Automotive Sensors Market Expected to reach $47.5 billion by 2026

Automotive Sensors Market by Sales Channel (OEM, Aftermarket), Type (Temperature Sensors, Pressure Sensors, Position Sensors), Vehicle Type, Application (Powertrain Systems, Chassis), Region
By: MarketsandMarkets
NORTHBROOK, Ill. - April 25, 2023 - PRLog -- Automotive Sensors Market was valued at USD 24.3 billion in 2020 and is estimated to reach USD 47.5 billion by 2026, registering a CAGR of 13.6% during the forecast period. The rising adoption of autonomous vehicles increasing demand for automotive sensors worldwide.

By sales channel, the original equipment manufacturer (OEM) is projected to hold the largest share of automotive sensors market during the forecast period

In 2021, the OEM segment is expected to hold a larger share of the automotive sensors market than the aftermarket segment, and a similar trend is expected to be observed from 2021 to 2026. The enforcement of stringent vehicle safety regulations and the deployment of ADAS technology for automatic high beam control, night vision, front luminance, and several other applications in modern-day vehicles will create opportunities for automotive sensor manufacturers. All these factors will drive the growth of the OEM segment in the automotive sensors market.

By sensor type, position sensors is projected to hold the largest share of automotive sensors market during the forecast period

Position sensors are likely to lead the automotive sensors market in the next few years. Key factors driving the growth of this market include the increasing focus of manufacturers to achieve accurate steering wheel position, pedal position, and seat position, and the rising adoption of position sensors in passenger cars and commercial vehicles. Position sensors have become an integral part of vehicles. These sensors find applications in vehicle seats, pedals, gear shifters, etc., to ensure vehicle safety and the proper functioning of all components in the vehicle. Thus, innovations in automotive technology have increased the use of position sensors in all types of vehicles.

By region, APAC to hold the largest share of the automotive sensors market throughout the forecast period

Asia Pacific region held the largest share of the automotive sensors market in 2020. This growth is attributed to the stringent government norms that mandate the use of advanced technologies to improve vehicle safety and reduce pollution, increased inclination toward electric and hybrid vehicles, and high adoption of ADAS and autonomous cars. Moreover, the increasing purchasing power of consumers, rising investments in infrastructure development for the automotive sector, and surging demand for more efficient and safer vehicles are other key factors accelerating the growth of the automotive sensors market in Asia Pacific.

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Robert Bosch GmbH (Germany), Continental AG (Germany), DENSO Corporation (Japan), Infineon Technologies AG (Germany), BorgWarner, Inc. (US), Sensata Technologies (US), Allegro Microsystems, Inc. (US), Analog Devices, Inc. (US) are some of the key players in the automotive sensors market.

Tags:Automotive Sensors Market
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