Automotive Sensor Market to Grow
Dec. 5, 2019—According to a new market intelligence report by BIS Research, titled "Global Automotive Sensor Market − Analysis and Forecast, 2019-2029", the global automotive sensor market is projected to grow over $71.62 billion by 2029. The market is estimated at $35.92 billion in 2019 and is anticipated to grow at a CAGR of 7.14 percent during the forecast period, 2019-2029. The rise in number of luxury vehicles, an increase in the number of electronic components per vehicle, the rise in digitalization in the vehicles, and the miniaturization of the semiconductor component drives the market growth.
Technological advancements in the automotive industry have resulted in the worldwide adoption of sensor solutions. Requirement of robust security mechanisms in vehicles for the protection of drivers and passengers, increasing demand for electric vehicles, and large-scale adoption of ADAS features are some of the major factors boosting the growth of the automotive sensor market.
However, the growing reliability and safety issues with automotive sensors and lack of standardization in MEMS fabrication process are pressing matters to be looked upon in the current scenario. The growing number of electric vehicles are pushing the demand for the deployment of automotive sensors.
Geographically, APAC is expected to lead the global automotive sensor market in 2019, followed by Europe, and is expected to maintain its dominance during the forecast period. The unprecedented growth in the APAC region is primarily attributed to the growing demand for and production of electric vehicles which are incorporating a greater number of sensors than conventional internal combustion engine vehicle in the country. This has resulted in boosting the demand for automotive sensor in the APAC region.
According to Paarijaat Sharma, Principal Analyst at BIS Research,"The powertrain segment dominated the global automotive sensor market. This is mainly due to the increasing need for automotive sensors in powertrain systems due to the rising government regulations in the developed as well as developing regions, to enhance the fuel efficiency, and reduce the exhaust gas emissions by the vehicles. Moreover, the conventional passenger vehicle segment was the largest market in 2018 and is anticipated to maintain its dominance throughout the forecast period owing to the increasing demand for luxury vehicles in the coming years, due to the rise in disposable income of the consumers."
This report is a meticulous compilation of research on more than 50 major players in the automotive sensor market. Moreover, it draws upon insights and in-depth interviews of key industry leaders of more than 100 leading companies, market participants, and vendors such as Continental AG, Robert Bosch GmbH, TE Connectivity, Denso Corporation, Delphi Technologies, Melexis, Allegro Microsystems, and CTS Corporation, among others.