Increasing adoption of electric vehicles and hybrid cars, increasing consumer awareness about the benefits and comforts affiliated with the use of sensors propel the growth of the automotive sensors market to reach $43.6 billion by 2030.
According to Verified Market Research's recent report - Automotive Sensors Market by type (temperature sensors, oxygen sensors), by vehicle type (passenger cars, commercial vehicles), by application (powertrain, chassis), and geography, the market size was valued at $26.9 billion in 2021 and is projected to reach $43.6 billion by 2030, growing at a CAGR of 7.01% from 2022 to 2030.
Market Overview
According to Verified Market Research, one of the primary factors driving the market for automotive sensors is autonomous driving. Most automotive sensors market is growing in tandem with the overall economic growth of the automotive market. The prevalent use of ADAS and AD systems is the primary driver of growing demands for automotive sensors. Image sensors, speed sensors, temperature sensors, position sensors, and other sensors installed in ADAS/AD systems contribute to the overall development of the market. Moreover, other sensors, including powertrain, chassis, and body sensors, play a significant role in boosting the growth of the automotive sensors market.
The major players in the market are Sensata Technologies, Robert Bosch, Continental AG, Delphi Automotive, Analog Devices, Denso Corporation, Infineon Technologies, CTS Corporation, Allegro Microsystems, and Elmos Semiconductor.
Powertrain sensors are crucial for the effective operation of the engine, transmission system, and alternator. Braking, steering, and suspension functions are all supervised by chassis sensors. A sensor cluster is used in SAE AV Level-3 vehicles' ADAS/AD systems, braking systems, and power steering systems. Body sensors evaluate the vehicle's condition and efficiency across various parameters. Furthermore, as an outcome, autonomous vehicles installed with a variety of sensors can reduce driver stress while increasing efficiency. As a result, the increase in the adoption of self-driving vehicles is boosting the growth of the automotive sensors market. The high cost of developing automotive sensors is anticipated to hinder the market growth. One of the major limiting factors in the developing market of automotive sensors is a lack of aftermarket for sensors.
The report noted that in July 2021, Continental AG acquired a minority stake in Feelit, an industry 4.0 startup based in Tel Aviv, Israel. Feelit offers cutting-edge proactive maintenance solutions for a variety of industrial equipment and machinery by using proprietary hardware sensors and dedicated algorithms. The startup's primary goal is to create a structural sensing technology that is up to 50 generally more sensitive than current market applications.
In October 2021, The XENSIV TLE4972 automotive current sensors were invented by Infineon Technologies AG. For precise and stable measurements, the coreless current sensors employ Infineon's well-proven Hall technology, the report noted.
Courtesy: Verified Market Research. Photo is representational; courtesy: Continental.