Originally published on Technavio:Automotive Sensors Market Analysis - APAC, North America, Europe, South America, Middle East and Africa - US, China, Japan, Germany, UK - Size and Forecast 2023-2027.

Automotive Sensors Market Forecast 2023-2027

The forecast for the automotive sensors market predicts an increase of USD 8.33 billion between 2022 and 2027, with a projected Compound Annual Growth Rate (CAGR) of 6.12%. The market's growth is influenced by factors such as vehicle electrification and hybridization, collaborations among industry players, and the rising disposable income of consumers leading to increased automobile demand.

Market Analysis

The electrification and hybridization of vehicles serve as key drivers propelling the global market's growth. The surge in adoption of electric vehicles (EVs) and hybrid electric vehicles (HEVs) is driving demand for powertrain systems, where sensors play a crucial role. These sensors, used in battery management, motor control, regenerative braking, and charging infrastructure monitoring, exhibit significant growth. The electrification and hybridization of vehicles, relying on electric motors, batteries, and power electronics, necessitate accurate monitoring and control.

Sensors such as temperature sensors, current sensors, voltage sensors, and position sensors are vital for monitoring and managing the electric powertrain. The increased electrification and hybridization have escalated the demand for a diverse range of sensors, contributing to improved performance, efficiency, and safety of vehicles. Consequently, the market is poised for growth during the forecast period.

Market Segmentation

The passenger cars segment, valued at USD 12.38 billion in 2017, commands a significant market share. Advanced Driver Assistance Systems (ADAS) features, reliant on sensors like radar, LiDAR, camera, and ultrasonic sensors, witness a rising demand in passenger cars. These systems enable functions such as adaptive cruise control, lane departure warning, blind-spot detection, and automatic emergency braking. As ADAS features become more prevalent in passenger cars, the demand for sensors supporting these systems continues to grow. Additionally, the increasing adoption of electric and hybrid vehicles fuels demand for sensors critical in monitoring battery health, managing energy efficiency, and ensuring optimal electric powertrain performance.

APAC Holds a Prominent Position in the Market

APAC is estimated to contribute 33% to the global market's growth during the forecast period. Industrialization and substantial investments in road infrastructure development propel the automotive market in the region. Increased demand for automotive temperature sensors, oxygen sensors, and light sensors is notable in APAC. Consumers in the region demand advanced features and technologies in vehicles, heavily dependent on sensors for proper functioning.

Advancements in sensor technologies, such as Light Detection and Ranging (LiDAR), radar, cameras, and ultrasonic sensors, present new opportunities for vendors in the regional market. These sensors, capable of autonomous driving, are increasingly integrated into vehicles. Large-scale production facilities and the need to meet global quality standards contribute to the widespread use of these sensors in the region, fostering market growth during the forecast period.

Companies Overview

The market exhibits a fragmented nature, with significant players including Amphenol Corp., Aptiv Plc, Auto DITEX BG Ltd., Dorman Products Inc., Electricfil SA, Faurecia, and Hitachi Ltd.

The market forecasting report includes detailed analyses of the competitive landscape and information about 15 market companies, including Mitsubishi Electric Corp., Niterra Co. Ltd., NXP Semiconductors NV, PRENCO Progress and Engineering Corp. Ltd., Robert Bosch Stiftung GmbH, Schaeffler AG, Sensata Technologies Inc., Spectra Premium Industries Inc., TDK Corp., Tenneco Inc., Texas Instruments Inc., Toyota Motor Corp., and Walker Products Inc.

Market Analyst Overview

The global automotive sensors market is experiencing significant growth, driven by a Compound Annual Growth Rate (CAGR) fueled by various factors. Vehicle authentication, driver safety, and comfort features, especially with the increasing adoption of Electric Vehicles (EVs) and Hybrid Vehicles (HVs) to address CO2 emissions concerns, contribute to this growth. LiDAR technology and compact, energy-efficient, and cost-effective sensors are being invested in to enhance safety, comfort, and engine management.

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As the focus on autonomous vehicles and connected cars intensifies, government initiatives drive the demand for safer automotive systems and road accident reduction. Electric power steering (EPS) and adherence to fuel efficiency standards align with international safety measures, emphasizing the importance of technological developments in self-driving systems and automobile sensors for enhanced vehicle performance and environmental sustainability.

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