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.
Drivers, restraints, and opportunities-
Increase in use of pressure sensors in the automotive industry, surge in demand for automotive sensors in hybrid and electric cars, and rise in use of custom designed electronics devices fuel the growth of the global automotive sensor market. On the other hand, high development cost of automotive sensors impedes the growth to some extent. Nevertheless, technological advancement in the automobile industry and growing automotive sector are expected to create lucrative opportunities in the near future.
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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. Simultaneously, the gas sensor segment would grow at the fastest CAGR of 14.7% from 2020 to 2027. There has been a significant rise in the use of gas sensors in order to detect different types of harmful gases in the atmosphere. This factor has fueled the segment growth.
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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. The body electronics segment, on the other hand, would portray the fastest CAGR of 12.7% during the study period. Increase in demand for high-end technologies such as collision avoidance, driver assistance, and premium audio systems drives the segment growth.
Asia-Pacific, followed by North America, garnered the major share in 2019-
Based on geography, Asia-Pacific, followed by North America, garnered the major share in 2019, holding nearly half of the global automotive sensor market. The same region would also manifest the fastest CAGR of 11.3% throughout the forecast period. Rapid growth of industrialization, low operating cost, and increase in population are some of the key factors responsible for the market growth in the region.
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Key players in the industry-