With 13.6 % CAGR, Automotive Sensors Market Growth to Surpass USD 47.5 billion

NORTHBROOK, Ill. - Feb. 1, 2023 - PRLog -- The Automotive Sensors Market was valued at USD 24.3 billion in 2020 and is estimated to reach USD 47.5 billion by 2026, registering a CAGR of 13.6% during the forecast period. The rising adoption of autonomous vehicles increasing demand for automotive sensors worldwide.

By sensor type, position sensors is projected to hold the largest share of automotive sensors market during the forecast period

Position sensors are likely to lead the automotive sensors market in the next few years. Key factors driving the growth of this market include the increasing focus of manufacturers to achieve accurate steering wheel position, pedal position, and seat position, and the rising adoption of position sensors in passenger cars and commercial vehicles. Position sensors have become an integral part of vehicles. These sensors find applications in vehicle seats, pedals, gear shifters, etc., to ensure vehicle safety and the proper functioning of all components in the vehicle. Thus, innovations in automotive technology have increased the use of position sensors in all types of vehicles.

By application, the safety & control systems segment is projected to witness growth at the highest CAGR during the forecast period

Based on application, safety and control systems are expected to record the highest CAGR in the automotive sensors market during the forecast period due to the rising use of position, speed, gas, pressure, and temperature sensors in these systems. Also, there has been a significant demand for active and passive safety systems in the automotive sector. Earlier, safety systems were part of only luxury vehicles; however, automobile manufacturers have started deploying safety and control systems in all types of vehicles to reduce the number of accidents. Thus, the elevated demand for safety and convenience features in all vehicle types, strict vehicle safety standards across the world, and increased demand for autonomous cars are some key factors that will boost the requirement for automotive sensors for safety and control systems.

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Robert Bosch GmbH (Germany), Continental AG (Germany), DENSO Corporation (Japan), Infineon Technologies AG (Germany), BorgWarner, Inc. (US), Sensata Technologies (US), Allegro Microsystems, Inc. (US), Analog Devices, Inc. (US), ELMOS Semiconductor SE (Germany), Aptiv plc (Ireland), are some of the key players in the automotive sensors market.

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