Wilmington, Delaware, United States, Transparency Market Research, Inc. , Oct. 14, 2024 (GLOBE NEWSWIRE) -- The global automotive sensors market stood at US$ 36.3 billion in 2023, and the global market is projected to reach US$ 61.7 billion in 2034. The global automotive sensors market is anticipated to expand at a CAGR of 5% between 2024 and 2034.
The automotive sensors market is experiencing robust growth driven by several key factors. One significant contributor is the exponential rise in the production of autonomous vehicles. As the automotive industry shifts towards autonomy, the demand for advanced sensor technologies capable of providing real-time data for navigation, obstacle detection, and vehicle control has surged.
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Pressure sensors are among the most sought-after sensors in the automotive sector. They play an important role in monitoring tire pressure, engine performance, and fuel injection systems, thereby optimizing fuel efficiency, reducing emissions, and enhancing overall vehicle safety. As governments worldwide impose stricter regulations related to emissions and fuel economy standards, the need for pressure sensors in automotive applications is expected to further escalate.
Companies operating in the automotive sensors industry are continually innovating to meet the evolving demands of the industry. One area of focus is the development of image sensors tailored specifically for automotive use cases. The image sensors are designed to deliver superior performance in challenging conditions such as low-light environments and high dynamic range (HDR) scenarios.
By providing enhanced visibility and object recognition capabilities, these sensors contribute to improving driver assistance systems, enhancing vehicle safety, and enabling advanced features like autonomous driving.
The growing integration of sensor technologies with vehicle-to-everything (V2X) communication systems is opening up new opportunities in the automotive sector. Such systems enable vehicles to communicate with each other and with infrastructure, enhancing traffic management, collision avoidance, and overall transportation efficiency.
Automotive Sensors Market: Key Players
The automotive sensors market report highlights prominent players such as Analog Devices, Inc., Aptiv PLC, Autoliv, Continental AG, Delphi Technologies, Denso Corporation, ELMOS Semiconductor SE, Infineon Technologies, Innoviz Technologies, LeddarTech, Magna International Inc., NXP Semiconductors, Onsemi, Quanergy Solutions, Inc., Robert Bosch GmbH, Sensata Technologies, STMicroelectronics NV, TE Connectivity Ltd., Valeo, Velodyne Lidar, and ZF Friedrichshafen AG.
Key Takeaways of Market Report
- Global automotive sensors market to generate absolute dollar opportunity worth US$ 61.7 billion until 2034.
- Global automotive sensors market is valued at US$ 36.3 billion in 2023.
- Asia Pacific is forecasted to hold the largest market share.
Global Automotive Sensors Market: Growth Drivers
- Modern vehicle restraint systems utilize side airbag pressure sensors for enhancing engine efficiency by regulating spark advances in both diesel and gasoline engines.
- Tire Pressure Monitoring Systems (TPMS) employ pressure monitoring sensors in each tire to monitor pressure levels, aiding in collision impact minimization and overall vehicle safety enhancement.
- Technological advancements such as Machine Learning (ML), Artificial Intelligence (AI), and LIDAR sensors have played pivotal roles in enhancing vehicle autonomy, making significant strides in the automotive industry's pursuit of safer and more efficient transportation solutions.
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Global Automotive Sensors Market: Regional Landscape
- Asia Pacific emerged as the leader in the automotive sensors industry, a trend expected to persist due to factors like low manufacturing costs and the availability of inexpensive labor.
- Europe require safety features like risky road user detection, tire pressure monitoring, and alert systems for vans, trucks, and buses. These regulations have propelled the demand for automotive sensors in the region, ensuring compliance and enhancing vehicle safety standards.
Global Automotive Sensors Market: Key Developments
- In 2023, Bosch introduced a groundbreaking automotive radar sensor capable of detecting objects with unprecedented accuracy and reliability.
- In 2023, Sensata Technologies launched a next-generation tire pressure monitoring sensor with enhanced accuracy and durability.
- This sensor employed innovative pressure sensing technology and advanced data processing algorithms to provide real-time tire pressure monitoring, ensuring optimal tire performance, fuel efficiency, and overall vehicle safety.
Global Automotive Sensors Market: Segmentation
Technology
- Wired
- Contact Sensor
- Non-contact Sensor
- Wireless
- Contact Sensor
- Non-contact Sensor
Sensor Type
- Temperature Sensors
- Pressure Sensors
- Oxygen Sensors
- Nitrogen Oxide (NOX) Sensors
- Position Sensors
- Speed Sensors
- Inertial Sensors
- Accelerometers
- Gyroscopes
- Image Sensors
- Complementary Metal-Oxide-Semiconductor (CMOS)
- Charge-Coupled Device (CCD)
- Level Sensors
- Chemical Sensors
- Radar Sensors
- Ultrasonic Sensors
- LIDAR Sensors
- Current Sensors
- Others (Relative Humid Sensors, etc.)
Material Type
- Metals and Alloys
- High-strength Steel (HSS)
- Aluminum
- Magnesium
- Titanium
- Beryllium
- Others
- Composites
- Carbon-fiber Reinforced Polymers (CFRP)
- Glass-fiber Reinforced Polymers (GFRP)
- Natural Fiber Reinforced Polymers (NFRP)
- Other Composites
- Plastics
- Polycarbonate (PC)
- Polyamide (PA)
- Polymethyl Methacrylate (PMMA)
- Polyacetal/Polyoxymethylene (POM)
- PET
- Others
- Elastomers
- Others
Application
- Battery Pack
- Electric Traction Motors
- Electronic Components
- Power Electronics Controller
- Body-in-White
- Chassis and Suspension
- Powertrains/Transmission
- Closures
- Interiors
- DC/DC Converter
- Thermal System
- On-board Charger
- Tires and Wheels
- Bumpers and Fenders
- Lighting
- Dashboard
- Seat System
- Steering System
- Fuel Tank
- Doors
- Others
Vehicle Type
- Two/Three Wheelers
- Passenger Vehicles
- Hatchback
- Sedan
- SUVs
- Light Commercial Vehicles
- Heavy Duty Trucks
- Buses & Coaches
- Off-road Vehicle
- Agriculture Tractors & Equipment
- Construction & Mining Equipment
Propulsion
- IC Engine
- Gasoline
- Diesel
- Electric
- Battery Electric
- Plug-in Hybrid Electric
Sales Channel
- OEMs
- Aftermarket
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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