Automotive Sensors Market worth $62.2 billion by 2028 - Exclusive Report by MarketsandMarkets™

CHICAGO, Oct. 5, 2023 /PRNewswire/ -- The Automotive Sensors Market is expected to reach USD 62.2 billion by 2028 from USD 30.8 billion in 2023, at a CAGR of 15.0% during the 2023-2028 period according to a new report by MarketsandMarkets™. The key factors contributing to the growth of the automotive sensor market include growing inclination of consumers toward alternative fuel vehicles to reduce GHG emissions, and minimizing driver stress through adoption of advanced driver-assistance systems. Autonomous driving is one of the primary factors triggering the demand for automotive sensors. The market for most automotive sensors is growing in line with the overall growth of the automotive market. The high adoption of ADAS and AD systems is the primary reason for the elevated demand for automotive sensors. Sensors installed in ADAS/AD systems include image, temperature, position, and speed sensors, which contribute most to the overall growth of the market for automotive sensors.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=426

Browse in-depth TOC on "Automotive Sensors Market" 
286 – Tables
74 – Figures
354 – Pages

Automotive Sensors Market Report Scope:

The aftermarket segment holds the second highest market share of the sales channel segment.

Growing awareness of vehicle safety, driven by regulatory agencies and consumer demand, is leading to a higher adoption rate of aftermarket sensors. Consumers are more willing to invest in safety-enhancing sensors, such as backup cameras, blind-spot detection, and tire pressure monitoring systems. Many vehicle owners prefer to perform do-it-yourself (DIY) repairs and upgrades. Aftermarket sensors are easy to install, making them attractive options for DIY enthusiasts who want to enhance their vehicles without visiting a mechanic.

LiDAR sensors segment to exhibit highest CAGR between 2023 and 2028.

The LiDAR sensors segment is expected to record the highest CAGR during the forecast period. LiDAR technology plays a crucial role in enhancing the safety and capabilities of autonomous vehicles, serving as a pivotal component in advancing transportation systems. LiDAR-based ADAS systems stand out as the most innovative and efficient technologies for autonomous vehicles due to their superior performance in obstacle detection compared with image and radar sensors.

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

Passenger car segment held the largest share of the automotive sensor market in 2022.

Passenger cars are currently the most commonly produced type of automobile worldwide. Using sensors has greatly improved car performance, safety, and reduced carbon emissions. Emerging economies, such as China, India, and Brazil have seen significant growth in the automobile market due to improved road infrastructure, cheap labor availability, increased consumer purchasing power, and high demand for safer vehicles. Adopting ADAS technology and autonomous cars helps the automotive sensor market grow in developed nations such as the US, Germany, and the UK.

Safety & Control Systems segment to exhibit highest CAGR between 2023 and 2028

Safety and control sensors help increase vehicle safety and avoid accidents. Road accidents can be reduced by implementing onboard safety and preventive systems. The development and implementation of ADAS by automobile manufacturers in developed countries and the deployment of safety systems, such as airbags, by automobile companies worldwide, are expected to spur the demand for automotive sensors for safety and control applications.

North America to hold the second-largest share of the automotive sensor market during the forecast period.

Automotive is one of the significantly growing industries in the region. The US, home to the big three companies—Ford Motors, General Motors, and Fiat Chrysler—is known for passenger cars with advanced comfort and safety technologies. The country is the largest market in North America, followed by Mexico and Canada. The increasing R&D investments in the automotive industry and the rising number of partnerships and joint ventures between major automobile OEMs and domestic players are expected to create growth opportunities for the North American automotive sensor industry.

Robert Bosch GmbH (Germany), ON Semiconductor (US), OMNIVISION (US), TE Connectivity (Germany), Continental AG (Germany), Infineon Technologies AG (Germany), NXP Semiconductors (Netherlands), Denso Corporation (Japan), Panasonic (Japan), Allegro MicroSystems, Inc. (US), Sensata Technologies,Inc (US), BorgWarner, Inc. (US), Analog Devices, Inc. (US), ELMOS Semiconductor SE (Germany), Aptiv. (Ireland), CTS Corporation (US), Autoliv, Inc. (Sweden), STMicroelectronics (Switzerland), ZF Friedrichshafen AG (Germany), Quanergy Solutions, Inc. (US), Innoviz Technologies Ltd (Israel), Valeo S.A. (France), Magna International Inc. (Canada), Melexis (Belgium), and Amphenol Advanced Sensors (US) are the major players in automotive sensor companies. These players have implemented various strategies to extend their global reach and enhance their market shares.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=426

Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting

Related Reports: 

Temperature Sensor Market by Product Type (Thermocouples, RTDS, Thermistors, Temperature Sensor ICS, Infrared, and Fiber Optic Temperature Sensors), Output, Connectivity, End-User Industry, & Region - Global Forecast to 2028

About MarketsandMarkets™

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Web Site: https://www.marketsandmarkets.com/
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automotive-sensors-market.asp   
Content Source: https://www.marketsandmarkets.com/PressReleases/automotive-sensor.asp     

Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg

 

View original content:https://www.prnewswire.co.uk/news-releases/automotive-sensors-market-worth-62-2-billion-by-2028---exclusive-report-by-marketsandmarkets-301948035.html