Automotive Sensors Market Size To Reach USD 50.76 Billion By 2032, At 6.2% CAGR | Polaris Market Research

(MENAFN- GlobeNewsWire - Nasdaq) The extensive usage of automotive sensors in motorcycles and big trucks pushes the market ahead

New York, USA, Sept. 23, 2024 (GLOBE NEWSWIRE) -- Market Outlook:

The global automotive sensors market size is predicted to grow from USD 29.47 billion in 2023 to USD 50.76 billion by 2032. It is anticipated to grow at a CAGR of 6.2% from 2024 to 2032, according to the latest research report by Polaris Market Research.

Market Overview:

What are Automotive Sensors?

Automotive sensors are significant in streamlining the function of contemporary automobiles. These sensors offer details about several vehicle variables to the Electronic Control Unit (ECU) so that security, productivity, and presentation are optimized. They do this by interpreting tangible aggregate into electrical impulses. These sensors can be classified along two prominent lines, namely by tangible attributes they measure and, subsequently, the primary technology they utilize. Pressure sensors recognize and determine the pressure of the car's several liquids, including air, fuel, and oil.

The automotive sensors market is witnessing substantial demand owing to them being utilized in an assortment of applications such as lighting, wipers, dashboard structures, rain locators, sunroof functions, parking help, seat adaptation, climate regulation, tailgate discharge and termination, trailer handling, endmost door observation, anti-stealing safety alarms, immobilizers, and radio regulation. Due to the provocations of surroundings in automotive ambiance, such as liability to heat, cold, and constant vibrations, excessively dependable and strong sensors are needed.

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Automotive Sensors Market Review

Report Attributes	Details
Market value in 2023	USD 29.47 billion
Market value by 2032	USD 50.76 billion
CAGR	6.2% from 2024 to 2032
Base year	2023
Historical data	2019-2022
Forecast period	2024-2032

Key High Points of Report:

• Various factors, including automotive sensors locating and estimating alterations in the vehicle's ambiance and transforming physical signals into electrical signals for regulatory mechanisms, are driving the market.
• The market is primarily segmented based on sensor type, technology, vehicle type, application, and region.
• North America dominated the market with the largest automotive sensors market share.

Automotive Sensors Market Important Contenders:

• Allegro MicroSystems, Inc.
• Continental AG.
• Hella GmbH & Co. KGaA
• Honeywell International Inc.
• Infineon Technologies
• NXP Semiconductors N.V.
• Panasonic Corporation
• Renesas Electronics Corporation
• Robert Bosch GmbH
• Sensata Technologies

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Growth Drivers and Trends:

• Integration of Internet-Connected Sensors : The amalgamation of internet-linked sensors in wheels has notably enhanced driving security and caused the development of the automotive industry. The advancement of progressive vehicle technologies such as autonomous cars, together with growth in worldwide car sales, is the fundamental driver of the ongoing augmentation of the market.
• Advancement of Environmental Regulations : The growing development of ecological directives, airbag technology, solace attributes, and electronic steadiness initiatives supports the automotive sensors market growth.
• Growing Demand for Luxury Vehicles : Growing demand for principal vehicles on account of palate to consumers for opulence and solace. Escalating consumer inclination for improved standards, better presentation, elevated comfort, and contemporary outline and technology have pushed an increasing demand for luxury vehicles.

Regions Spearheading of Automotive Sensors Sector

• North America : The North American region dominated the automotive sensors industry with the largest revenue share. The region's dominance in the market can be attributed to the escalating usage of autonomous and electric vehicles is also advancing the demand for an assortment of sensors such as ultrasonic, radar, and LiDAR sensors.
• Europe : Europe is anticipated to witness the fastest growth in the automotive sensors market over the estimated period. This is due to the requirement for progressive security and solace attributes in vehicles. The escalating approval of electric and hybrid vehicles is also escalating the demand for several kinds of sensors.

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Segmental Overview:

By Sensor Type Outlook:

• Temperature
• Pressure
• Position
• Level
• Speed
• Force
• Torque
• Others

By Technology Outlook:

• MEMS
• Non-MEMS

By Vehicle Type Outlook:

• Conventional Vehicles
• Electric Vehicles

By Application Outlook:

• Powertrain
• Safety & Control
• Exhaust
• Chassis
• Others

By Region Outlook:

• North America (U.S., Canada)
• Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
• Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
• Latin America (Brazil, Mexico, Argentina)
• Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)

Browse PMR's Automotive Sensors Market Report Coverage from Different Publications:

The global automotive sensors market size is expected to reach USD 50.76 billion by 2032, expected to grow at a CAGR of 6.2% during the forecast period.

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About Polaris Market Research & Consulting, Inc:

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for PMR's clientele spread across different enterprises. We at Polaris are obliged to serve PMR's diverse customer base present across the industries of healthcare, technology, semiconductors, and chemicals among various other industries present around the world. We strive to provide PMR's customers with updated information on innovative technologies, high-growth markets, emerging business environments, and the latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced, and extremely qualified team of experts comprising SMEs, analysts, and consultants, we at Polaris endeavor to deliver value-added business solutions to PMR's customers.

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