Automotive Sensors Market to exhibit growth at a CAGR of 6.12 % | APAC to Dominate Market Landscape through 2023-2027
According to estimates, the global automotive sensors market will develop at a compound annual growth rate (CAGR) of 6.12% between 2023 and 2027, with revenue growth of USD 8.33 billion coming next. The market's expansion was influenced by factors such as the electrification and hybridization of automobiles, partnerships and collaborations among market participants, and rising consumer disposable income, which in turn drove demand for automobiles.
APAC to dominate the market growth of the Automotive Sensors Market: APAC will lead the global market in terms of fastest growing region, contributing 33% of the industry's growth over the projected decade. Industrialization and large investments in the building of road infrastructure fuel the region's growth and the expansion of the automobile market.
"As per Technavio's analyst, it has been noted APAC consumers are increasingly seeking advanced features like parking assistance, adaptive cruise control, and collision avoidance, relying on sensors for the proper functioning of automotive "
Snapshot of Fastest growing topography for the Automotive Sensors Market
When it comes to the region-wise classification Japan and South Korea, with automakers like Suzuki and Toyota, play a significant role in the automotive industry. Large-scale production facilities and adherence to global quality standards contribute to the increased usage of automotive sensors, fostering market growth during the forecast period. Our report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment.
Organisations like Tenneco offers automotive sensors such as level sensor, Acceleration sensor, and Steering sensor. Our report includes qualitative and quantitative analyses of vendors with a wider understanding of the business ecosystem.
Amphenol Corp., Aptiv Plc, Auto DITEX BG Ltd., Dorman Products Inc., Electricfil SA, Faurecia, Hitachi Ltd., 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., etc are some of the market leaders in these segments
Automotive Sensors Market Highlights of the Report for 2023-2027