Automotive Sensors Industry Set for Robust Growth – Market Expected to Reach $53.46 Billion by 2028 As Per The Business Research Company’s Automotive Sensors Global Market Report 2024
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LONDON, Jan. 01, 2024 (GLOBE NEWSWIRE) — As per The Business Research Company’s Automotive Sensors Global Market Report 2024, the global automotive sensors market has experienced rapid growth in recent years and is poised for continued expansion, reaching $32.45 billion in 2024 at a Compound Annual Growth Rate (CAGR) of 13.7%. The forecast indicates an even more accelerated growth rate, with the automotive sensors market projected to soar to $53.46 billion by 2028 at a CAGR of 13.3%.
Key Segments and Regions:
- Sensor Types:
- Temperature Sensors
- Pressure Sensors
- Speed Sensors
- Level/Position Sensors
- Magnetic Sensors
- Gas Sensors
- Inertial Sensors
- Vehicle Types:
- Passenger Car
- Light Commercial Vehicle
- Heavy Commercial Vehicle
- Technology:
- Nano-Electro-Mechanical Systems (NEMS)
- Micro-Electro-Mechanical Systems (MEMS)
- Application Types:
- Powertrain
- Chassis
- Exhaust
- Advanced Driver Assistance Systems (ADAS)
- Other Applications
- Regions:
- Asia-Pacific: The largest region in 2023 and expected to be the fastest-growing during the forecast period.
Learn More In-Depth On The Automotive Sensors Market
https://www.thebusinessresearchcompany.com/report/automotive-sensors-global-market-report
Driving Forces and Trends:
The anticipated automotive sensors market growth is fueled by several trends and drivers, including:
- Lidar Technology Advancements:
- Ongoing innovations in lidar technology are enhancing the capabilities of automotive sensors, contributing to improved safety and autonomy.
- In-Cabin Sensing:
- Advancements in in-cabin sensing technology are enhancing the overall driving experience, offering increased comfort and safety features.
- 5G Connectivity:
- The integration of 5G connectivity is driving advancements in communication between vehicles and their surrounding infrastructure, contributing to improved efficiency and safety.
- Solid-State Sensors:
- Solid-state sensors are gaining prominence, offering durability and reliability, and contributing to the overall robustness of automotive sensor applications.
- Sensor Fusion:
- Sensor fusion technologies are being increasingly adopted, allowing for a more comprehensive and accurate assessment of the vehicle’s surroundings.
Autonomous Vehicles Propel Market Growth:
The rise in the adoption of autonomous vehicles is a significant factor propelling the growth of the automotive sensors market. The automotive sensors market benefits from the increased demand for driverless vehicles, projected to grow from $1.64 billion in 2021 to $11.03 billion in 2028 at a remarkable CAGR of 31.3%.
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Pressure Sensors – A Key Trend:
The utilization of pressure sensors in the automotive industry is a notable trend. These sensors play a crucial role in early fault detection in hydraulic brakes, fuel mix optimization, exhaust system management, and various safety features such as airbag deployment.
For instance, Sensata Technologies, Inc. launched the PTE7100 and PTE7300 hermetic pressure sensors, showcasing cutting-edge micro silicon strain gauge technology in the automotive industry.
With Asia-Pacific leading the charge, the automotive sensors market is on a trajectory of rapid growth, driven by technological advancements, the surge in autonomous vehicles, and the adoption of pressure sensors. Industry players can navigate this dynamic landscape by leveraging the insights presented in the comprehensive automotive sensors market report, ensuring they stay at the forefront of emerging trends and capitalize on new opportunities for growth.
Automotive Sensors Global Market Report 2024 by The Business Research Company provides insights on the automotive sensors market size, automotive sensors market segments, automotive sensors market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 7,500+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
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