Upswing in Number of Sensors per Vehicle, Automotive Sensors Market to Record 7.8% CAGR during 2019-28, Finds FMI
Automotive sensors that were introduced pre-2010 have become a standard in the present scenario due to positive customer reception and numerous safety as well as environmental regulations. New age sensors introduced in the market today are anticipated to become the norm in the future and may be installed in all vehicles by default.
Automotive Sensors Market
The recent market study published by FMI on the automotive sensors market includes global ...
Moreover, owing to stringent norms against fuel emission and occupants’ safety in developed nations such as the U.S. and Germany, the number of sensors used per vehicle is also increasing. Thus, the global automotive sensors market is projected to reach a valuation of US$ 39 Bn by 2028, as per the latest report by FMI.
“Automotive sensors such as position sensors are deployed in all types of vehicles on a mandatory basis, whereas safety and temperature sensors are offered for additional comfort as per customer demand. Optional sensors are gaining traction at utmost pace, and manufacturers can capitalize on this trend to expand their share in the market,” says an FMI analyst.
Key Takeaways from Automotive Sensors Market Study
- Though automotive sensors have gained popularity long ago, the penetration of sensors among compact passenger cars is still relatively lesser, making a lot of space for opportunities.
- Increasing deployment of smart traffic and transport management systems, particularly in tier-I cities of the world is anticipated to provide substantial boost to global automotive sensors market growth.
- Mandatory installation of few ADAS in passenger and commercial vehicles, particularly in developed countries, has significantly contributed to the overall growth of the automotive sensors market.
- The most preferred and growing sensor type segment in the current scenario is the safety sensors segment, which will remain in that position, owing to its advanced features and increasing demand for driving luxury and conveyance.
- OEMs are focussing on less number of recalls to avoid overheads, satisfying customer demand for more comfort and luxurious drive with enhanced safety features complying with advanced warning alert systems.
Automotive Sensors Market: Competition Overview
Advancements in technologies as per the stringent norms against exhaust emissions is one of the prominent trends witnessed among suppliers. The global automotive sensors market is dominated by prominent players holding a major share in the market. There are various small and medium-sized automotive sensor manufacturers, but these account for a minor share in the overall market. Denso Corporation, Robert Bosch GmbH, Continental AG, Delphi Technologies, TE Connectivity, and NXP Semiconductors N.V are identified as prominent players in the global automotive sensors market.
Highly Lucrative Opportunities in Safety Sensors Market
Some of the upcoming safety features aimed at preventing crashes include vehicle-to-vehicle communication, traction control system, active kinematics control, integrated brake control, pedal-travel sensor, etc. Apart from these, features such as GPS data and automatic braking have already gained traction in the automotive market. All aforementioned safety technologies use sensors as a vital part in their operations.
About the Automotive Division of FMI
The automotive division of FMI offers a novel approach and innovative perspective in the analysis of the industrial automation market. Comprehensive coverage of capital, portable, process, construction, industrial, and special purpose machinery across the manufacturing sector and distinctive analysis about the installed base, consumables, replacement, USP-feature-application matrix make us a pioneering voice in the industry. We are preferred associates with established as well as budding industry stakeholders, and channel partners when it comes to sustaining, growing, and identifying new revenue prospects.
About Future Market Insights (FMI)
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, and has delivery centers in the UK, U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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