Automotive Sensors Market to See Huge Growth by 2027

PORTLAND, Ore. - June 6, 2021 - PRLog -- Allied Market Research published a report, titled, "Global Automotive Sensor Market by Type (Temperature Sensors, Pressure Sensors, Motion Sensors, Speed Sensors, and Gas Sensors) and Application (Powertrain, Chassis, Body Electronics, Safety & Security, and Telematics): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global automotive sensor industry was estimated at $16.40 billion in 2019, and is anticipated to hit $37.65 billion by 2027, registering a CAGR of 10.2% from 2020 to 2027.

Surge in usage of automotive sensors in electric and hybrid cars and growing demand for custom designed electronics devices drive the growth of the global Automotive Sensor Market. However, high cost associated with the development of automotive sensors restrains the market growth. Furthermore, growing technological innovations in the automotive sector is expected to create new growth opportunities for market players during the forecast period.

Covid-19 scenario-

• During the first phase of the lockdown, a number of regulations were imposed on the transportation sector and accordingly, there was a significant decline in the demand for automotive sensors from the automobile vertical.
• Also, huge disruptions in the supply chain affected the market negatively.
• However, with the government bodies across the world coming up with several relaxations, the global market is projected to go back to its stance soon.

The report offers a detailed segmentation of the global automotive sensor market based on type, application, and region.

The temperature sensor segment to maintain the lion's share-

Based on type, the temperature sensor segment accounted for around one-fourth of the global automotive sensor market revenue in 2019 and is anticipated to retain its dominance till 2027, owing to rise in demand for self-propelled temperature sensor in the automotive industry.

The powertrain segment to dominate by 2027-

Based on application, the powertrain segment contributed to around one-fourth of the global automotive sensor market share in 2019 and is expected to rule the roost by the end of 2027. This is attributed to its better fuel economy.

Based on region, Asia-Pacific contributed the highest share, accounting for nearly half of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, it is expected to grow at the highest CAGR of 11.3% from 2020 to 2027. The research also discusses regions including North America, Europe, and LAMEA.

Leading market players analyzed in the research include DENSO Corporation, Robert Bosch, Continental AG, Autoliv Inc, Delphi Automotive Company, Valeo, NXP Semiconductor, Sensata Technologies, Infineon Technologies AG, and STMicroelectronics N.V.

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