Automotive Sensors Market to Hit USD 8,535.6 Million by 2027...| MENAFN.COM

Thursday, 20 January 2022 05:48 GMT

Automotive Sensors Market to Hit USD 8,535.6 Million by 2027 Increasing Availability of Wide Variety of Vehicle Sensors to Fuel Industry Growth, Says Fortune Business Insights™

(MENAFN- GlobeNewsWire - Nasdaq) Pune, Sept. 22, 2020 (GLOBE NEWSWIRE) -- The global automotive sensors market size is projected to reach USD 8,535.6 million by 2027, exhibiting a CAGR of 3.0% during the forecast period. The emergence of start-ups specializing in autonomous vehicle technologies is expected to open a new growth dimension for this market, states Fortune Business Insights™ in its report, titled ' Automotive Sensors Market Size, Share & COVID-19 Impact Analysis, By Sensor Type (Temperature Sensor, Pressure Sensor, Speed Sensor, Position Sensor, Others), By Application Type (Powertrain, Chassis, Exhaust, ADAS, Others), By Vehicle Type (Passenger Car, LCV, HCV) and Regional Forecast, 2020-2027 '. Autonomous vehicles, or self-driving vehicles, depend on sensor technology to operate as they enable the car to gather data from the external environment and act accordingly. The growing popularity of these vehicles has led to the birth of several start-ups, advancing and widening the application of sensors in this domain.

For example, FiveAI, a UK-based start-up, is developing smart perception systems that combine artificial intelligence (AI) and sensor technology to create connected platforms for shared transportation and urban mobility. In France, a start-up called EasyMile has engineered a driverless shuttle that can transport up to 15 people to fixed or on-demand areas within defined premises. This unique development is expected to propel the market growth in the coming years.

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List of the Leading Companies Profiled in the Global Automotive Sensors Market are:

  • Elmos Semiconductor (Dortmund, Germany)
  • Allegro Microsystems, LLC (New Hampshire, US)
  • NXP Semiconductors (Eindhoven, Netherlands)
  • Continental AG (Hanover, Germany)
  • Infineon Technologies AG (Neubiberg, Germany)
  • CTS Corporation (Illinois, US)
  • Texas Instruments Incorporated (Dallas, US)
  • Denso Corporation (Kariya, Japan)
  • STMicroelectronics (Geneva, Switzerland)
  • Robert Bosch GmbH (Gerlingen, Germany)

As per the report, the global market value stood at USD 7,858.6 million in 2019. The highlights of the report include:

  • Bird's eye-view study of the industry trends and outlook;
  • Meticulous analysis of all market segments;
  • Comprehensive assessment of the market drivers and challenges; and
  • Exhaustive research into the regional dynamics and competitive landscape of the market.

Market Restraint

Suspension of Production Operations amid COVID-19 to Stagnate Market Growth

The COVID-19 pandemic has crippled the global automotive industry, with demand and sales of vehicles falling to historic lows. In India, the Society of Indian Automobile Manufacturers reported a shocking 78.43% drop in passenger vehicle sales in April-June 2020. In Europe, automotive giants have had to shut down their manufacturing operations amid the demand slump and supply chain disruptions caused by the coronavirus.

For example, Volkswagen, the German automaker, closed down its plants in Spain and Italy, while Fiat Chrysler announced closure of its plants in Serbia, Poland, and Italy. This will inevitably push down the investment appetite in autonomous vehicles as investors and car companies are currently focused on surviving through this unprecedented crisis, which in turn will hamper the automotive sensors market growth. Furthermore, with key manufacturers prioritizing their spending, adoption of advanced sensor technologies, is likely to get stalled, signaling a grim period for the market.

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Regional Insights

Asia Pacific to Lead the Global Market Backed by Stringent Safety Norms

Asia Pacific is expected to dominate the automotive sensors market share during the forecast period on account of growing stringency of vehicular safety norms. This trend is mainly driven by the persistently high number of road fatalities in developing economies. In response, government authorities have imposed strict regulations to reduce the number of road accidents, making it mandatory for vehicle manufacturers to install automotive sensors and sensor-enabled airbags in vehicles for enhanced safety of passengers. The market size in Europe stood at USD 1,865.8 million in 2019.

Competitive Landscape

Key Players to Provide Sensor Solutions for Self-Driving Cars & Electric Vehicles

The market for automotive sensors is expanding at a prolific pace, which is being further bolstered by the increasing demand for electric vehicles (EVs) and autonomous cars. Key players are responding to this trend by developing and launching sensor solutions designed to augment the accuracy and efficiency of these vehicles, thus fueling the growth of this market.

Industry Developments:

June 2020: Vitesco Technologies, the powertrain business division of Continental, partnered with Japan-based ROHM Semiconductor for the supply of silicon carbide (SiC) power devices. The SiC components will be utilized by Vitesco to boost the efficiency of its power electronics in electric vehicles, as this material facilitates better use of electrical energy stored in EV batteries.

January 2020: Bosch became the first company to develop a long-range LiDAR system ready for production, which is expected to accelerate the advancements in autonomous driving. The system is designed to cover both long and short ranges and can be combined with existing radar and camera setups.

Browse Detailed Summary of 200 Pages Premium Research Report With TOC:

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Detailed Table of Content:

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    • Merger, Acquisitions, and Partnerships
    • Distributor Analysis – For Major Players
    • Growth and Penetration Analysis
    • Porter's Five Forces Analysis
    • PEST Analysis
    • Vendor Landscape
  • Global Automotive Sensors Market Analysis, Insights and Forecast, 2016-2027
    • Key Findings / Summary
    • Market Analysis, Insights and Forecast – By Sensor Type
      • Temperature Sensor
      • Pressure Sensor
      • Speed Sensor
      • Position Sensor
      • Others
    • Market Analysis, Insights and Forecast – By Application Type
      • Powertrain
      • Chassis
      • Exhaust
      • ADAS
      • Others
    • Market Analysis, Insights and Forecast – By Vehicle Type
      • Passenger Car
      • Light Commercial Vehicle (LCV)
      • Heavy Commercial Vehicle (HCV)
    • Market Analysis, Insights and Forecast – By Region
      • North America
      • Europe
      • Asia pacific
      • Rest of the World

TOC Continued…!

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