Automotive Sensors Market
The global automotive sensors market size reached US$ 23.6 Billion in 2022. Looking forward, the analyst expects the market to reach US$ 46.4 Billion by 2028, exhibiting a CAGR of 11.93% during 2022-2028.
Automotive Sensors Market Overview
Automobile sensors are intelligent sensors that are used to process the temperature, oil pressure, and emission and coolant levels. They comprise temperature, gas, speed, pressure, and magnetic sensors. They can be controlled by a computer and can calculate the air density in the engine. They are used to monitor the rotating speed of the crankshaft for controlling fuel injection and engine timing. Automobile sensors also assist in observing the content of exhaust gases for the proportion of oxygen to determine fuel metering strategy and emission controls. They ensure the smooth burning of fuel to avoid damage to rings, head gaskets, and rod bearings in vehicles. Besides this, they are utilized to control various functions, such as turning on or off the early fuel evaporation (EFE) system, retard, spark advance, canister purge, and the flow of exhaust gas recirculation (EGR).
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Presently, there is an increase in demand for intelligent sensors in vehicles, which allows manufactures to give drivers higher level of safety & security, reliability, and information & entertainment. Manufacturers of electronic devices are incorporating more sensors in their devices to add additional features and compete with other players in the market. High competition in the electronic market, steady upgrade in electronic devices, and increase in automation in the automotive industry through electronic devices are anticipated to drive the growth of automotive sensor industry in future.
Automotive Sensors Industry Segmentation
Automotive sensors are used to gather information about the vehicle’s surroundings, such as its speed, location, and environment, and then send this information to the vehicle’s onboard computer system to make decisions.The Automotive Sensors Market is Segmented by Type (Temperature Sensors, Pressure Sensors, Speed Sensors, Level/Position Sensors, Magnetic Sensors, Gas Sensors, and Inertial Sensors), Application (Powertrain, Body Electronics, Vehicle Security Systems, and Telematics), Vehicle Type (Passenger Cars and Commercial Vehicles), and By Geography (North America, Europe, Asia-Pacific, and Rest of World). The report covers the market size in value (USD billion) for all the above segments.
Automotive Sensors Market Trends
Growing Prevalence of using alternative fuels to boost market growth A vehicle that uses fuels other than common petroleum fuels, such gasoline or diesel, is referred to as an alternative fuel vehicle. Any technology utilised to power an engine without using petroleum is commonly referred to as an alternative fuel vehicle (e.g., electric vehicles, hybrid electric vehicles, solar-powered vehicles). Growing adoption of alternative fuels and vehicles will lower consumer gasoline costs, reduce emissions, and improve national energy security. With the adoption of alternative fuel vehicles, there will be a sharp rise in the demand for automotive sensors.
Further, the application of new systems and technology in cars has widened the electrification’s scope. The usage of sensors in automobiles has advanced thanks to the installation of ADAS systems. Vehicle electrification in the automotive sector has grown in a promising way, especially in the transmission, temperature control, powertrain, safety, and exhaust systems. The introduction of cutting-edge technologies like the anti-lock braking system (ABS), electronic brake distribution (EBD), airbags, and traction control has led to an increase in the installation of such systems in passenger cars over the years, which is largely due to rising economic status, changing customer preferences for improved safety standards and comfort, and these factors. As a result, the market for passenger automobiles has also seen an increase in sensor demand.
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Market Insights Increasing
Collaborations between Vehicle Manufacturers and Sensors Manufacturers are Boosting the Automotive Sensors Market. The automotive industry across the globe are constantly facing pressures to integrate their vehicles with advanced electronics and semiconductor components in order to enhance the performance of the vehicles. The rising drift of electrification of vehicles is a major factor boosting the sensors market in automotive industry. Attributing to this, the automobile manufacturers are increasingly partnering with sensors manufacturers to meet the demands of their customers. For instance, in January 2018, Audi AG partnered with ON Semiconductor, to foster On Semiconductor’s innovations and integrate their semiconductors on their newer models, thereby satisfying constantly changing expectations of the consumers in terms of safety, reliability, and performance. The major catalyst for the growth of semiconductors in the automotive industry is attributed to the continuous partnerships between automotive manufacturers and semiconductor manufacturers.