Global Automotive Sensors Market to Reach US$ 67.0 Billion by 2032, Fueled by Increasing Product Utilization in Various Automotive Components

According to the latest report by IMARC Group, titled “­­Automotive Sensors Market by Type (Level/Position Sensors, Temperature Sensors, Pressure Sensors, Speed Sensors, Gas Sensors, Magnetic Sensors, and Others), Vehicle Type (Passenger Cars, Commercial Vehicles), Application (Powertrain, Chassis, Vehicle Body Electronics, Safety and Security, Telematics, and Others), Sales Channel (Original Equipment Manufacturer (OEM), Aftermarket), and Region 2024-2032,” the global automotive sensors market size reached US$ 26.4 Billion in 2023. Automotive sensors are electronic devices that monitor, detect, and respond to various aspects of a vehicle's performance and environment, including emissions, fuel efficiency, and safety systems such as anti-lock brakes (ABS) and airbags. Some of the most common types of automotive sensors include temperature, proximity, pressure, speed, position, and oxygen sensors. These sensors are essential components in modern automotive systems as they provide real-time data to the vehicle's electronic control unit (ECU) and allow it to make necessary adjustments to ensure optimal functioning, safety, and efficiency. Apart from this, automotive sensors have enabled the development of autonomous driving technology and advanced driver assistance systems (ADAS), which rely extensively on sensor data for safe and efficient operations.

Global Automotive Sensors Market Trends:

The expanding employment of automotive sensors to provide information on various parameters, ensuring safety, security, and comfort, is primarily driving the market growth. For instance, automotive sensors are extensively used to monitor wheel speed, occupant position, tire inflation, anti-lock braking system (ABS), engine temperature, exhaust gas and fuel pressure, blind spots, and vehicles in an adjacent lane, which is contributing to the market growth. Moreover, the bolstering expansion of the automotive industry, the rising number of vehicles equipped with automotive sensors, and the increased demand for convenience and fuel efficiency among consumers are impelling the market growth. In addition to this, widespread product utilization in self-driving cars due to surging requirements for smart data processing devices to enable autonomous decision-making is creating a positive outlook for the market. Furthermore, innovative technological advancements, such as the advent of advanced driver assistance systems (ADAS), consisting of lane departure warnings, adaptive cruise control, and automated parking features, are presenting remunerative growth opportunities for the market. Concurrent with this, escalating demand for connected vehicles with vehicle-to-vehicle communication, vehicle-to-infrastructure communication, and navigation elements are aiding in market expansion. Looking forward, the market value is projected to reach US$ 67.0 Billion by 2032, expanding at a CAGR of 10.56% during 2024-2032.

Market Summary:

• On the basis of the type, the market has been segregated into level/position, temperature, pressure, speed, gas, magnetic, and other sensors. Among these, position sensors represented the largest segment.
• Based on the vehicle type, the market is bifurcated into passenger cars and commercial vehicles. Between these, passenger cars hold the largest market share.
• On the basis of the application, the market has been classified into powertrain, chassis, vehicle body electronics, safety and security, telematics, and others. Currently, powertrain dominates the market.
• Based on sales channel, the market is divided into original equipment manufacturer (OEM) and aftermarket. At present, the original equipment manufacturer (OEM) accounts for the majority of the global share.
• Region-wise, the market has been segmented into North America (the United States and Canada), Asia-Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others), Latin America (Brazil, Mexico, and others), and Middle East and Africa.
• The competitive landscape of the market has also been examined, with some of the key players being Allegro MicroSystems Inc. (Sanken Electric Co. Ltd.), Analog Devices Inc., BorgWarner Inc., Continental AG, CTS Corporation, DENSO Corporation, Hitachi Ltd., Infineon Technologies AG, Littelfuse Inc., NXP Semiconductors N.V., Robert Bosch GmbH, Sensata Technologies Inc., TE Connectivity, etc.
   

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