Automotive Sensors Market Growth, Analysis, Latest Trends and Forecast till 2026

NORTHBROOK, Ill. - Feb. 15, 2023 - PRLog -- The global 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.

Growing inclination of consumers toward alternative fuel vehicles to reduce GHG emissions and surging consumer demand for vehicle safety propelling the demand for automotive sensors across the globe.

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

The automotive sensors market is expected to be led by position sensors in the next few years due to several factors, such as the growing emphasis on achieving accurate steering wheel, pedal, and seat positions by manufacturers and the increasing use of position sensors in passenger and commercial vehicles.

By vehicle type, passenger car is projected to hold the largest share of automotive sensors market during the forecast period

The passenger car segment held the largest share of the automotive sensors market in 2020, and it is expected to maintain this trend during the forecast period. The passenger car segment is also predicted to have the highest CAGR due to the increasing demand and production of passenger cars globally. Passenger cars make up the majority of automobile production worldwide, and sensors not only improve car performance but also enhance safety and reduce carbon emissions.

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

The safety and control systems are expected to have the highest CAGR in the automotive sensors market during the forecast period due to the increasing use of various sensors such as position, speed, gas, pressure, and temperature sensors in these systems. There has been significant demand for both active and passive safety systems in the automotive sector, which were previously limited to luxury vehicles. Now, automobile manufacturers are deploying these systems in all types of vehicles to reduce accidents.

By region, APAC to hold the largest share of the automotive sensors market throughout the forecast period

The Asia Pacific region had the largest share of the automotive sensors market in 2020, mainly due to several factors. The region has strict government regulations that mandate the use of advanced technologies to improve vehicle safety and reduce pollution. There is also a significant inclination toward electric and hybrid vehicles and a high adoption of ADAS and autonomous cars.

Inquiry Before Buying @ https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=426

//