Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Automotive Sensors Market size was over USD 34.95 billion in 2024 and is anticipated to cross USD 224.97 billion by 2037, witnessing more than 15.4% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of automotive sensors is estimated at USD 39.52 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.
