Automotive Sensors Market size worth $ 43.6 Billion, Globally, by 2030 at 7.01% CAGR: Verified Market Research®

2022-06-18 20:49:46 By : Ms. Tracy Lee

The increasing adoption of electric vehicles and hybrid cars, increasing consumer awareness about the benefits and comforts affiliated with the use of sensors, and the growing number of vehicles around the world are all expected to propel the growth.

JERSEY CITY , N.J.  , June 16, 2022 -- Verified Market Research recently published a report, "Automotive Sensors Market" By Type (Temperature Sensors, Oxygen Sensors), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Application (Powertrain, Chassis), and By Geography. According to Verified Market Research, the Automotive Sensors Market size was valued at USD 26.9 Billion in 2021 and is projected to reach USD 43.6 Billion by 2030, growing at a CAGR of 7.01% from 2022 to 2030.

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Global Automotive Sensors Market Overview

One of the primary factors driving the market for automotive sensors is autonomous driving. Most Automotive Sensors Market are 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 Automotive Sensors Market. Moreover, Furthermore, other sensors, including powertrain sensors, chassis sensors, and body sensors, play a significant role in boosting the growth of the Automotive Sensors Market.

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 a range of 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 market growth. One of the major limiting factors in the developing market of automotive sensors is a lack of aftermarket for sensors.

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.

Verified Market Research has segmented the Global Automotive Sensors Market On the basis of Type, Vehicle Type, Application, and Geography.

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Top Automotive Sensor Companies delivering proper safety tools to highway drivers

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