Mounting ADAS Sensors Demand Boosting Automotive Sensors Market Growth
The burgeoning demand for advanced driver-assistance system (ADAS) sensors, rising government regulations regarding vehicle safety, and increasing vehicle electrification are expected to drive the automotive sensors market at a CAGR of 7.4% during the forecast period (2020–2030). According to P&S Intelligence, the market value stood at $25,723.8 million in 2019 and it is projected to reach $58,215.3 million by 2030. Moreover, the mounting investments being made in the development of advanced sensors are creating ample opportunities for the market players.
The surging demand for ADAS sensors, on account of the increasing adoption of autonomous features in vehicles, will support the market growth in the foreseeable future. Autonomous features such as speech recognition, virtual assistance, eye tracking, gesture recognition, natural language interface, and driver monitoring are highly dependent on advanced automotive sensors. Moreover, the development of the ADAS, including driver condition evaluation systems, radar-based detection units, camera-based machine vision systems, and sensor fusion engine control units (ECUs), also drives the demand for ADAS sensors.
Apart from this, the soaring implementation of government regulations regarding vehicle safety will also fuel the automotive sensors market growth in the coming years. Governments of various countries have mandated the installation of vehicle safety systems, which require automotive sensors in abundance. For instance, in Europe, the European Union and the government of various countries have mandated the integration of different driving assistance features, such as advanced emergency braking, reversing camera, drowsiness and attention detection, lane-keeping assist, intelligent speed assistance, and tire pressure monitoring, in automobiles.
Currently, the automotive sensors market is witnessing a trend of ongoing technological advancements. For example, the concept of sensor fusion is becoming popular in the automobile industry. Sensor fusions aim to combine the premier information gathered from each of the systems installed in a vehicle. Moreover, the surging adoption of electronic devices in automobiles has augmented the demand for different automobile sensors for heating, ventilation, and air conditioning (HVAC) systems, engine management systems, and other application areas.
Categories under the type segment of the automotive sensors market include pressure sensor, position sensor, motion sensor, torque sensor, level sensor, temperature sensor, oxygen sensor, optical sensor, and gas sensor. During the historical period (2015–2019), the position sensor category held the largest market share, due to the large-scale integration of these sensors in several automobile parts, such as engines, brakes, clutches, chassis, and transmissions, for determining the gear position, steering wheel position, seat position, motor rotor position, throttle position, pedal positions, and the position of various knobs, valves, and actuators.
Geographically, Asia-Pacific (APAC) generated the highest revenue in the automotive sensors market during the historical period and it is expected to continue dominating the market throughout the forecast period. Additionally, the APAC market is also projected to exhibit the fastest growth in the coming years. This can be attributed to the presence of a large number of automobile companies and deep penetration of electric vehicles (EVs), on account of the enactment of favorable government policies and stringent emission laws, in the region.
Thus, the mounting demand for ADAS sensors and the growing focus of governments and regulatory authorities on enhancing vehicle safety will push the market growth in the forecast years.
Read More:
https://www.psmarketresearch.com/market-analysis/automotive-sensors-marketMounting ADAS Sensors Demand Boosting Automotive Sensors Market Growth
The burgeoning demand for advanced driver-assistance system (ADAS) sensors, rising government regulations regarding vehicle safety, and increasing vehicle electrification are expected to drive the automotive sensors market at a CAGR of 7.4% during the forecast period (2020–2030). According to P&S Intelligence, the market value stood at $25,723.8 million in 2019 and it is projected to reach $58,215.3 million by 2030. Moreover, the mounting investments being made in the development of advanced sensors are creating ample opportunities for the market players.
The surging demand for ADAS sensors, on account of the increasing adoption of autonomous features in vehicles, will support the market growth in the foreseeable future. Autonomous features such as speech recognition, virtual assistance, eye tracking, gesture recognition, natural language interface, and driver monitoring are highly dependent on advanced automotive sensors. Moreover, the development of the ADAS, including driver condition evaluation systems, radar-based detection units, camera-based machine vision systems, and sensor fusion engine control units (ECUs), also drives the demand for ADAS sensors.
Apart from this, the soaring implementation of government regulations regarding vehicle safety will also fuel the automotive sensors market growth in the coming years. Governments of various countries have mandated the installation of vehicle safety systems, which require automotive sensors in abundance. For instance, in Europe, the European Union and the government of various countries have mandated the integration of different driving assistance features, such as advanced emergency braking, reversing camera, drowsiness and attention detection, lane-keeping assist, intelligent speed assistance, and tire pressure monitoring, in automobiles.
Currently, the automotive sensors market is witnessing a trend of ongoing technological advancements. For example, the concept of sensor fusion is becoming popular in the automobile industry. Sensor fusions aim to combine the premier information gathered from each of the systems installed in a vehicle. Moreover, the surging adoption of electronic devices in automobiles has augmented the demand for different automobile sensors for heating, ventilation, and air conditioning (HVAC) systems, engine management systems, and other application areas.
Categories under the type segment of the automotive sensors market include pressure sensor, position sensor, motion sensor, torque sensor, level sensor, temperature sensor, oxygen sensor, optical sensor, and gas sensor. During the historical period (2015–2019), the position sensor category held the largest market share, due to the large-scale integration of these sensors in several automobile parts, such as engines, brakes, clutches, chassis, and transmissions, for determining the gear position, steering wheel position, seat position, motor rotor position, throttle position, pedal positions, and the position of various knobs, valves, and actuators.
Geographically, Asia-Pacific (APAC) generated the highest revenue in the automotive sensors market during the historical period and it is expected to continue dominating the market throughout the forecast period. Additionally, the APAC market is also projected to exhibit the fastest growth in the coming years. This can be attributed to the presence of a large number of automobile companies and deep penetration of electric vehicles (EVs), on account of the enactment of favorable government policies and stringent emission laws, in the region.
Thus, the mounting demand for ADAS sensors and the growing focus of governments and regulatory authorities on enhancing vehicle safety will push the market growth in the forecast years.
Read More: https://www.psmarketresearch.com/market-analysis/automotive-sensors-market
English
Arabic
Français
Español
Português
Deutsch
Türkçe
Dutch
Italiano
Russian
Romaian
Portuguese (Brazil)
