The global 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. Rising adoption of autonomous vehicles and growing inclination of consumers toward alternative fuel vehicles to reduce GHG emissions are the major driving factors for the growth of automotive sensors market.
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The OEM segment is expected to lead the automotive sensors market during the forecast period due to the rising demand for sensors in modern vehicles. Sensors are an essential component in automotive systems for the safe, comfortable, and economic operation of vehicles. The extreme conditions in automotive applications such as heat, cold, or continuous vibrations create a high demand for sensors that are highly reliable and resilient. Moreover, the newly mandated sensors-based features such as clear surrounding visuals, automatic vehicle speed control, and vehicle location tracking also drive the growth of the OEM segment in the automotive sensors market.
In 2020, the position sensors segment held the largest share of the automotive sensors market, and a similar trend is expected to be observed during the forecast period. The growth of the market for position sensors can be attributed to the rising demand for autonomous cars and autopilot applications. Advanced technologies are increasingly being adopted in passenger and commercial cars because of the improving standard of living and rising consumer preference for better safety standards and comfort. Position sensors have become an integral part of vehicles, from vehicle seats through pedals to gear shifters, to ensure the safety and proper functioning of all vehicle components. Thus, innovation in automotive technology has increased the use of position sensors in a vehicle
In 2020, the passenger car segment held the largest share of the automotive sensors market, and a similar trend is expected to be observed during the forecast period. The Passenger car segment is also expected to record the highest CAGR during the forecast period due to significant demand and rising production of Passenger cars across the world. Passenger cars currently account for the largest shipment of the total automobile production worldwide. Sensors not only help improve the performance of the car but also enhance safety and reduce carbon emissions to a greater extent. Rapid improvements in road infrastructure, easy availability of cheap labor, increased purchasing power of consumers, and high demand for safer vehicles have propelled the growth of the market for automobiles in emerging economies such as China, India, and Brazil. The increasing purchasing power also creates a high demand for automobiles with more safety and advanced features. The adoption of ADAS technology and autonomous cars helps the automotive sensors market to grow in developed nations such as the US, Germany, and the UK.
In 2020, powertrain systems held the largest share of the automotive sensors market, and a similar trend is expected to be observed during the forecast period. Safety and control systems are expected to record the highest CAGR in the automotive sensors market during the forecast period. The growth of the market for powertrain and safety and control systems can be attributed to the rising use of position, speed, gas, pressure, and temperature sensors in them. These sensors are required for the efficient performance of vehicles and safe rides. Stringent regulations by governments regarding fuel efficiency and emission control accelerate the adoption of sensors in powertrain systems. Automotive sensors are used in exhaust systems to monitor and analyze the level of gases emitted through the vehicle.
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Asia Pacific held the largest share of the automotive sensors market in 2020, and a similar trend is expected to be observed during the forecast period. The automotive sensors market in Asia Pacific is also expected to record the highest CAGR during the forecast period. The growth of the automotive sensors market in Asia Pacific is attributed to the factors such as the increasing use of electric vehicles and the growing adoption of advanced driver-assistance systems (ADAS) and autonomous cars owing to the stringent vehicle emission standards. Asia Pacific is expected to have the largest market share in terms of value and volume owing to the high demand for passenger cars and commercial vehicles. All these factors accelerate market growth in Asia Pacific.