Automotive Sensors Market to Grow at Stellar CAGR During the Forecast Period 2022-2030
Category: #business  By Rahul Varpe  Date: 2022-11-22
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Automotive Sensors Market to Grow at Stellar CAGR During the Forecast Period 2022-2030

The automotive sensors market size is anticipated to record a valuation of USD 55 billion by 2030, according to the most recent study by Global Market Insights Inc. The market growth is attributed to the growing use of automotive safety technologies in automobiles, such as airbags, pre-tension seatbelts, child safety systems, and occupant sensing systems. These safety systems are equipped with various advanced sensors, such as pressure, image, LiDAR, and temperature, to provide faster response time and high accuracy in the event of a road crash or accident. Furthermore, various regulatory bodies are requiring automotive manufacturers to incorporate passive safety systems in their upcoming vehicles.

The radar sensor product type held a market share of over 11% in 2020 and is projected to grow at a CAGR of over 10% from 2021 to 2030. The growth is attributed to the growing use of ADAS and autonomous applications in the automotive industry. These sensors improve the detection capabilities and performance of automotive safety systems by utilizing echolocations and the time of flight principle. Several automotive manufacturers, including BMW, AB Volvo, Tesla Inc., and Waymo LLC, are focusing on achieving the highest level autonomy in their upcoming vehicles in order to remain competitive in the market.

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The Heavy Commercial Vehicle (HCV) segment held a market share of around 5% in 2020 and is projected to grow at 6% CAGR over the forecast period. The market growth is credited to the rising demand for efficient performance in interior & exterior systems, chassis systems, suspension systems, and powertrain systems. According to an OICA report published in 2021, global heavy commercial vehicle production increased by 56.8% in the first quarter of 2021, reaching 1.3 million units, whereas, in 2020, the total production was 0.8 million units globally.

The rising demand for smart and electrified HCVs in logistics and e-commerce industries is expected to support the automotive sensors market growth. The demand for pressure sensors in various sections of the engine, such as the frame, power train, and body system, is expected to rise significantly, allowing for safe and convenient driving. Furthermore, the rising government initiatives and policies to control the greenhouse emission from heavy duty commercial vehicles and align with environmental standards will drive the market demand.

The Battery Electric Vehicles (BEV) segment captured more than 30% of the automotive sensors market share in 2020 and is projected to grow at a CAGR of over 8% from 2021 to 2030. The growing popularity of BEVs can be attributed to increased consumer awareness and favorable government regulations to combat climate change. The rising integration of various current sensors and temperature sensors into battery management systems to measure and monitor voltage, pack temperature, and battery charge will drive the industry statistics.

The powertrain segment growth is attributed to the rising demand for automated transmission in passenger vehicles. In order to meet stringent emission standards, high-tech powertrains and small engines have become increasingly important. The rising adoption of highly sensitive sensors, such as pressure, speed, position, torque, rotation, and others, will allow to monitor the functions of engine, transmission, and driveshaft systems, further supporting the market growth. Several automakers are leaning toward the adoption of electric powertrain systems for hybrid and electric vehicles by creating strategic partnerships.

The Europe automotive sensors market size is anticipated to register 6% CAGR from 2021 to 2030. The growth is driven by the stringent government regulations to encourage the integration of advanced electrification and safety systems into automobiles. Furthermore, Europe is a significant adopter of alternative fuel options and has the strongest government policies and programmes to promote the adoption of EVs and control the harmful greenhouse emission.

Key players operating in the automotive sensor industry include HELLA GmbH & Co. KGaA, Honeywell International, Texas Instruments Incorporated, TRW Automotive, Valeo, among others. These market participants are constantly involved in creating new strategies, such as mergers and acquisitions, in order to expand their product offerings and meet the market’s high demand.

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About Author

Rahul Varpe

Rahul Varpe    

Rahul Varpe currently writes for Technology Magazine. A communication Engineering graduate by education, Rahul started his journey in as a freelancer writer along with regular jobs. Rahul has a prior experience in writing as well as marketing of services and products ...

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