Automotive Sensors Market Growth, Status, Future Plans and Forecast 2029
The global automotive sensors market size is projected to reach USD 15.6 billion by 2028 and exhibit a CAGR of 6.38% during the forecast period. The rising demand for modern safety, comfort, and technological features is expected to boost the market's growth. Moreover, the rising popularity and adoption of autonomous vehicles in the coming years may surge the growth of the market. Fortune Business Insights™ has presented this information in its report titled, “Automotive Sensors Market, 2021-2028”. The market size stood at USD 10.44 billion in 2020.
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Key Players in the Global Market are:
Robert Bosch GmbH
Infineon Technologies AG
STMicroelectronics
Continental AG
Denso Corporation
NXP Semiconductors
Texas Instruments Incorporated
Allegro Microsystems, LLC
CTS Corporation
Elmos Semiconductor
Sensata Technologies
Drivers & Restraints-
Rising Adoption of Autonomous Vehicles to Augment Market Growth
Manufacturers incorporate non-contact 3D magnetic sensors to replace the optical systems or potentiometers that use conventional position-sensing methods. These sensors improve driver concentration by eliminating manual control functions, including infotainment and vehicle lighting. Hence, the rising adoption of such advanced technologies is likely to boost the global automotive sensors market growth. Additionally, the emphasis on comfort and safety has increased in recent years. The growing demand for connected vehicles, new technology features, and new energy vehicles is expected to boost the market's growth.
Autonomous vehicles have gained striking growth due to technological advancements and the growing consumer awareness for autonomous vehicles. The increasing adoption of automotive sensors and vehicles is likely to amplify market growth in the coming years.However, the high costs of automotive sensors due to low production may hinder the market growth.
Competitive Landscape-
Key Players Launch New Products to Garner Growth in the Market
The market is fairly competitive, and NXP Semiconductors, Infineon Technologies AG, Robert Bosch GmbH, and STMicroelectronics comprise the key players in the global market. The key players emphasize increased research and development activities to produce high-performance and low-power-consuming sensors. The key players focus on developing new products, patents, technological advancements, collaborations, acquisitions, mergers, and others to generate greater revenues and improve their market presence. For instance, Melexis unveiled next-generation current sensors for automotive power-conversion applications in June 2021. The sensors possess beneficial attributes such as integrated over-current detection circuity, increased resolution, and 3.3V or 5V operation capabilities.
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Industry Developments-
June 2021: Navya and Valeo extended their industrial and technological collaboration for autonomous shuttles. Navya will share the functional and technological data gathered during experiments, and Valeo will furnish Navya with sensors that enable vehicles to comprehend their surroundings.
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