Automotive Sensors Market To Reach USD 42.6 Billion In 2025 | CAGR 7.3% - Forencis Research

Automotive Sensors Market Size, Share, Trends, Growth, Analysis, Research

Global Automotive Sensors Market: Key Highlights

  • According to the new market research report AUTOMOTIVE SENSORS MARKET by Sensor Type (Speed Sensors, Pressure Sensors, Temperature Sensors, Safety Sensors, Humidity Sensors, Magnetic Sensors, Oxygen Sensors, Position Sensors, NOx Sensors, MEMS Sensors, and Others) by Application (Engine, Powertrain, Body, Brakes, Chassis, Transmission, Clutch, Safety, and Control Systems and Others) by Vehicle Type (Internal Combustion Engine (ICE), Electric Vehicles and Others) by Sales Channel (OEM and Aftermarket) by Region (Asia Pacific, North America, Europe, Rest of the World) – Global Forecast from 2020 To 2025”, the global automotive sensors market is estimated to reach USD 42.6 Billion in 2025 at a CAGR of 7.3% during forecast period 2020-2025.
  • Rise in demand for safety & security is expected to drive the automotive sensors market during the forecast period.
  • However, the cost-competitive market is expected to restrain the market during the forecast period.

Automotive Sensors Market

Global Automotive Sensors Market: Key Market Dynamics

  • The development of innovative technologies is an outcome of the growing demand for luxurious and smart vehicles. The rise in demand for electric and autonomous vehicles has boosted the demand for electric systems. Thus, the growing adoption of electric vehicles is expected to drive the automotive sensors market.
  • Safety is a primary requirement in the automotive sector. Any safety or security failures may result in severe injury or loss of life. Hence, the rise in demand for safety & security is expected to drive the automotive sensors market during the forecast period.
  • The presence of a large number of players affects the pricing of automotive sensors which increases the market competition in terms of the product cost. This results in pricing pressure on prominent players to deliver efficient products at a lower cost. Thus, the cost-competitive market impacts market growth.
  • The growing market of autonomous and semi-autonomous vehicles is expected to open up new growth avenues for the automotive sensors market in the near future.
  • Sustaining the balance between cost and quality of sensors is likely to act as a challenge for market growth.

 Global Automotive Sensors Market: Regional Overview

  • Asia-Pacific

The Asia-Pacific region is projected to be the largest contributor to the automotive sensors market owing to growing automotive sector. The growth in the automotive sector in the region is mainly due to the high demand for luxury vehicles, with increased vehicle production and a rise in the OEM market. Chinese companies produce high-tech sensors for transportation applications and are currently competing with the global automotive sensor manufacturers. As per China’s industrial policy, “Made in China 2025”, it aims to be the global technological giant by 2049. This is expected to increase the development of the advanced sensor system for automotive application. 

The aforementioned factors coupled with low manufacturing cost is expected to drive the automotive sensors market in the region.

  • Europe           

The automotive sector plays a vital role in boosting the European economy. The growing automotive sector in the region is the prominent factor pushing the overall economy. In Europe, 19.2 million vehicles are manufactured every year as per the data shared by the European Automobile Manufacturers Association (ACEA). The rising demand for vehicle production, growing adoption of ADAS system and safety features, and the demand of sensors in electric, semi-hybrid and hybrid cars in Europe has boosted the automotive sensors market.

Global Automotive Sensors Market: Key Players Overview

  • Robert Bosch GmbH:

Robert Bosch GmbH is a German-based company. The company offers industrial products, auto spare parts, mobility, control and drive technology, business process outsourcing, and others. Bosch Rexroth AG is a subsidiary of Robert Bosch GmbH. Bosch is one of the leading players in the provision of a micro-electro-mechanical system (MEMS) sensors. Moreover, in 2018 they produced more than 10 billion sensors for various industrial applications such as the Internet of Things (IoT).

  • Continental AG:

Continental AG is a German-based company. The company is specialized in manufacturing automotive safety, chassis and powertrain components, interior electronics, brake systems, tires, tachographs, and other parts for the automotive and transportation industries. The company leads in manufacturing and designing automotive sensors like pressure sensors, smart NOx sensors, temperature sensors, and other sensors.

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Published : 2020-01-31