Automotive Sensors Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Sensor Type (Wheel Speed Sensor, Temperature Sensor, Pressure Sensor, Position Sensor, Others), By Vehicle Type (Passenger Vehicle, Commercial Vehicle), By Distribution Channel (OEMs, Aftermarket), And By Geography - Forecasts From 2022 To 2027

The global automotive sensors market is projected to grow at a CAGR of 10.72% to reach US$49.055 billion by 2027, from US$24.048 billion in 2020. Automotive sensors are components or devices that are used to process information, monitor, and control the proper functioning of different aspects or different components in automobiles. The automobile sensors can facilitate different functions such as sensing oil pressure, sensing temperature, sensing wheel speed, sensing the proximity of obstacles in the path of the vehicle, tire pressure monitoring, and airflow into the intake valve, among a plethora of other functions. Ultrasonic waves are used by automotive sensors, either through radar or image sensors. The sensors can provide the sensed data for processing while also providing real-time information about the situation and condition right now. After processing, the electronic control module determines how to respond to the circumstance and what actions are necessary.

People's inclination to purchase autos is rising along with their disposable income. As a result, there is an increase in the demand for automobiles, which drives up automakers' need for automotive sensors and fuels a surge in the market's growth throughout the projection period. Moreover, with the increasing concern of people to have vehicles that are advanced and can mitigate any problem that might cause damage to the vehicles and their occupants, the market for automotive sensors is expanding as a result of the rising demand for these sensors.

However, the high expense of manufacturing some of these automotive sensors and the inability to fit some sensors that are only present in high-end vehicles, which are not affordable by a majority of the population, is a factor that will restrain the growth of the market to some extent.

Furthermore, the market provides enormous opportunities for automakers and sensor manufacturers to upgrade sensing technologies, reduce sensor size, and lower R&D costs for advanced applications such as telematics, autonomous vehicles, and heads-up displays, among others, which will act as a growth opportunity for the market during the forecast period. The automotive sensors market has been divided into segments based on geography, distribution channel, vehicle type, and sensor type. By sensor type, the market has been segmented as a wheel speed sensor, temperature sensor, pressure sensor, position sensor, and others. By, vehicle type, the market has been segmented into passenger vehicles and commercial vehicles. Market segments by distribution channel include OEMs and aftermarkets.

The Wheel Speed Sensor accounts for the majority of the share by sensor type.

Wheel speed sensors are anticipated to have a sizable share of the market by sensor type for the reason that these sensors are vital for the functioning of safety features like ABS and EBD, which require the measurement of the speed of the wheels to take action. In conjunction, the government is also taking steps to make ABS mandatory in all vehicles, which would contribute to the increase in the market share of wheel speed sensors. Due to the fact, they are capable of detecting any temperature rise that occurs in the environment, temperature sensors are indeed anticipated to have a gain in market share throughout the projection period, vehicle, and take action to stop the damage from occurring to vehicle components.

OEMs dominate the distribution channel segment.

OEMs are estimated to hold a significant market share as most of the sensors that are present in vehicles these days are offered in the vehicles manufactured themselves, If users so choose, they can add more sensors through aftermarket installation to their vehicles.

Geographically, it is projected that considerable market shares are accounted for by North America and the Asia Pacific.

Based on geography, Asia Pacific is expected to hold a healthy market share owing to the increasing automobile production in countries such as China and India. Additionally, two of the key centres for the production of automobile components are China and India.

Robert Bosch GmbH, STMicroelectronics, Delphi Auto Parts, STMicroelectronics, Continental AG, TGS GROUP, and Murata Manufacturing Co., Ltd. are a few of the significant firms discussed in this study.

Key Developments:

• November 2021- For municipal rail transit, Robert Bosch GmbH created a unique and cutting-edge driver-assistance system. It alerts the tram driver via a signal in the instance of a potential accident. The technology automatically slows the tram until something comes to a complete stop in order to avoid an impact or, at the very least, to lessen damage as much as possible if the driver fails to engage or does so too late.
• October 2021- The XENSIV TLE4972 automotive current sensor was introduced by Infineon Technologies AG. The coreless current sensor utilizes the tried-and-true Hall technology from Infineon to measure current with accuracy and stability.
• July 2021- A minority share in Feelit, an industry 4.0 firm situated in Tel Aviv, Israel, has been acquired by Continental AG. Feelit uses specialized hardware sensors and algorithms to provide cutting-edge proactive maintenance solutions for a range of industrial machinery and equipment. The major objective of the startup is to develop structural sensing technology that is up to 50 times more sensitive than products on the market today.

Impact of COVID-19 on Automotive Sensors Market

The onset and widespread of the pandemic had a severe impact on the market for automotive sensors, which led to a decline in demand. Major manufacturers closed their factories, disrupting the supply chain and perhaps hindering market expansion. The COVID-19 outbreak has caused significant problems for the world economy. The overall pandemic scenario has had an effect on the automotive sensors industry through the export of Chinese parts, a stop in production, and the closing of the facilities where the parts are assembled. However, it fully depends on the scope and gravity of the pandemic as well as the choice made by the governments regarding the lockdown period. The epidemic has affected market relationships, R&D partnerships, and collaborations. The decreasing market demand will have a significant impact on the manufacture of automobiles. The pandemic is most likely to harm the rise in demand for new cars, and it is unlikely that this situation will improve any time soon. The automotive sensors market outlook is directly impacted by all of these unfavorable pandemic consequences on the automotive industry.

Market Segmentation

• By Sensor Type
  • Wheel Speed Sensor
  • Temperature Sensor
  • Pressure Sensor
  • Position Sensor
  • Others
• By Vehicle Type
  • Passenger Vehicle
  • Commercial Vehicle
• By Distribution Channel
  • OEMs
  • Aftermarket
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Spain
    • Others
  • Middle East and Africa
    • Saudi Arabia
    • Israel
    • UAE
    • Others
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
    • Thailand
    • Taiwan
    • Indonesia
    • Others