Automotive Sensors Market Size

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.