Automotive Sensors Market 2021 - Revenue Outlook, Segmentation and Key Trends to 2030
Automotive sensors market expansion is expected to be driven by the growing incorporation of advanced technologies in automobiles to consolidate vehicles and passenger’s safety and enhance fuel efficiency. According to Global Market Insights, Inc., global automotive sensors market size is slated to cross over USD 55 billion by 2030.
The trending automotive technologies include airbags, child safety systems, pre-tension seatbelts, and occupant sensing systems. These systems are lashed with a wide range of automotive sensors, such as pressure sensors, LiDAR sensors, image sensors, and temperature sensors to effectively track and monitor essential safety features and prevent road crashes.
With rising automotive penetration, the demand for these safety systems is likely to accelerate in the coming years. As per the International Organization for Motor Vehicle Manufacturers, nearly 77.62 million cars and commercial vehicles were manufactured in 2020 worldwide.
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Automotive radar sensors are expected to witness strong demand in the coming years, as leading automotive makers, including Tesla Inc, AB Volvo, Waymo LLC, and BMW are focusing on introducing highly automated cars to dominate the competitive market scenario. For instance, in March 2021, Honda Motor introduced its new level-3 autonomous luxury sedan in Japan.
Automotive radar sensors held around 11% market share in 2020 and is anticipated to grow at 10% CAGR through 2030. There has been growing incorporation of various sensor-based advanced safety, tracking, and autonomous systems, such as ADAS in automobiles to provide a safe and pleasant driving experience to riders. Radar sensors utilize echolocations and the time of flight technique to optimize the performance and detection capabilities of automotive safety systems.
The incorporation of pressure sensors in various important components of heavy commercial vehicles (HCVs), such as suspension systems, chassis systems, powertrain systems, engine frames, and interior & exterior systems plays a crucial role in maintaining vehicle balance, withstanding impacts, and enhancing the overall efficiency. Growing demand for achieving higher fuel efficiency in HCVs would augment the adoption of automotive pressure sensors to large extent.
As per the OICA, approximately 1.3 million heavy commercial vehicles globally were produced in 2021. That apart, the escalating demand for smart and electrified HCVs in the e-commerce and logistics sectors is likely to fuel automotive pressure sensors demand in the forthcoming years. Driven by this, the heavy commercial vehicle segment registered nearly 5% share of the automotive sensors industry in 2020 and is slated to expand at 6% CAGR up to 2030.
The automotive sensors industry witnessed a market share of 30% from battery electric vehicles (BEV) in 2020 and is predicted to grow at 8% CAGR in the forthcoming years. Several stringent emission norms from fossil fuel automobiles are propelling the penetration of battery electric vehicles worldwide. This is leading to the integration of various automotive sensors in battery management systems, such as current and temperature sensors to measure and monitor pack temperature, voltage, and battery charge.
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Europe automotive sensors industry in the global market is projected to witness a CAGR of 6% through 2030. The growth is attributed to several government norms to promote the integration of advanced safety systems in automobiles. Citing an instance, in June 2019, European Commission introduced the ‘Vision Zero’ program for EU road safety.
This program aims to mandate the integration of various safety features, such as automatic emergency braking, lane departure warning, and drowsiness & attention detection systems in new vehicles by 2022. Additionally, the presence of various favorable policies promoting the adoption of EVs and clean fuel options would complement the automotive sensors business across Europe.
Prominent automotive sensors market participants include Robert Bosch GmbH, Infineon technologies, Continental AG, Magna International, Inc., Texas Instruments Incorporated, NXP Semiconductor N.V., among others.
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