The automotive sensors market size is projected to reach US$ 46.80 billion by 2031 from US$ 29.83 billion in 2023. The market is expected to register a CAGR of 5.8% in 2023–2031. The automotive industry is increasing at a rapid pace with the emergence of connected vehicles and the adoption of electric vehicles around the globe. Automotive electronic sensors have a wide range of applications in commercial vehicles and passenger cars. Increasing continuous advancements in automotive technologies drive market growth. Rising focus on the adoption of advanced automotive technologies, such as the adoption of autonomous driving and rising electrification drives the market growth. Increased inclination towards adoption of the position sensors in the automotive sector drives the market growth during the forecast period.
An automotive sensor is a semiconductor device that helps to detect sudden changes in a vehicle. Sensors are widely used for the detection of various types of physical changes in the automotive engine environment, such as fuel requirement, oil spillage, heat dissipation, heat, motion, moisture, pressure, and others. There are various types of sensors available in the automotive sensors market. The sensors include position sensors, temperature sensors, LED, Image Sensors, and among others.
Growing focus on the implementation of vehicle driver’s safety and comfort and increased adoption of advanced driver-assistance systems drive the automotive sensors market growth during the forecast period. Factors such as increased adoption and sale of electric vehicles to reduce carbon dioxide emissions and increased investments in the automotive sector drive the automotive sensors market growth around the globe.
Increasing Sales of passenger cars with Stringent Government Rules and Regulations is expected to be the Prime Driver for the Global Automotive Sensors Market.
Global passenger car sales have increased at a rapid pace owing to increasing consumers' disposable income have created massive for the automotive sensors market growth. According to the International Organization of Motor Vehicle Manufacturers (OICA), passenger car sales in 2023 reached around 65.27 million units, increased by 11.3% compared to 2022. Such increases in passenger car sales across the globe have created massive demand for the automotive sensors market growth during the forecast period. Automotive sensors are essential for performing various functions of vehicles, including engine management, safety, and comfort features. Developing advanced sensor technologies for the automotive is driving the opportunity for autonomous driving cars.
Connected car sales have increased at a rapid pace owing to the increased disposable income of people around the globe. Connected cars consist of a wide range of sensors and Bluetooth technology that can be connected to smartphones and tablets. The connected cars send the data to the electronic control unit using various advanced technology-based sensors. In recent years, automotive manufacturers have developed advanced connectivity solutions such as vehicle-to-infrastructure (V2I), vehicle 2 vehicle (V2V), and others to offer better connectivity for automotive systems. Vehicles that are connected to various devices use automotive sensors to enhance vehicle safety. The primary aim of connected cars is to avoid collisions, reduce fatalities, and make the vehicle more efficient.
Key segments that contributed to the derivation of the automotive sensors market analysis are type, component, and application.
The geographic scope of the Automotive Sensors Market report is mainly divided into five regions: North America, Europe, Asia Pacific, Middle East & Africa, and South America.
Asia Pacific is expected to have the largest share in 2023 in the global automotive sensors market during the forecast period. Increased automotive sales across countries such as Japan, India, South Korea, and China drive this automotive sensor market demand. Also, countries such as Indonesia, Taiwan, the Philippines, and other ASEAN countries are growing at a moderate pace, with increased automotive sales in 2023. In addition, the Asia Pacific region has several key market players, such as RoboSense, DENSO Corporation, LIVOX, Hesai, Huawei Technologies Co., Ltd. And among others. The presence of such companies is projected to fuel the automotive sensors market growth.
The regional trends and factors influencing the Automotive Sensors Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Automotive Sensors Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 29.83 Billion |
| Market Size by 2031 | US$ 46.80 Billion |
| Global CAGR (2023 - 2031) | 5.8% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Type
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Automotive Sensors Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Automotive Sensors Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The automotive sensors market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for Automotive Sensors market and strategies:
The “Automotive Sensors Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas: