DUBLIN--(BUSINESS WIRE)--The "Automotive Sensors Market with COVID-19 Impact Analysis by Sales Channel (OEM, Aftermarket), Type (Temperature Sensors, Pressure Sensors, Position Sensors), Vehicle Type, Application (Powertrain Systems, Chassis), Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The global automotive sensors market was valued at USD 24.3 billion in 2020 and is estimated to reach USD 47.5 billion by 2026, registering a CAGR of 13.6% during the forecast period.
The market for the original equipment manufacturer (OEM) segment is expected to grow at the highest CAGR during the forecast period.
The market for the OEM segment is expected to grow at the highest CAGR during the forecast period. The key factors contributing to the growth of the segment is the rising demand for sensors in modern vehicles. Sensors are an essential component in automotive systems for the safe, comfortable, and economic operation of vehicles. The extreme conditions in automotive applications such as heat, cold, or continuous vibrations create a high demand for sensors that are highly reliable and resilient.
The market for the image sensors segment is expected to grow at the highest CAGR during the forecast period.
The image sensors segment is expected to grow at the highest CAGR during the forecast period. The high penetration of camera-based convenience features in luxury vehicles, rapid advances in digital technology used in the automotive industry, as well as rising concerns about vehicle safety and security among consumers. In addition, companies present in the market are developing CMOS image sensors with high resolution and built-in artificial intelligence (AI) capabilities to create new revenue streams for them.
The passenger car segment of the automotive sensors market is projected to record the highest CAGR during the forecast period.
The passenger car segment of the automotive sensors market is projected to record the highest CAGR during the forecast period owing to the significant demand and rising production of passenger cars across the world.
Passenger cars currently account for the largest shipment of the total automobile production worldwide. Sensors not only help improve the performance of the car but also enhance safety and reduce carbon emissions to a greater extent. Rapid improvements in road infrastructure, easy availability of cheap labor, increased purchasing power of consumers, and high demand for safer vehicles have propelled the growth of the market for automobiles in emerging economies such as China, India, and Brazil.
The powertrain systems application held the largest share of the automotive sensors market, and this trend is expected to continue during the forecast period.
The powertrain systems held the largest size of the automotive sensors market in 2020 and a similar trend is likely to be observed during the forecast period. Safety and control systems are expected to record the highest CAGR in the automotive sensors market during the forecast period. The growth of the market for powertrain and safety and control systems can be attributed to the rising use of position, speed, gas, pressure, and temperature sensors in them. These sensors are required for the efficient performance of vehicles and safe rides. Stringent regulations by governments regarding fuel efficiency and emission control accelerate the adoption of sensors in powertrain systems. Automotive sensors are used in exhaust systems to monitor and analyze the level of gases emitted through the vehicle.
Based on region, Asia Pacific held the largest share in 2020 and is expected to account for the highest CAGR of the automotive sensors market by 2026.
In 2020, the automotive sensors market in Asia Pacific held the largest share and by 2026, it is expected to grow at the highest CAGR during the forecast period. The growth of the automotive sensors market in Asia Pacific is attributed to the factors such as the increasing use of electric vehicles and the growing adoption of advanced driver-assistance systems (ADAS) and autonomous cars owing to the stringent vehicle emission standards.
Market Dynamics
Drivers
- Growing Inclination of Consumers Toward Alternative Fuel Vehicles to Reduce Ghg Emissions
- Surging Consumer Demand for Vehicle Safety, Security, and Comfort
- Rising Adoption of Autonomous Vehicles
Restraints
- Underdeveloped Aftermarket for Automotive Sensors in Emerging Economies
Opportunities
- Rising Number of Partnerships and Joint Ventures Between Automobile Manufacturers and Lidar Technology Providers
- Growing Focus on Electrification in Automotive Industry
Challenges
- Safety and Security Threats in Autonomous Vehicles
Companies Mentioned
- Allegro Microsystems, Inc.
- Amphenol Advanced Sensors
- Analog Devices, Inc.
- Aptiv plc
- Autoliv, Inc.
- Borgwarner, Inc. (Delphi Technologies)
- Continental Ag
- CTS Corporation
- Denso Corporation
- Elmos Semiconductor Se
- Infineon Technologies Ag
- Innoviz Technologies
- Leddartech
- Magna International
- Melexis N.V.
- NXP Semiconductor N.V.
- ON Semiconductor
- Other Key Players
- Quanergy
- Robert Bosch Gmbh
- Sensata Technologies
- Stmicroelectronics N.V.
- TE Connectivity
- Valeo S.A.
- Velodyne Lidar
- ZF Friedrichshafen
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