The Global Automotive Sensors Market is estimated to reach USD 42.6 Billion by 2025 at a CAGR of 7.3 %, says forencis research (FSR).

Sensors are a device that is used to detect any changes in quantities or events like force, pressure or any other form of energy and transfers it as an optical or electric signal to the specific component. In the automotive sector, sensors are an essential part of the vehicle, which are installed to increase vehicle performance, safety, and reliability of the passengers. It is also used for lowering fuel consumption and helps in reducing the onboard weight of the vehicle. Sensors such as pressure sensors, speed sensors, temperature sensors, NOX sensors, and safety sensors among other sensors are used in the vehicles to boost passenger safety.

Automotive Sensors Market: Drivers & Restraints

Market Drivers:

• Rise in Demand for Safety and Security

Safety is a primary requirement in the automotive sector. Any safety or security failures may result in severe injury or loss of life. Advanced Driver Assistance Systems (ADAS) is built in a variety of high-tech sensors. This technology helps in preventing sudden jerks and reducing the number of injuries and deaths related to an accident. Rising vehicle accidents worldwide is driving the demand for automotive safety & security. To avoid this, International Standards, International Organization for Standardization (ISO 26262), and Society of Automotive Engineers (SAE J3061) have come up with strict vehicle safety and security standards.

Hence, the rise in demand for safety & security is expected to drive the automotive sensors market during the forecast period.

• Growing Adoption of Electric Vehicles

Automotive manufacturers are engaged in developing innovative technologies that would provide better connectivity solutions. The development of innovative technologies is an outcome of the growing demand for luxurious and smart vehicles. Rise in demand for electric and autonomous vehicles has boosted the demand for electric systems. As per the data shared by the Edison Electric Institute, in 2018, the total sales of electric vehicles in the United States raised 81%, when compared to 2017. Thus, the growing adoption of electric vehicles has expected to drive the automotive sensors market during the forecast period.

Get Sample Copy of The Report: https://www.forencisresearch.com/automotive-sensors-market-sample-pdf/

Market Restraints:

• Cost Competitive Market

The demand for automotive sensors moves up and down in variation with the prices. The presence of a large number of players affects the pricing of automotive sensors which increases the market competition in terms of the product cost. This results in pricing pressure on prominent players to deliver efficient products at a lower cost. Thus, the price of automotive sensors is depended on consumer buying behavior which may affect market growth.

Automotive Sensors Market: Key Segments

• Based on Sensor Type: Speed Sensors, Pressure Sensors, Temperature Sensors, Safety Sensors, Humidity Sensors, Magnetic Sensors, Oxygen Sensors, Position Sensors, NOx Sensors, Micro-Electro-Mechanical System (MEMS) Sensors, and

• Based on Application: Engine, Powertrain, Body, Brakes, Chassis, Transmission, Clutch, Safety and Control Systems, and

• By Vehicle Type: Internal Combustion Engine (ICE), Electric Vehicles (EVs), and

• By Sales Channel: Original Equipment Manufacturer (OEM) and Aftermarket

Key Regions Covered: North America, South America, Europe, Asia-Pacific, Rest of the World with individual country-level analysis.

Key Companies Covered:

Robert Bosch GmbH, Continental AG, Denso Corporation, Aptiva PLC, Sensate Technologies, Infineon Technologies AG, Aetolia Inc., TE Connectivity Ltd, ZF Friedrichshafen AG, STMicroelectronics N.V., Others



Source link