The automotive sensor market demand will continue rising through 2021 with worldwide demand projected to increase by 5.5% year over year. As per Future Market Insights (FMI), automotive sensor revenues generation will increase at a ten-year compound annual growth rate (CAGR) of 7.2%, as the automotive production recovers after bucking skepticism about how the market would perform post pandemic.
NXP Semiconductors N.V., TE Connectivity, Continental AG, Denso Corporation, Robert Bosch GmbH are identified as leading players in automotive sensor market. They will collectively account for nearly 30% of global market share in 2021.
Auto theft has emerged as a serious problem across the globe. According to a report by the National Insurance Crime Bureau, auto theft grew by 9.2% year-on-year in U.S. reaching 873,080 cases in 2020. To tackle this issue, automakers are installing modern anti-theft sensors in economic and budget cars. This development will fuel the demand for automotive sensors in upcoming years.
Advancement in the field of transport management system and incorporation of smart sensors in advanced driver-assistance systems will create attractive prospects for the expansion of the market.
Truck platooning is an emerging area of application for automotive sensors. In truck platooning, automated driving support and connectivity technology work in sync and are controlled by central operating system. All trucks are connected to leader trucks and rest of platoon adapts their movement according to leader truck. This will increase ADAS penetration in trucks.
Governments in developed economies are mandating the installation of safety sensors in passenger and commercial vehicles to curb the rise in number of road accidents and related fatalities. This will significantly contribute to the overall growth of the automotive sensors market.
Manufacturers are working towards avoiding overheads by reducing the number of product recalls and satisfy consumer demand of modern warning alert system and safety feature in compact cars.
Advancement in the crash prevention technologies like vehicle-to-vehicle communication, traction control system, active kinematics control with integrated brake control, and automated braking system will boost demand for automotive sensor in upcoming years.
For more information: https://www.futuremarketinsights.com/reports/automotive-sensors-market
Key Takeaways from FMI’s Automotive Sensor Market Study
Driven by increasing sales of electric vehicles and presence of leading original equipment manufacturers in U.S., North America market will expand at 4.7% CAGR over the forecast period.
European automotive sensor market will grow at a healthy CAGR of 6.5% backed by increasing demand of European luxury cars across the globe and rising production of electric cars in the region.
Japan and South Korea will collectively account for around 9.1% of global market share in 2021. Surge in research and development activities in these countries towards miniaturization of automotive sensors will drive the market growth in these countries.
India will offer lucrative opportunities for market growth, as it is the fastest growing economy in the world. Increasing demand for passenger cars and rise in consumer spending on enhanced safety features will boost the sales of automotive sensors in India.
Safety sensor is the fastest growing sensor type segment owing to imposition of stringent vehicle and driver safety regulation and increasing demand for luxury and convenience in automobiles.
“Increasing investment in automating vehicles and installing smart technologies in critical safety systems to improve safety standards will boost the demand of automotive sensors in the forthcoming years,” says the FMI analyst.
For instance, in July 2021, Samsung launched its first ISOCELL image sensor specifically designed for automotive applications. Samsung aims at becoming global leader in image sensor sector and capture maximum market share in upcoming years.
In 2020, AMS introduced two new position sensors the AMS AS5147U and the AS5247U for high-speed electric motors to promote car electrification initiative. These new position sensors are expected to reduce the system cost and boost the electrification of critical vehicle functions like as power steering, active damper control, and braking.
Bridgestone recently developed new “Smart Strain Sensor” technology for autonomous vehicles integrated with next-gen internet of things (IoT) capabilities.
Prominent players operating in the automotive sensor market are:-
NXP Semiconductors N.V.
TE Connectivity
Continental AG
Denso Corporation
Robert Bosch GmbH.