The automotive sensors market is projected to grow from USD 28.1 billion in 2020 to USD 41.9 billion by 2024, recording a CAGR of 6.9% between 2020 and 2025
NEW YORK, Jan. 16, 2020 /PRNewswire/ --
Increasing electrification in the automotive industry to drive the market for automotive sensors.
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The automotive sensors market is projected to grow from USD 28.1 billion in 2020 to USD 41.9 billion by 2024, recording a CAGR of 6.9% between 2020 and 2025. Increasing electrification in the automotive industry, stringent environment regulations, motor production worldwide, growing consumer demand for safety and comfort are the major factors driving the growth of the automotive sensors market. However, safety threats related to autonomous cars and price competitive market acts as a restraint for the market growth.
Based on type, image sensors to be the fastest-growing technology segment between 2020 and 2025.
Automotive sensors segmented based on types is categorized as position, speed, pressure, O2, NOx, inertial, temperature, image, and other sensors.The demand for image sensors is expected to grow rapidly owing to the increased utilization of image sensors in ADAS, active parking assistance (APA), lane departure warning (LDW), collision avoidance systems, and other safety applications.
The rapid development of autonomous cars, which relies significantly on image sensors, has spiked the demand for image sensors.
Based on application, Telematics to be the fastest-growing application between 2020 and 2025.
Based on applications, the automotive sensors market has been segmented into powertrain, chassis, body electronics, safety and control, exhaust, telematics, and others.Earlier, telematics used to be a part of high segment luxury vehicles.
As technology advanced, it helped the telematics system to be incorporated in the budget and compact cars.The market of budget cars in populated and technologically advancing countries such as India and China is high.
The introduction of infotainment and entertainment systems in low-budget cars has helped the market of telematics to grow drastically.
APAC automotive sensors market to record the highest growth rate during the forecast period.
The automotive sensors market in the APAC region is expected to grow at the highest CAGR during the forecast period.The automotive sensors market has also been broadly classified based on regions—North America, Europe, APAC, and RoW.
The increase in the purchasing power of the consumer, infrastructure development, and increasing demand for more efficient and safer vehicles are the main factors that are driving the growth of the automotive sensors market in this region.The presence of developing countries such as India and China contributes to the growth of the automotive sensors market in this region.
China leads the production of automobiles in the world and is expected to lead the automobile production worldwide in the forecast period. The Government of the People's Republic of China has placed particular emphasis on the promotion and adoption of energy-efficient plug-in hybrid EV and pure EV.
In-depth interviews have been conducted with chief executive officers (CEOs), marketing directors, other innovation and technology directors, and executives from various key organizations operating in the LiDAR marketplace.
• By Company Type: Tier 1 – 52%, Tier 2 – 25%, and Tier 3 – 23%
• By Designation: C-level Executives – 55%, Directors – 27%, and Managers – 18%
• By Region: North America – 40%, Europe – 20%, APAC – 28%, and RoW – 12%
Robert Bosch (Germany), Continental AG (Germany), Delphi Automotive (UK), Denso Corporation (Japan), Infineon Technologies (Germany), Sensata Technologies (US), Allegro Microsystems (US), Analog Devices (US), Elmos Semiconductor (Germany), CTS Corporation (US), Autoliv Inc. (Sweden), NXP Semiconductor (Netherlands), TE Connectivity (Switzerland), STMicroelectronics(Switzerland), ZF Friedrichshafen AG (Germany), Quanergy (US), Innoviz Technologies (Israel), and Velodyne LiDAR (US) are some of the key players in the automotive sensors market.
The study includes an in-depth competitive analysis of these key players in the automotive sensors market, with their company profiles, recent developments, and key market strategies.
Research Coverage
The report defines, describes, and forecasts the automotive sensors market based on sensor type, sales channel, vehicle type, application, and region.It provides detailed information regarding factors such as drivers, restraints, opportunities, and challenges influencing the growth of the automotive sensors market.
It also analyzes product launches, acquisitions, expansions, and partnerships carried out by the key players to grow in the market.
Key Benefits of Buying the Report
This report will help market leaders/new entrants in this industry with information on the closest approximations of the revenue numbers for the overall automotive sensors market and the subsegments.The report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report will also help stakeholders to understand the pulse of the market and provide them with information on key market drivers, restraints, challenges, and opportunities.
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