Automotive Sensors Market Outlook
According to a new report by Expert Market Research titled, “Automotive Sensors Market Growth, Share, Analysis, Report and Forecast 2023-2028″, the automotive sensors market is projected to grow at a CAGR of 9.50% between 2023 and 2028. Aided by the increasing demand for advanced vehicle safety systems, fuel efficiency, and vehicular comfort, as well as the broadening applications of sensors in automotive manufacturing, the market is expected to grow significantly by 2028.
Automotive sensors are essential parts that keep track of and report on a variety of vehicle factors, including pressure, temperature, speed, and other important metrics. The powertrain, chassis, body electronics, safety, and control, among other vehicle systems, all employ them. These sensors increase overall vehicle performance, comfort while driving, and fuel efficiency in addition to assuring the safe functioning of vehicles.
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The escalating consumer demand for safer, more efficient, and comfortable vehicles is driving the growth of the global automotive sensors market growth. There has been a significant shift towards automobiles outfitted with cutting-edge sensor technologies as a result of growing legal regulations pertaining to vehicle emissions and increased awareness of vehicular safety. The introduction of electric and hybrid vehicles has also increased demand for automotive sensors as these vehicles significantly rely on a variety of sensors for efficient operation.
Broadening applications of automotive sensors across various vehicle systems also significantly contribute to the automotive sensors market expansion. For instance, in engine management and transmission control, sensors aid in optimising fuel efficiency and reducing emissions. They are used in safety and control systems, such as Anti-lock Braking System (ABS), Electronic Stability Control (ESC), and airbags, to enhance vehicle safety. Further, the application of sensors in comfort features like automatic climate control, seat adjustment, and lighting control enhances the overall driving experience.
Moreover, the increasing popularity of autonomous and connected vehicles has put automotive sensors in the spotlight. These vehicles rely on a multitude of sensors like LiDAR, radar, ultrasonic, and camera modules to perceive their surroundings and make intelligent decisions. This trend, coupled with the advancements in sensor technology, is expected to provide a significant boost to the automotive sensors market demand in the forthcoming years.
The incorporation of technologies like the Internet of Things (IoT) and artificial intelligence (AI) in the automotive industry is also set to revolutionise the automotive sensors market. These technologies enable real-time data collection and analysis, predictive maintenance, and vehicle-to-vehicle (V2V) and vehicle-to-infrastructure (V2I) communication, thereby increasing the importance of sensors in vehicles.
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Automotive Sensors Market Segmentation
The market can be divided based on sensor type, application, sales channel, vehicle type, and region.
Market Breakup by Sensor Type
- Temperature Sensors
- Pressure Sensors
- Level/Position Sensors
- Speed Sensors
- Gas Sensors
- Magnetic Sensors
Market Breakup by Application
- Vehicle Body Electronics
- Safety and Control Systems
- Telematics Systems
- Exhaust Systems
Market Breakup by Sales Channel
- Original Equipment Manufacturer (OEM)
Market Breakup by Vehicle Type
- Passenger Car
- Light Commercial Vehicle (LCV)
- Heavy Commercial Vehicle (HCV)
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global automotive sensors companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Infineon Technologies AG
- Robert Bosch GmbH
- NXP Semiconductors N.V.
- Continental AG
- Littelfuse, Inc.
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