Automotive Sensor Market Size, Share, Growth Analysis, By Technology(MEMS and non-MEMS technology), By Vehicle type(Electric Vehicles, Heavy Duty Trucks) - Industry Forecast 2024-2031

Report ID: SQMIG20D2053 | Region: Global | Published Date: March, 2024
Pages: 202 | Tables: 62 | Figures: 75

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Automotive Sensor Market size was valued at USD 31.36 billion in 2022 and is poised to grow from USD 35.62 billion in 2023 to USD 98.81 billion by 2031, at a CAGR of 13.60% during the forecast period (2024- 2031).

Due to the rising use of sensor technology in the automotive sector, the market for automotive sensors presents a significant opportunity for market participants to build their businesses. Another growth strategy that a sizable number of businesses are using to maintain their market share is product creation and enhancement. 'Robert Bosch GmbH', 'Continental AG', 'Denso Corporation', 'Aptiv PLC', 'Infineon Technologies AG', 'Texas Instruments Incorporated', 'TE Connectivity Ltd.', 'STMicroelectronics NV', 'NXP Semiconductors NV', 'Analog Devices Inc.', 'Sensata Technologies Holding plc', 'Panasonic Corporation', 'Delphi Technologies PLC', 'ZF Friedrichshafen AG', 'Murata Manufacturing Co. Ltd.', 'Valeo SA', 'Autoliv Inc.', 'Magna International Inc.', 'Mitsubishi Electric Corporation', 'Hella GmbH & Co. KGaA'

Some of the key drivers driving the market expansion include the increasing need for sensors in electric and hybrid vehicles, increased pressure sensor application in the automotive industry, and considerable growth in custom-designed automotive electronic devices.

In recent years, the industry expansion has also been significantly fueled by public concern about safety and security.

The region with the greatest presence on the worldwide market is Asia Pacific. In 2021, the region had a sizable revenue share, and in the years to come, it will continue to develop profitably. Rising demand for vehicles with improved safety features and rising purchasing power in the region are the main causes of this. The need for automotive sensors is particularly high in emerging economies in the Asia-Pacific region, including China and India. The region's large consumer base and efforts to promote the green revolution have expanded the use of sensor technologies notably in the automotive industry.

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Automotive Sensor Market Size, Share, Growth Analysis, By Technology(MEMS and non-MEMS technology), By Vehicle type(Electric Vehicles, Heavy Duty Trucks) - Industry Forecast 2024-2031

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