How are Advancements in Technology Fuelling Surge in Global Automotive Sensors Market?

The surging implementation of stringent laws and regulations regarding emission standards and vehicle safety requirements, in several countries across the world, is one of the major factors responsible for the massive growth in the demand for automotive sensors. For instance, multiple European countries have enacted laws which make it mandatory for the vehicles operating there to have driving assistance features, such as advanced emergency braking, tire pressure monitoring, intelligent speed assistance, lane keeping assist, reversing camera or detection system, and attention and drowsiness detection.

The rapid development of advanced sensors, owing to the rising investments in the field, is another major factor fuelling the demand for automotive sensors. Since the last few years, many major automotive companies have been shifting their focus toward the development of advanced sensors. As a result, the global automotive sensors market revenue is expected to increase from $25,723.8 million in 2019 to $58,215.3 million in 2030. The market is further predicted to progress at a CAGR of 7.4% during the forecast period (2020–2030).

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There are various types of sensors installed in vehicles, namely position sensors, pressure sensors, temperature sensors, motion sensors, oxygen sensors, torque sensors, optical sensors, gas sensors, and level sensors. Out of these, position sensors recorded the highest demand in the past, mainly due to their wide-scale use in numerous vehicle parts, such as clutch, brakes, transmission, chassis, and engine, in order to compute the steering wheel position, motor rotor position, pedal position, throttle position, and the positions of valves, knobs, and actuators.

The automotive sensors market is currently witnessing swift technological innovations in the sensors and the automotive industry in general. For instance, these ongoing advancements have resulted in the development of different driver assistance system (ADAS) sensors, such as light detection and ranging (LiDAR), radar, and ultrasonic sensors. In addition to this, the incorporation of sensor fusion in automobiles has witnessed a rising popularity in recent years. For instance, the combination of LiDAR, ultrasonic, radar, and other sensors enhances various ADAS functions, such as obstacle avoidance and cross-traffic assistance, where individual sensors face limitations.

Globally, the highest integration of automotive sensors was witnessed in the Asia-Pacific (APAC) region during the historical period (2015–2019). APAC is also projected to register the fastest growth in demand for these devices during the forecast period. Within APAC, China is the major consumer of such instruments, as it is the largest automobile producer here as well as the world, producing almost half the vehicles around the globe. Additionally, owing to extreme air pollution levels, the transportation system of regional countries is being rapidly electrified, and to achieve it, a lot of sensors have to be integrated in automobiles.

Hence, it is clear that due to the rapid development of advanced automotive technologies, soaring demand for high-end vehicles equipped with modern features, and presence of strict vehicle safety laws in many countries, the demand for automotive sensors is expected to shoot up in the coming years.

Read more: https://www.psmarketresearch.com/market-analysis/automotive-sensors-market