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Automotive Sensors Market- insightSLICE

The key variable driving the rapid advancement of the automotive sensors market is focused research and development efforts on the growth of autonomous vehicles

SANTA ROSA, CALIFORNIA, UNITED STATES, May 19, 2023/EINPresswire.com/ -- The global automotive sensors market size was estimated to be US$ 29 Billion in 2022 and is expected to reach US$ 75 Billion by 2032 at a CAGR of 9.9%. The main variables driving the rapid advancement of the global automotive sensors market are the growing popularity of the automotive industry throughout emerging markets, higher expenditures in the creation of sophisticated automobile electronics, focused research and development efforts on the growth of electrical and autonomous vehicles, and strict regulations aimed at protecting the environment.

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Factors Enabling Growth and Expansion:

Internal technology for electronics has advanced quickly in automobiles in order to improve passenger comfort and safety. Automotive sensors are crucial for tracking and overseeing a moving or stationary vehicle. To regulate and sustain the effectiveness of vehicle operations, automotive sensors work with an internal controller to track system characteristics. The development and deployment of sophisticated driver assistance systems (ADAS) throughout the past ten years have spurred the expansion of automotive sensors.

The automotive business has grown significantly over the past ten years as a result of expanding demand from developing nations and increasing disposable income worldwide. Increased competitive pressures within the automotive manufacturers, has enabled growth of this market substantially. In addition, rising investment in the Internet of Things, automotive telematics systems, and the creation of completely autonomous vehicles are all expected to contribute to a significant increase in the need for automotive detectors. Another driver propelling the development of the automotive sensors market is the installation of corporate fleets with enhanced telematics within various companies.

Governmental Support and Compliance will Enable Market Growth:

Due to the increasing demand for sensors in contemporary automobiles, original equipment manufacturers (OEM) are anticipated to dominate the car sensors business over the forecast period. For automobiles to run safely, comfortably, and economically, sensors are a crucial part of the vehicle's systems.

Extreme circumstances found in automotive uses, such as extreme temperatures, cold temperatures, or constant vibrations, increase the need for highly dependable and resilient sensors. Also contributing to the expansion of the OEM category in the market are the recently required sensors-based features like clear ambient visuals, autonomous auto speed management, and vehicle position tracking.

Product Categories with Highest Sales Volume:

Position sensors accounted for the greatest market share for automotive sensors in 2020, and the same pattern is anticipated to be seen over the course of the forecast period. The need for autonomous vehicles as well as applications for automation can be credited with driving the development of the position-sensing sensor sector. Due to the expanding consumer demand for greater security and convenience standards and a higher standard of living, cutting-edge technologies are being used in consumer and business automobiles at an increasing rate.

To guarantee the security and effective operation of all vehicle parts, position sensors are now a necessary component of everything from chairs to pedals to transmission shifts. Position sensors are being used in vehicles more than ever as a result of advancements in technology for automobiles.

Hinderances to The Growth:

Due to the global downturn and recession, the automobile industry is only seeing a slight increase in vehicle sales year over year. Furthermore, the demand for car sensors is lagging as a result of the interruption in the international automotive manufacturing process brought on by the worldwide lockdown ordered by the federal government to stop the spread of COVID-19. Additionally, with all of their sensors loaded, self-driving automobiles have become increasingly popular recently. There have been numerous deadly accidents involving Level 2 through Level 5 self-driving cars with little to no human involvement.

Additionally, a paper from the Joint Research Centre (JRC) and the EU Council for Cybersecurity (ENISA) found that self-driving automobiles pose significant cybersecurity concerns. According to the research paper, autonomous vehicles remain vulnerable to adversarial artificial intelligence strategies like contamination or evasion attempts.

OEMs anticipate that as more sophisticated sensors like radar detectors, lidar, or laser and photographic sensors are developed, they will be used in autonomous vehicles more frequently. OEMs and designers must, however, concentrate on guaranteeing the precision and dependability of these sensors. In order to ensure the safety of artificial intelligence on the roadways, producers should implement security-by-design strategies.

Regions Showing Highest Growth:

Due to substantial demand from an increasing automotive sector across key nations, Asia Pacific is expected to develop at the fastest rate throughout the forecast time frame and supplied a significant amount to the worldwide automotive sensors market in 2019.

The primary companies are concentrating on diversifying their supply networks in an effort to attain supply chain agility, and this is expected to cause a significant shift in the Asia Pacific automotive sensor market in the next years. Owing to COVID-19's impact on the automotive manufacturing sector, which contributes significantly to North America's market position in the global automotive sensor market, this region is expected to continue to expand steadily in the years to come.

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Key Companies:

Infineon Technologies AG, Analogue Devices, Inc., Allegro MicroSystems, LLC, Continental AG, Sensata Technologies, CTS Corporation, Elmos Semiconductor AG, DENSO Corporation, Aptiv PLC, NXP Semiconductors N.V., Innoviz Technologies Ltd., Robert Bosch GmbH, Quanergy ZF Friedrichshafen AG, LiDAR, STMicroelectronics, Velodyne Lidar, and TE Connectivity, represent a few of the leading companies active in the global automotive sensors market.

Segmentation:

By Type

• Oil & Gas
• Mineral Applications
• Agricultural Applications

By Vehicle Type

• Dense Media Type
• Solid-liquid Type
• Liquid-liquid Type

By Application

• Temperature Sensors
• Pressure Sensors
• Position Sensors
• Oxygen Sensors
• Nitrogen Oxide Sensors
• Speed Sensors
• Inertial Sensors
• Image Sensors
• Lidar
• Radar
• Ultrasonic Sensors
• Others

By Sales Channel

• Passenger Vehicle
• Commercial Vehicle

By Region

• North America
> United States
> Canada
> Rest of North America

• Europe
> Germany
> United Kingdom
> Italy
> France
> Spain
> Rest of Europe

• Asia Pacific
> Japan
> India
> China
> Australia
> South Korea
> Rest of Asia Pacific

• Middle East & Africa
> UAE
> Saudi Arabia
> South Africa
> Rest of the Middle East & Africa

• South America
> Brazil
> Rest of South America

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