The automotive sensors market size expected to reach US$ 16.73 Bn by 2027, registering at a CAGR of 8.3% during the forecast period 2019 – 2027, according to a new research study conducted by The Insight Partners.
Demand for Image Sensors is anticipated to Create Lucrative Business Opportunities for the Market Players
The report include key understanding on the driving factors of this growth and also highlights the prominent players in the market and their developments.
The market for automotive sensor globally has been segmented into three major segments including type, application, and vehicle type. The type segment is further segmented into LED, image sensor, position sensor, temperature sensor, pressure sensor, and others. The demand for image sensors is growing high as the advantages of these automotive image sensors are growing among the automotive manufacturers as well as the individuals, which is paving the path for image sensor segment in the automotive sensors market. The Advanced Driver Assistance Systems (ADAS) is increasingly becoming mainstream among the luxury cars segment and is also being integrated on the mid-range car segments and commercial vehicles. These image sensors facilitate in enhancing the safety of the vehicle, driver, and passengers. Attributing to the increasing integration of ADAS in automobiles, the procurement of image sensors is foreseen to be exponential in the near future. Furthermore, the rising demand and manufacturing of fully-automatic and semi-autonomous vehicles project a prominent future for the image sensor segment in the automotive sensors market.
Lucrative Regional Automotive Sensors Markets
Automotive Sensors Market to 2027 - Global Analysis and Forecasts by Type (LED, Image Sensors, Position Sensors, Temperature Sensors, Pressure Sensors, MEMS, Others); Application (Chassis, Safety & Security, Body Electronics, Powertrain, ADAS, Others); Vehicle Type (LCV, HCV, Passenger Car)
Automotive Sensors Market Size, Trends & Forecast to 2027
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The global market for automotive sensor market is segmented on various parameters such as type, application, vehicle type, and geography. Based on type, position sensor segment dominate the automotive sensor market heavily and is expected to continue its dominance throughout the forecast period from 2019 – 2027. On the basis of application, advanced driver assistance systems segment is expected to witness a significant growth rate in the coming years. Further, based on vehicle type, passenger cars led the market in 2018 with a maximum market share and is expected to continue its dominance during the forecast period. Key players operating in the market are introducing attractive solutions and are partnering with the small as well as large companies which is helping them to gain customer traction. The major companies offering automotive Sensor market include ON Semiconductor, Infineon Technologies AG, NXP Semiconductors, Robert Bosch GmbH, Melexis, Continental AG, Denso Corporation, Delphi Technologies, Analog Devices, Inc., and Texas Instruments Incorporated among others. Several other companies are also offering these sensors to automotive industry which is facilitating the market to propel over the years.
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