Latest News- Automotive Sensors Market: Passenger cars is expected to lead the Vehicle Type segment during 2024-2028

The Automotive Sensors Market is being driven by Electrification and hybridization of vehicles

The Automotive Sensors Market is expected to grow at a CAGR of 6.78% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 9906.4 million. In the automotive sector, the surging demand for Advanced Driver Assistance Systems (ADAS) is fueled by a heightened emphasis on vehicle safety, convenience, and the progression of autonomous driving technologies. ADAS solutions are engineered to aid drivers and augment overall road safety by employing cutting-edge sensors, including cameras, radar, LiDAR, and ultrasonic devices. These sensors enable systems to detect and analyze the environment, issuing warnings for potential collisions, accidental lane departures, blind-spot incidents, and pedestrian detection. Key ADAS features, such as adaptive cruise control, automatic emergency braking, and lane-keeping assist, significantly diminish the likelihood of accidents and bolster overall road safety. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Vehicle Type
  • Passenger cars
  • Commercial vehicle
• Type
  • Temperature sensor
  • Speed sensor
  • Pressure monitoring sensor
  • Image sensor
  • Others
• Geography
  • APAC
    • China
    • Japan
  • North America
    • US
  • Europe
    • Germany
    • UK
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Electrification and hybridization of vehicles
• Collaborations and partnerships among players
• Increasing disposable income of consumers leading to automobile demand

However, the market also witnesses some limitations, which are as follows:

• High costs associated with ADAS technologies
• Product recall by vendors
• Malfunctioning of sensors hampering market growth

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Market Scope in Automotive Sensors Market Research Report

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Research Analysis Overview

The Automotiv market encompasses electronic sensors for various automotive applications, including ADAS, autonomous vehicles, and connected cars. These sensors enable vehicle automation, improve safety by reducing road accidents, and enhance vehicle performance, efficiency, and comfort. Temperature, pressure, and proximity sensors are essential components, while real-time monitoring, diagnostics, and feedback control facilitate decision-making processes. Safety regulations address vehicle safety, vulnerable road users, and vehicle pollution, driving the demand for fuel efficiency and electric power steering. Vehicle sales are fueled by the integration of sensors into vehicle systems, such as electronic control units, and the trend toward vehicle electrification and connectivity.

Market Research Overview

The global automotive components and equipment market encompasses businesses producing parts and accessories for various vehicle types, including passenger cars (PCs), electric vehicles (EVs), commercial vehicles (CVs), heavy-duty vehicles, off-road vehicles, motorcycles, scooters, quad bikes, and three-wheelers. According to Technavio, market growth is attributed to the rising demand for electronic components in automobiles. The surge in sales of electric vehicles, motorcycles, and PCs has significantly increased the need for electronic control units (ECUs) and other electrical components over the past decade. Moreover, the integration of advanced driver-assistance systems (ADAS), autonomous vehicles, vehicle automation, connected cars, electric power steering, fuel efficiency standards, and safety regulations in vehicles further boosts the demand for electronic sensors to enhance vehicle safety, reduce road accidents, and protect vulnerable road users.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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Email: media@technavio.com
Website: www.technavio.com/