Automotive Sensors Market Study: An Emerging Hint of Opportunity by 2033

 The automotive sensor market demand will continue rising through 2021 with worldwide demand projected to increase by 5.5% year over year. As per Future Market Insights (FMI), automotive sensor revenues generation will increase at a ten-year compound annual growth rate (CAGR) of 7.2%, as the automotive production recovers after bucking skepticism about how the market would perform post pandemic.

NXP Semiconductors N.V., TE Connectivity, Continental AG, Denso Corporation, Robert Bosch GmbH are identified as leading players in automotive sensor market. They will collectively account for nearly 30% of global market share in 2021.

Auto theft has emerged as a serious problem across the globe. According to a report by the National Insurance Crime Bureau, auto theft grew by 9.2% year-on-year in U.S. reaching 873,080 cases in 2020. To tackle this issue, automakers are installing modern anti-theft sensors in economic and budget cars. This development will fuel the demand for automotive sensors in upcoming years.

Advancement in the field of transport management system and incorporation of smart sensors in advanced driver-assistance systems will create attractive prospects for the expansion of the market.

Request a Sample of this Report:
https://www.futuremarketinsights.com/reports/sample/rep-gb-6612

Truck platooning is an emerging area of application for automotive sensors. In truck platooning, automated driving support and connectivity technology work in sync and are controlled by central operating system. All trucks are connected to leader trucks and rest of platoon adapts their movement according to leader truck. This will increase ADAS penetration in trucks.

Governments in developed economies are mandating the installation of safety sensors in passenger and commercial vehicles to curb the rise in number of road accidents and related fatalities. This will significantly contribute to the overall growth of the automotive sensors market.

Manufacturers are working towards avoiding overheads by reducing the number of product recalls and satisfy consumer demand of modern warning alert system and safety feature in compact cars.

Advancement in the crash prevention technologies like vehicle-to-vehicle communication, traction control system, active kinematics control with integrated brake control, and automated braking system will boost demand for automotive sensor in upcoming years.

Key Takeaways from FMI’s Automotive Sensor Market Study

  • Driven by increasing sales of electric vehicles and presence of leading original equipment manufacturers in U.S., North America market will expand at 4.7% CAGR over the forecast period.
  • European automotive sensor market will grow at a healthy CAGR of 6.5% backed by increasing demand of European luxury cars across the globe and rising production of electric cars in the region.
  • Japan and South Korea will collectively account for around 9.1% of global market share in 2021.  Surge in research and development activities in these countries towards miniaturization of automotive sensors will drive the market growth in these countries.
  • India will offer lucrative opportunities for market growth, as it is the fastest growing economy in the world. Increasing demand for passenger cars and rise in consumer spending on enhanced safety features will boost the sales of automotive sensors in India.
  • Safety sensor is the fastest growing sensor type segment owing to imposition of stringent vehicle and driver safety regulation and increasing demand for luxury and convenience in automobiles.

“Increasing investment in automating vehicles and installing smart technologies in critical safety systems to improve safety standards will boost the demand of automotive sensors in the forthcoming years,” says the FMI analyst.

For more insights: https://www.futuremarketinsights.com/reports/automotive-sensors-market

Bridgestone recently developed new “Smart Strain Sensor” technology for autonomous vehicles integrated with next-gen internet of things (IoT) capabilities.

Prominent players operating in the automotive sensor market are: -

NXP Semiconductors N.V., TE Connectivity, Continental AG, Denso Corporation, and Robert Bosch GmbH

Comments

Post a Comment

Popular posts from this blog

Automotive Head-up Display Market Report: Overview With Geographical Segmentation By Revenue With Forecast By 2033

  The global   automotive head-up display market   is expected to attain a valuation of US$ 1.3 billion in 2023 and is projected to reach US$ 6.4 billion by 2033, trailing a CAGR of 17.2% during the forecast period. New projection technologies are becoming available, such as electromechanical micro mirror-based devices. These innovations offer vivid displays with a broad colour spectrum. The affordability and innovation that these display technologies offer are what are driving the market growth for display systems. Key Takeaways The United States automotive head-up display industry is projected to expand with a CAGR of 16.8% from 2023 to 2033. The demand for automotive head-up displays in China is expected to capture a CAGR of 17.1% during the forecast period. By dimension, the 3D segment is projected to expand with a CAGR of 19.6% between 2023 and 2033. Germany is expected to secure a CAGR of 17% throughout the forecast period. Increasing sales of luxury and premium veh...
Read more

Automotive Lead Acid Battery Market Latest Advancements And Business Opportunities up to 2033

  According to the latest research by Future Market Insights (FMI), The global  Automotive Lead Acid Battery Market Size  estimates the market to expand at a steady CAGR of over 3.3% by year 2031-end. Flooded batteries, followed by enhanced flooded batteries are most sought-after lead acid batteries. Flooded batteries are expected to account for over half of sales registered in the market. The use of  lead batteries  for starting, lighting and ignition (SLI) application is increasing around the world. Easy availability of lead acid batteries and their economical pricing as compared to other battery types will continue enabling growth in the market over the coming decade. Despite advent of various advanced technologies, which threaten replacement, lead acid batteries sales will continue surging at a moderate pace. The rising production of passenger and commercial vehicles will continue supporting growth through the course of the forecast period. Also, the advent ...
Read more