While the sensors are used to detect, record, and measure physical activities, responses are sent by transmitting the information. Thus, automotive sensors are a vital part of the vehicle system, detect, transmit, and analyze vehicle performance information internally and externally.
Sensors tend to have enormous use in all automobiles, even in two-wheelers and lorries. The uses of sensors are found in wipers, dashboards, parking seats, tailgate alarms, and many more vehicles. With the increase in the popularity of vehicle automation and the increase in the demand for concept cars, the market has also been rising at a similar pace. According to various studies, almost 90% of the future cars will be based on automation. This will subsequently lead to the growth of theMarket Size.
COVID-19 has brought some serious complications in the global market. The entire pandemic scenario has impacted theAutomotive Sensors Industryin the forms of export of the Chinese parts, manufacturing interruption, and the closure of the plants where the assembly of the parts is done. Though, it is entirely dependent on the level and severity of the pandemic and the decision taken by the governments about the lockdown phase.
The pandemic has impacted collaborations, RD, and even the partnerships in the market. The production of the vehicles is going to be largely affected due to decreased demand in the market. The increase in the demand for the new vehicles is most pandemic affected and has fewer chances of getting better any sooner. All these negative effects of the pandemic on the vehicle market directly affect theAutomotive Sensors Market Outlook.
The major players in the automotive sensor market are as follows: Analog Devices Inc. (U.S.), Vishay Intertechnology, Inc. (U.S.), Broadcom Limited (U.S.), TRW Automotive Inc. (U.S.), Bosch Sensortech GmBH (Germany), Infineon Technologies AG (Germany), Sensata Technologies (U.S.), Bourns Inc. (U.S.), Panasonic Corporation (Japan), Delphi Automotive LLP (U.K), Micronas Semiconductor Inc. (Switzerland), Denso Corporation (Japan), Micronas Semiconductor Inc. (Switzerland), GE Measurement Control Solutions (U.S.), Continental AG (Germany) and STMicroelectronics (Switzerland).
All these prominent players in the market have focused on bringing growth in the market by introducing the most recent technologies in the market. In addition, the collaborations, acquisitions, and mergers amongst themselves have been making the market even stronger. Also, all of these have been strategizing the plans and implementing them wisely in their work culture to bring the best out of themselves.
The globalAutomotive Sensors Market Sizeis expected to reach a market value of approximately 35 billion USD by the end of 2023. Also, the market is expecting a CAGR of approximately 7% during the upcoming forecast period.
Various factors have been bringing tremendous growth in the market. The rising disposable income of individuals, especially the middle-class population, is one of the major factors driving theAutomotive Sensors Market Trends. While the companies offer different types of sensors, these perfectly designed sensors are useful in various applications like exhausting the temperature, measuring position, pressure, torque, and much more.
The rise in miniaturization in various regions across the globe has also been successful in taking the automotive sensor market to the heights of success.
The major restraint is the decrease in the demand for diesel vehicles. This is because diesel vehicles tend to produce more pollution as compared to other vehicles. Thus, while the deteriorating air quality and the taxation changes are the major factors of concern, the fall in the sales of diesel vehicles and subsequently decreased the new car registration the world over. All of this results in the hampering of the automotive sensor market.
The stringent rules and regulations due to the laws laid down by the governments seem to affect theAutomotive Sensors Market Trendsindirectly. The automotive sensor market is directly dependent on the automotive market. The increased demand for automotive vehicles automatically bringsMarket Growth. While stringent laws in the vehicle industry make sure that they take utmost care of the pollution element, diesel cars have been reduced in production. The aim to protect the environment and make it worth living has made governments follow such stringent policies, subsequently affecting theMarket Revenue.
The automotive sensor market can be divided n to the following segments:
- Based on Sensor type
- Based on the technology
- Based on the vehicle type
- Based on the sensor type
Based on the sensor type, theAutomotive Sensors Industrycan be segmented into the following:
- Pressure sensors
- Speed sensors
- Position sensors
- Temperature sensors
- Inertial sensors
- NOx sensors
- Image sensors
- O2 sensors
Based on the technology, the market can further be segmented into the following:
- Nano-Electro-Mechanical systems (NEMS)
- Micro-Electro-Mechanical Systems( MEMS)
- Based on the vehicle types
Based on the vehicle types, the market can further be classified into the following:
- Low end
- Medium end
- High end
- Heavy vehicle
- Electric vehicles
The automotive sensor market is divided into the following based on regions.
- North America
- Asia pacific
- Rest of the world
The Asia Pacific holds the largestAutomotive Sensors Market Share, and the major areas that have been bringing the growth include developing countries like India, China, and Japan. The growth in the region is attributed to the growth in the economy and the increase in the demand for vehicles with the increasing population. Also, there has been an increase in the income of the regions, increasing the demand for vehicles, subsequently increasing the demand for automotive sensors.
The North American market is also expecting rapid growth in the automotive sensor market. This is attributed to the growth in the demand for automotive vehicles and the increased awareness about eco-friendly products.
European countries are also likely to experience highAutomotive Sensors Market Growthdue to various reasons.
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