Automotive Sensors Market worth $62.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 5, 2023 /PRNewswire/ -- The Automotive Sensors Market is expected to reach USD 62.2 billion by 2028 from USD 30.8 billion in 2023, at a CAGR of 15.0% during the 2023-2028 period according to a new report by MarketsandMarkets™. The key factors contributing to the growth of the automotive sensor market include growing inclination of consumers toward alternative fuel vehicles to reduce GHG emissions, and minimizing driver stress through adoption of advanced driver-assistance systems. Autonomous driving is one of the primary factors triggering the demand for automotive sensors. The market for most automotive sensors is growing in line with the overall growth of the automotive market. The high adoption of ADAS and AD systems is the primary reason for the elevated demand for automotive sensors. Sensors installed in ADAS/AD systems include image, temperature, position, and speed sensors, which contribute most to the overall growth of the market for automotive sensors.

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Automotive Sensors Market Report Scope:

The aftermarket segment holds the second highest market share of the sales channel segment.

Growing awareness of vehicle safety, driven by regulatory agencies and consumer demand, is leading to a higher adoption rate of aftermarket sensors. Consumers are more willing to invest in safety-enhancing sensors, such as backup cameras, blind-spot detection, and tire pressure monitoring systems. Many vehicle owners prefer to perform do-it-yourself (DIY) repairs and upgrades. Aftermarket sensors are easy to install, making them attractive options for DIY enthusiasts who want to enhance their vehicles without visiting a mechanic.

LiDAR sensors segment to exhibit highest CAGR between 2023 and 2028.

The LiDAR sensors segment is expected to record the highest CAGR during the forecast period. LiDAR technology plays a crucial role in enhancing the safety and capabilities of autonomous vehicles, serving as a pivotal component in advancing transportation systems. LiDAR-based ADAS systems stand out as the most innovative and efficient technologies for autonomous vehicles due to their superior performance in obstacle detection compared with image and radar sensors.

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Passenger car segment held the largest share of the automotive sensor market in 2022.

Passenger cars are currently the most commonly produced type of automobile worldwide. Using sensors has greatly improved car performance, safety, and reduced carbon emissions. Emerging economies, such as China, India, and Brazil have seen significant growth in the automobile market due to improved road infrastructure, cheap labor availability, increased consumer purchasing power, and high demand for safer vehicles. Adopting ADAS technology and autonomous cars helps the automotive sensor market grow in developed nations such as the US, Germany, and the UK.

Safety & Control Systems segment to exhibit highest CAGR between 2023 and 2028

Safety and control sensors help increase vehicle safety and avoid accidents. Road accidents can be reduced by implementing onboard safety and preventive systems. The development and implementation of ADAS by automobile manufacturers in developed countries and the deployment of safety systems, such as airbags, by automobile companies worldwide, are expected to spur the demand for automotive sensors for safety and control applications.

North America to hold the second-largest share of the automotive sensor market during the forecast period.

Automotive is one of the significantly growing industries in the region. The US, home to the big three companies—Ford Motors, General Motors, and Fiat Chrysler—is known for passenger cars with advanced comfort and safety technologies. The country is the largest market in North America, followed by Mexico and Canada. The increasing R&D investments in the automotive industry and the rising number of partnerships and joint ventures between major automobile OEMs and domestic players are expected to create growth opportunities for the North American automotive sensor industry.

Robert Bosch GmbH (Germany), ON Semiconductor (US), OMNIVISION (US), TE Connectivity (Germany), Continental AG (Germany), Infineon Technologies AG (Germany), NXP Semiconductors (Netherlands), Denso Corporation (Japan), Panasonic (Japan), Allegro MicroSystems, Inc. (US), Sensata Technologies,Inc (US), BorgWarner, Inc. (US), Analog Devices, Inc. (US), ELMOS Semiconductor SE (Germany), Aptiv. (Ireland), CTS Corporation (US), Autoliv, Inc. (Sweden), STMicroelectronics (Switzerland), ZF Friedrichshafen AG (Germany), Quanergy Solutions, Inc. (US), Innoviz Technologies Ltd (Israel), Valeo S.A. (France), Magna International Inc. (Canada), Melexis (Belgium), and Amphenol Advanced Sensors (US) are the major players in automotive sensor companies. These players have implemented various strategies to extend their global reach and enhance their market shares.

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