New York, US, Feb. 21, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Sensors Market Research Report Information By Region, Vehicle Type, Sensors Type, and Technology – Forecast to 2030”, the global market for automotive sensors is anticipated to record substantial development over the assessment era from 2022 to 2030 at a healthy growth rate of approximately 9.20%. The reports further anticipate the market to attain a valuation of around USD 39.6 billion by the end of 2030. The market was worth approximately USD 21.4 Billion in the year 2021.

Automotive Sensors Market Overview:

The global automotive sensors market has showcased massive development in recent times. The growing utilization of alternative fuels and vehicles will assist in lowering the fuel costs of consumers, and raising the energy security of nations is considered to be the main parameter supporting the development of the market.  

Competitive Analysis

The catalog for the leading participants across the global automotive sensors market includes players such as:

• Micronas Semiconductor INC
• Bosch Sensortec GmbH
• Continental AG
• Analog Technologies
• CTS Corporation
• Avago Technologies
• Delphi Automotive
• Hella KGaA Hueck & Co.
• Denso Corporation
• TRW Automotive
• Infineon Technologies
• Among others.
  
  

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Automotive sensors are smart sensors that can be utilized to control and process a vehicle's temperature, pressure, and coolant level oil. Various kinds of sensors are used in the automotive industry, like oxygen, speed, voltage, pressure, coolant, magnetic, and temperature sensors. The automotive sensor is one of the mats rapidly expanding technologies in the original equipment manufacturer (OEM) section, particularly across the North American region. Automotive sensors transmit, measure, and detect information that assists in examining the performance of vehicles. Sensors refer to the devices detecting changes or events in the environment and then offering a corresponding output. They sense physical input like pressure, moisture, light, motion, heat, or any other entity and reciprocate by generating an output on display or transmitting the information in electronic form for further processing. It utilizes integrated circuit (IC) fabrication technology built on silicon wafers. It observes and controls an automobile's chemical, process changes, and physical. Sensors are utilized to lower fuel consumption and decrease the onboard weight of a vehicle.

Report Scope:

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Automotive Sensors Market USP Covered

Market Drivers

The global automotive sensors market has showcased massive development in recent times. The growing utilization of alternative fuels and vehicles will assist in lowering the fuel costs of consumers, and raising the energy security of nations is considered the main parameter supporting the development of the market. Furthermore, the rising prevalence of alternative fuel vehicles is also likely to enhance the market's growth over the assessment era. In addition, the growing application of new systems and technology in cars is also anticipated to impact the market's development over the coming years positively.

Market Restraints

On the other hand, certain aspects may impede the development of the market. The lack of awareness regarding advanced technologies is the primary aspect anticipated to hamper the market's performance. In addition, the high prices of certain sensors are also likely to challenge the market's growth over the coming years.

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COVID-19 Impact

The global health hazard in the form of COVID-19 has had a tremendous effect on majority of industry sectors. Considering the fast spread of the infectious disease, various governments across the globe revealed partial or complete lockdowns for fairly a long time. Accordingly, the industry operations were halted, and some businesses shut down. Given the abrupt fall in demand for vehicles and travel restrictions enforced, the automotive sensors market confronted numerous unforeseen challenges during the pandemic. On the other hand, with the swift vaccination rates and all the global industrial operations come back to normal, the market is expected to observe sizable expansion over the estimated timeframe. 

Automotive Sensors Market Segment Analysis

Among all the types, the position sensors segment has secured the top spot across the global automotive sensors market in the year 2021 with a contribution of approximately 20.3%. The segment's growth is mainly ascribed to the growing popularity of autonomous cars and autopilot applications worldwide. Furthermore, the rising demand for cameras, radar-based sensors, and image sensors in advanced vehicles, such as autonomous cars and electric cars, is also predicted to impact the market's development over the coming years positively.

Among all the technologies, the Micro-electro-mechanical system segment held the top spot across the global automotive sensors market in the year 2021, owing mainly to the increasing preference for MEMS devices such as tire pressure monitoring (TPMS), rollover detection systems, and airbags for passenger safety in an automobile.

Among all the vehicle types, the conventional fuel car segment secured the main spot across the global market for automotive sensors in the year 2021, given the increasing demand for technological advances, higher functionality, and safety features.

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Automotive Sensors Market Regional Analysis

The MRFR research documents infer that the Asia-Pacific region held the topmost place across the automotive sensors market in 2021 with the largest contribution of around USD 8.29 billion. The regional market's growth is ascribed to factors such as increasing per capita income, rising population, and growing demand for automobiles.

The European automotive sensors regional market is predicted to demonstrate considerable development over the upcoming years owing to the escalating demand for vehicles.

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