The global automotive sensors market will derive growth from the growing adoption for self-driving cars across the world. According to a report published by Fortune Business Insights, titled “Automotive Sensor Market Size, Share & Industry Analysis, By Sensor Type (Temperature Sensor, Pressure Sensor, Speed Sensor, Position Sensor, Others), By Application Type (Powertrain, Chassis, Exhaust, ADAS, and Others), By Vehicle Type (Passenger Car, LCV, HCV), and Regional Forecast, 2019-2026,” the market was valued at 347.6 million units in 2018 to reach 536.4 million units by 2026, exhibiting a CAGR of 5.7% during the forecast period.
list of prominent companies that are operating in the global automotive sensors market are:
- Robert Bosh Gmbh
- Denso Corporation
- Valeo Pvt. Ltd
- Delphi Automotive LLP
- Hitachi Appliances, Inc.
- Continental AG Corporation
- Sensata Technologies Inc.
- Infineon Technologies AG
- Autoliv Inc.
- NXP Semiconductors
- STMicroelectronics N.V
- Allegro Microsystems, LLC
- Analog Devices Inc.
- Elmos Semi-Conductors
- CTS Corporation
- Texas Instruments Inc.
- Littlefuse Inc.
- Micronas Semiconductor Inc.
- Panasonic Corporation
- Vishay Intertechnology, Inc.
Automotive sensors have witnessed rising popularity in recent years, owing to growing applications in the automotive and transportation industry. The demand for this product has increased drastically in recent years. The advent of sensor-based and AI-driven automobile have opened up a huge potential for market growth. Variations in product offerings have allowed applications across diverse domains.
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Additionally, the cost-effective nature of these products have led to a wider adoption across the world. The increasing uses of automotive sensors in several vehicles including passenger cars, transport vehicles, commercial, and personal vehicles will create several opportunities for market growth.
The report encompasses several factors that have contributed to the growth of the market in recent years. It highlights key aspects of the market and discusses leading product types, major companies and areas that have witnessed increased applications. The competitive landscape has been discussed in detail and companies that are likely to emerge leading have been labelled out. Furthermore, the report segments the automotive senor market on the basis of sensor type, applications, vehicle type, and regional demographics. It discusses the impact of leading segments from each of these criteria.
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Recent Product Innovations Will Lead to Wider Adoption
The report encompasses several factors that have contributed to the growth of the market in recent years. The growing emphasis on the research and development of advanced sensors will yield several product launches. In 2017, Panasonic announced the launch of a new sensor-based system wherein drowsiness of the user could be detected. The driver would be alerted and necessary action was taken within no time. This was a major highlight of the market in recent years.
Panasonic’s latest product helped the company generate a substantial automotive sensors market revenue. Similarly, in 2018, Denso Corporation launched advanced vision sensors. These products were capable of detecting cyclists, pedestrians in dark. Moreover, it could detect driving lanes depending on the environment of the vehicle. The report includes growth stimulators, similar to the aforementioned factors and gauges their impact on the global market.
Rising Production and Sales of Vehicles to Aid Growth of the Market in Asia Pacific
The report segments the market on the basis of regional demographics into North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. Among these regions, the demand for automotive sensors is highest in Asia Pacific. Recent advancements in automotive sensor manufacturing have opened up a huge potential for the growth of the regional markets of emerging nations such as China, India, and Japan.
The growing adoption of vehicles and increasing rate of passenger car production will aid the growth of the market in this region. Besides Asia Pacific, the market in Europe is projected to witness considerable growth, owing to the growing investment in the research and development of sensor-based control systems for automobiles. The automotive sensors market in Europe was valued at 75.3 million units in and is likely to increase further in the coming years.
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