Automotive Sensors Market Trends

Growth Drivers

• Growing Number Of Road Accidents Around The World - According to the United States Department of Transportation, in 2020, approximately 2.28 million people suffered injuries in motor vehicle accidents, up from 2.74 million in 2019. Also, a total of 38,824 people died in road accidents in the United States in 2020. As a result of the increasing number of road accidents around the world, autonomous emergency braking systems (AEBS) and other safety sensors are becoming increasingly important to vehicles in order to prevent such incidents from happening. Increasing car cash accident mortality rate, demand for fuel-efficient commercial vehicles, and sensorization of automobiles are expected to expand global automotive sensors market size during the forecast period.  
   
• Developments And New Product Launches In The Sensor Industry - For instance, Allegro MicroSystems, Inc announced in June 2022 at the Sensors Converge Conference in San Jose, California, the launch of its new linear magnetic position sensors for automotive applications, the A33110 and A3115. In addition to ensuring high levels of accuracy, these sensors offer superior performance to steering, braking, and transmissions in advanced driver assistance systems (ADAS).    
• Increase In Sales of Luxury Cars Worldwide - It was observed that there were 16,500 luxury vehicles sold in India from January-May 2022, a 53% increase compared to 10,500 units sold in the preceding year.
   
• Rapid Growth In The Automobile Industry- For instance, the growth in the Indian automotive industry is anticipated to reach USD 250-280 billion by the end of year 2026. Also, the automobile industry's purchasing managers' index (PMI) was higher than 51% in July 2022 than the overall manufacturing industry in China. 
   
• Rising Demand for Self-Driving Cars and Autopilot Technology- For instance, the self-driving vehicle industry is expected to grow by 15% annually. A total of 65% of all passenger vehicles in China will be automated by 2040. Also, in the U.S., 34% of drivers say self-driving vehicle features make driving safer. 

Challenges

• Inadequate Aftermarket for Automotive Sensors 
• Risks Associated with Autonomous Vehicles in terms of Safety and Security
• Lack of Adoption of Automotive Sensors in Small Vehicles