The Global Automotive Sensors Market is expecting around 6.8% CAGR during 2022-27, cites MarkNtel Advisors in their recent research report. The increasing automobile production & electrification in the automotive industry globally and growing customer demand for superior in-vehicle safety & comfort are the prime aspects driving the global market.
Besides, the mounting inclination of customers toward Electric Vehicles (EVs), Plug-in Hybrid EVs (PHEVs), etc., owing to stringent government norms for reducing carbon emissions, is also augmenting the market growth. Moreover, remarkable innovations in connected & autonomous vehicles and ADAS (Advanced Driver Assistance Systems) also project remunerative growth prospects for the global market over the forecast years, further states the research report, “Global Automotive Sensors Market Analysis, 2022.”
Powertrain & Safety & Control Applications to Dominate the Global Market through 2027
The growth of the Global Automotive Sensors Market for the powertrain application attributes primarily to the abundant use of sensors in vehicles to record their temperature, speed, position, pressure, etc., in order to facilitate safer rides & efficient performance, coupled with several norms by governments of various countries worldwide for enhancing fuel efficiency & vehicle safety and minimizing carbon footprints.
The safety & control application, on the other front, also holds immense potential for the global market to expand during 2022-27. It attributes to a rapid upsurge in road accidents over the past few years, owing to which the leading automobile manufacturers are deploying more advanced sensors that can alert drivers about any upcoming obstacle and improve the overall safety & security of vehicles & passengers.
With Rising Adoption of BEVs & PHEVs in China, Asia-Pacific to Register the Highest Market Growth
With improving disposable income of people, low-cost labor & automobile production, and the mounting demand for the utmost safety in vehicles, Asia-Pacific is expecting significant growth in the Automotive Sensors Market through 2027. The region is witnessing increasing investments in various infrastructural development projects associated with the automotive industry, coupled with growing customer requirements for vehicles with enhanced safety & efficiency.
China, the leading market for automobiles & automotive sensors, is observing a burgeoning penetration of PHEVs, Fuel Cell (FCEVs), & BEVs due to numerous government initiatives & favorable norms for reducing carbon emissions, coupled with the growing awareness among customers about vehicle safety, reveals MarkNtel Advisors in their research report, "Global Automotive Sensors Market Analysis, 2022."
The leading players in the Global Automotive Sensors Market include Allegro Microsystems, LLC, BorgWarner, Inc., CTS Corporation, Continental AG, Denso Corporation, Elmos Semiconductor, Infineon Technologies AG, NXP Semiconductors, Robert Bosch GmbH, STMicroelectronics, and Texas Instruments Incorporated.
Key Questions Answered in the Research Report