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Global $16.73 Billion Automotive Sensors Market to 2027
May 14, 2019 | PRNewswireEstimated reading time: 2 minutes
The global automotive sensors market accounted for $8.17 billion in 2018 and is expected to grow at a CAGR of 8.3% over the forecast period 2019-2027, to account for $16.73 billion in 2027.
The factors that are driving the growth of the automotive sensors market include the tremendous growth in vehicle manufacturing and rising number of collaborations among vehicle OEMs and sensor manufacturers in the automotive industry. However, assimilation of advanced sensor technologies significantly raises the cost of the vehicles is anticipated to hinder the automotive sensors market for same in the coming years.
In addition, electric vehicle manufacturing is expected to create a lucrative market opportunity for automotive sensor market. Some of the leading players in the automotive sensors market are highly focusing on strategic market initiatives in order to enrich its product capabilities as well as to expand their geographical presence across the globe, which in turn is contributing for the growth of the automotive sensors market.
The automotive sensors market is categorized on the basis of various application such as advanced driver assistance systems, body electronics, infotainment, powertrain, safety systems, chassis, and others. ADAS dominated the application segment, and the ADAS segment is calculated to continue its dominance year on year till 2027.
The increasing number of companies offering advanced driver assistance systems in the current automotive industry is fueling the procurement of semiconductor products associated with the ADAS such as technologically enriched sensors. The market for advanced driver assistance systems is growing the current scenario, owing to the fact that several semiconductor companies are regularly coming up with advanced technologies which are attracting the automotive OEMs. The automotive sensors market is expected to witness significant growth in the coming years, as the need for advanced driver assistance systems is expected to rise exponentially, propelled heavily by the consumer interest and regulatory norms.
The global automotive sensors market on the basis of vehicle type is categorized into passenger cars, lightweight commercial vehicle (LCV), and heavyweight commercial vehicle (HCV). The passenger car segment captured the maximum market share, attributing to the constantly rising passenger car production and the ever-increasing trends of technological up gradation. Also, the quest among the passenger car manufacturers to procure advanced technologies in order to gain customer attraction is harnessing the growth of automotive sensors market through the passenger car segment.
With the significant growth in disposable income, a better standard of living is also increasing. Maximum portion of the population is willing to purchase luxurious cars. Adoption of passenger cars is increasing among individuals. On the basis of car fuel, size, services, body type, and types available, passenger cars are driving the attention of users towards the adoption. Additionally, the increasing production of diesel-powered passengers and electric cars is also expected to boost the sensors procurement in the automotive industry.
Some of the players present in automotive sensors market are ON Semiconductor, Infineon Technologies AG, NXP Semiconductors, Robert Bosch GmbH, Melexis, Continental AG, Denso Corporation, Delphi Technologies, Analog Devices, Inc., and Texas Instruments Incorporated among others.
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