the forecast period. Increasing sales of passenger vehicles in the region along with rising demand for advanced safety systems installed in the vehicle are some of the prime factors contributing for the accelerating growth of the region. Other than this, increased purchasing capacity and large consumer base makes the region more attractive for the further growth of the market. China and India are the most prominent countries in the Asia Pacific that attract the attention of market players as they provide low labor cost and significant sales opportunity in the region. In addition, the countries offer favorable regulation for the foreign manufacturers to set up their plant.

Europe and North America are the other prominent revenue shareholders in the global automotive sensor market. Government regulations favorable for the adoption of automotive sensor technology drive the market growth in the regions. Furthermore, significant demand for Advanced Driver Assistance System (ADAS) and other automotive electronic devices equipped with sensor system are propelling the market growth.

Key Players & Strategies

The global automotive sensor market experience high competition due to continuous product development and enhancement. Several players are significantly investing in the product development to retain their market position and enhancing the security in vehicle. In addition, stringent government norms for vehicle and driver safety have forced automobile manufacturers to implement sensor technology in their vehicles. Robert Bosch and Denso Corporation have emerged as the market leaders by capturing more than 25% of the revenue share collectively in the global market.

Some of the prominent players in the automotive sensor market include:

Segments Covered in the Report

This report analyses and projects market revenue and growth trend at global, regional, and country levels and offers an analysis of the modern industry developments in each of the sub-segments from 2016 to 2027. The global automotive sensor market report categorized on the basis of type, application, and region:

By Type Outlook

By Application Outlook

By Regional Outlook

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Thanks for reading you can also get individual chapter-wise sections or region-wise report versions such as North America, Europe, or the Asia Pacific.

Why Buy this Report?

The purpose of Precedence Research’s automotive sensor market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.

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