The Automotive Sensors Market accounted to US$ 8.17 Bn in 2018 and is expected to grow at a CAGR of 8.3% during the forecast period 2019 – 2027, to account to US$ 16.73 Bn by 2027.
APAC is considered to be the fastest growing economic region. The dominance of the region is majorly attributed to the presence of large numbers of Chinese automotive and sensors manufacturers. China is one of the prominent leaders in global electric vehicle development globally and ranks first in Asia Pacific region. Also, the country houses a number of automobile manufacturers, and in the current scenario, these Chinese automakers are making remarkable investments in order to procure advanced sensors. Pertaining to the fact this, the quest for advanced technologies among the Chinese mass is significant, the development of advanced sensors is also rapid as compared to other countries in the region.
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This factor is heavily influencing the growth of sensors developed for automobiles in the country, which is substantially catalyzing the growth of automotive sensors market in Asia Pacific. Japan is another key influential country in Asia Pacific market for automotive sensors. This is due to the presence of huge number of sensors manufacturers constantly developing innovative products for various usage in automotive. Thus, the automotive sensors market is anticipated to witness growth in the APAC region.
The automotive industry across the globe are constantly facing pressures to integrate their vehicles with advanced electronics and semiconductor components in order to enhance the performance of the vehicles. The rising drift of electrification of vehicles is a major factor boosting the sensors market in automotive industry. Attributing to this, the automobile manufacturers are increasingly partnering with sensors manufacturers to meet the demands of their customers. For instance, in January 2018, Audi AG partnered with ON Semiconductor, to foster On Semiconductor’s innovations and integrate their semiconductors on their newer models, thereby satisfying constantly changing expectations of the consumers in terms of safety, reliability, and performance. The major catalyst for the growth of semiconductors in the automotive industry is attributed to the continuous partnerships between automotive manufacturers and semiconductor manufacturers.
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The automakers globally are observing substantial demand for smart devices in their vehicles. This has led the automobile manufacturers to continuously focus on innovating, designing and developing connected cars which have already attracted a fair percentage of customers in major automotive manufacturing countries. Pertaining to the consumers’ demand and attraction toward connected cars, semiconductors are expected to become an integral part of the innovations in the automotive industry in the coming years.
The growth trajectory of connected cars is largely anticipated to depend upon several parameters such as technological improvements, consumer preference to adopt connected cars, pricing as well as the ability of the suppliers and OEMs to address the critical concerns related to the safety of the vehicles.
Attributing to these parameters, both the industry players i.e. automotive and sensors industry are constantly focusing on improving technologies, negotiating prices of raw materials and the finally integrating the cars with robust technologies. Thus, this factor is expected to trigger the growth of the automotive sensors market in the coming years.
Table of Contents:
Automotive Sensors Market Landscape
Automotive Sensors Market – Key Market Dynamics
Automotive Sensors Market – Global Market Analysis
Automotive Sensors Market – Revenue and Forecasts to 2027 – Product Type
Automotive Sensors Market – Revenue and Forecasts to 2027 – Application
Automotive Sensors Market – Revenue and Forecasts to 2027 – Compound
Automotive Sensors Market Revenue and Forecasts to 2027 – Geographical Analysis
Automotive Sensors Market, Key Company Profiles
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