Global Automotive Sensors Market to Reach $12.79 Billion by 2030
The Automotive Sensors Market is projected to reach $12.79 Billion by 2030, reveals the premium market intelligence study by CRI Report. The study also highlights that the market is set to witness a CAGR of 5.47% during the forecast period from 2021 to 2030.
A sensor is primarily a device that measures or detects a physical property and indicates, responds, and records data of a property. The usage of sensors in the automotive industry is increasing every year. A typical vehicle contains various sensors that detect different physical parameters and help the controller know the plan of action. As vehicles are rapidly getting “smarter,” this can lead to a greater number of sensors being employed. On average, a car consists of 60-100 sensors that are on-board, and for an advanced version of the vehicle, it can equip up to 200 sensors.
USP of the Market Intelligence Published by CRI Report
• A dedicated section focusing on the futuristic trends adopted by the key players operating in the global automotive sensors market
• Extensive competitive benchmarking of top 15 players offering a holistic view of the global automotive sensors landscape
• Qualitative and quantitative analysis of automotive sensors at the region and country-level granularity by application and product segments
According to Ajeya Saxena, Principal Analyst, CRI Report, “The automotive industry has expanded globally over the last century, primarily owing to changing consumer preferences, rising concerns with regard to driver safety, environmental concerns, and stringent government regulations focusing on crash avoidance rather than crash survival. The constant demand to meet efficiency and security standards are effectively driving the need for deploying sensors.”
Key companies operating in the market
Some of the key companies operating in the market include Continental AG, Robert Bosch GmbH, TE Connectivity, Sensata Technologies, Inc., Denso Corporation, BorgWarner, ZF Friedrichshafen AG, Infineon Technologies, STMicroelectronics, Hella GmbH, NXP Semiconductors, Analog Devices, Inc., Melexis, CTS Corporation, Allegro Microsystems, Inc.
The players analyzed and profiled in the study include sensors manufacturers that capture the maximum share in the global automotive sensors market. Moreover, a detailed competitive benchmarking of the players operating in the global automotive sensors market has been done that will help the readers to understand how players stack against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements and collaborations, and mergers and acquisitions are expected to aid the readers in understanding the untapped revenue pockets in the market.
How can market intelligence on Automotive Sensors Market add value to your organization’s decision-making process?
Product/Innovation Strategy: The product segment helps the readers in understanding the different types of sensors used in vehicles. Also, the study provides the readers with a detailed understanding of the automotive sensors market by technology, vehicle type, application, and mode of sales.
Growth/Marketing Strategy: Players operating in the global automotive sensors market are developing innovative products to enhance the capabilities of their product offerings. Growth/marketing strategies will help the readers in understanding the revenue-generating strategies adopted by the players operating in the global automotive sensors market. Moreover, other strategies adopted by the market players will help the readers in making strategic decisions, such as go-to-market strategies.
Market Segmentation of Global Automotive Sensors Market
• Vehicle Type: The global automotive sensors market has been segmented based on vehicle type, including Conventional Vehicles (Passenger Cars, Light Commercial Vehicles (LCVs), Heavy Duty Trucks, Heavy-Duty Buses) and Electric Vehicles (Passenger Cars and Light Commercial Vehicles). Conventional vehicles are the leading vehicle type in the global automotive sensors market. Conventional vehicles are automobiles using the internal combustion engine (ICE) for propelling the vehicle. The propulsion systems have been reliant on ICEs for more than a century and are going to be present in the market for decades.
• Application: The global automotive sensors market has been segmented based on application, including powertrain, chassis, body electronics, safety and control, and exhaust system. The powertrain segment is expected to dominate the market by application. The powertrain sensors market is driven by factors such as increasing demand for fuel efficiency and lower emissions in vehicles.
• Region: The global automotive sensors market has been segmented based on region North America, Europe, U.K., China, Asia-Pacific and Japan, South America, and the Middle East and Africa. China is among the top leading countries in terms of vehicle production. The country is a hub of numerous vehicle manufacturers, which in turn contribute to the demand for automotive sensors in the region.
Key Questions Answered in the Report
• Which global factors are expected to impact the global automotive sensors industry?
• What was global automotive sensors market size in 2019, and what would be the estimated market size in terms of revenue in 2030?
• How much revenue is expected to be generated by different types of sensors, namely, temperature, pressure, position, speed, level, inertial, knock, gas, and flow?
• Which automotive sensors application is expected to be dominant in the forecast period 2021-2030?
• Which companies are the major players in the global automotive sensors market and what are the key market strategies adopted by them?