Automotive Sensors Market Research Report 2021-2031
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.
Automotive Sensors Market Analysis
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.
Automotive Sensors Market Overview
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.
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Automotive Sensors Market: Strategic Insights
Market Size Value in US$ 8.17 Billion in 2018 Market Size Value by US$ 16.73 Billion by 2027 Growth rate CAGR of 8.3% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Automotive Sensors Market: Strategic Insights
| Market Size Value in | US$ 8.17 Billion in 2018 |
| Market Size Value by | US$ 16.73 Billion by 2027 |
| Growth rate | CAGR of 8.3% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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Automotive Sensors Market Drivers and Opportunities
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.
Increased Adoption of Connected Cars is Expected to Create an ample Opportunity for Market Growth.
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.
Automotive Sensors Market Report Segmentation Analysis
Key segments that contributed to the derivation of the automotive sensors market analysis are type, component, and application.
- Based on type, the market is divided into LED, Image Sensors, Position Sensors, Temperature Sensors, Pressure Sensors, MEMS, and Others. Among these, position sensors and pressure sensors have the largest share in 2023.
- Based on application, the market is divided into chassis, safety & security, body electronics, powertrain, ADAS, and others. Among these, ADAS application is growing at the highest CAGR during the forecast period owing to increased demand for connected cars.
- Based on the vehicle type, the market is divided into light commercial vehicles, heavy-duty commercial vehicles, and passenger cars. Among these, passenger cars have the largest share in 2023. This is owing to increased sales of passenger cars across the globe.
Automotive Sensors Market Share Analysis by Geography
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.
Automotive Sensors Market Report Scope
Automotive Sensors Market News and Recent Developments
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:
- In December 2023, Panasonic Corporation launched an inertial 6-in-1 sensor to elevate automotive performance and safety. Panasonic Corporation’s Life Solutions business launched this 6-in-1, Degrees of Freedom Inertial Sensors. This sensor measures the vehicle’s acceleration and angular rates and provides critical information to enhance the vehicle’s safety and stability. These sensors follow ISO26262 Functional Safety norms, including the Automotive Safety Integrity Level and dependability for critical applications. (Source: Flyability, Press Release/Company Website/Newsletter)
Automotive Sensors Market Report Coverage and Deliverables
The “Automotive Sensors Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles with SWOT analysis
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Application ; Vehicle Type
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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