Automotive Sensors Market size was valued at USD 30.29 billion in 2023 and is likely to reach USD 194.97 billion by 2036, expanding at around 15.4% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of automotive sensors is estimated at USD 34.02 billion.
The growing popularity of electric vehicles along with stringent regulations to limit carbon emissions has resulted in increased sales of electric cars in various regions. For instance, in 2020, electric car sales surpassed 2.8 million for the first time, an increase of 38% over the previous year. It is projected that ~280 million electric cars will be on the road by 2030, representing 62% of new car sales compared with 4.5% in 2020.
The automotive sensors capture, monitor, and deliver information, which helps to evaluate the performance of the vehicle. They are made of cobalt and nickel semiconductors. Sensors are used in automobiles to improve vehicle performance, safety, and comfort for passengers. A silicon wafer is used for fabricating these sensors, which are based on integrated circuit (IC) fabrication technology. Increasing vehicle manufacturing along with rising research and development expenditures by companies in automobile vehicles are expected to drive global automotive sensors market growth. The Ford Motor Company expects to spend USD 5 billion on driverless cars by 2023. Moreover, government regulations relating to safety & emissions reduction, increasing disposable income, increased demand for adaptive cruise control systems (ACCS), usage of pressure sensors along with consumers' preference for safety features in vehicles are other factors expected to drive global market during the forecast period.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024-2036 |
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CAGR |
15.4% |
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Base Year Market Size (2023) |
USD 30.29 billion |
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Forecast Year Market Size (2036) |
USD 194.97 billion |
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Regional Scope |
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The global automotive sensors market is segmented and analyzed for demand and supply by vehicle type into passenger cars, light motor vehicle (LMV), and heavy motor vehicle (HMV). Among these segments, the passenger cars segment is anticipated to capture the largest market size in the global market owing to the high demand for automobiles worldwide and the increasing production rate of passenger cars. With the implementation of stringent regulations mandating automotive sensors in vehicles, sensor installation demand is expected to increase exponentially in passenger cars. Using automotive sensors in passenger cars enhances car performance, improves vehicle safety, and reduces vehicles' carbon emissions. Moreover, the rising purchasing power of consumers along with the escalating production of passenger cars worldwide is expected to drive segment growth during the forecast period. For instance, the global production of passenger cars accounted for nearly 55 million in 2021. In addition, a total of approximately 3,650,000 passenger vehicles were manufactured in India during the year 2021-22.
Our in-depth analysis of the global market includes the following segments
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By Sensor Type |
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By Vehicle Type |
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By Application |
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By Sales Channel |
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Regionally, the global automotive sensors market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Asia Pacific is set to hold largest revenue share by 2036, backed by rapid industrialization, and rising per capita income. Moreover, strict vehicle safety laws and the increasing consumer demand for self-driving cars are expected to encourage the installation of sensors in cars manufactured in the region.
Furthermore, the rising production and sales of electric passenger cars and electric vehicles (EVs) in the region are expected to drive the market in the region. For instance, in China electric car sales are expected to reach around 6 million by the end of 2022. A total of 3.2 million electric vehicles were sold in China in 2021, up 150% from the previous year.
October 27, 2021: A new automotive current sensor has been unveiled by Infineon Technologies AG - the XENSIV TLE4972. With Infineon's well-proven Hall technology, this coreless current sensor measures current with precision and stability
Author Credits: Saima Khursheed
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