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Automotive Sensors Market size surpassed USD 25 billion in 2022 and is anticipated to register 5% CAGR from 2023 to 2032. The paradigm shift toward sustainable mobility is expected to have a positive impact on the industry outlook.
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The demand for hybrid and electric vehicles (EVs) has increased substantially due to the growing environmental concerns associated with conventionally powered vehicles. The increasing fossil fuel emissions and the intensifying carbon footprint of the automotive sector has accelerated consumer inclination towards zero-emission mobility, thus fueling the need for automotive sensors. In April 2022, the U.S. Department of Transportation’s National Highway Traffic Safety Administration introduced new fuel economy standards to boost fuel efficiency by 8% annually for model years 2024-25 and 10% on annual-basis for 2026.
Report Attribute | Details |
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Base Year: | 2022 |
Automotive Sensors Market Size in 2022: | USD 25 billion |
Forecast Period: | 2023 to 2032 |
Forecast Period 2023 to 2032 CAGR: | 5% |
2032 Value Projection: | USD 60 billion |
Historical Data for: | 2018 to 2022 |
No. of Pages: | 825 |
Tables, Charts & Figures: | 1,143 |
Segments covered: | Product, Vehicle Type, Propulsion Type, Application |
Growth Drivers: |
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Pitfalls & Challenges: |
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The rising costs associated with LiDAR sensors could hamper the automotive sensors market demand. In addition to the high initial price, LiDAR sensors require substantial maintenance to prevent the risk of malfunctions associated with moving components such as GPS receivers, lasers, and scanners. The ongoing technological advancements and the increasing penetration of next-generation solutions are also adding to the price of manufacturing. Hence, the high cost of implementation of LiDAR technologies and advanced products may impede the overall automotive sensor market growth.
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The automotive sensors market share from the gasoline segment is expected to cross USD 30 billion by 2032. Engine-mounted sensors are extensively used in vehicles with internal combustion engines to measure pressure, air/fuel percentage and temperature. Gasoline-based engines are continuing to dominate the automotive sector to provide lower costs, and reduced noise & vibrations. According to the U.S. Energy Information Administration (EIA), despite the ongoing transition to EVs and zero-emission vehicles, motor gasoline remains the most commonly used transportation fuel.
The passenger cars type held 75% of the automotive sensors industry share of the in 2022. Automotive sensors are increasingly fitted in passenger cars considering the rising penetration of advanced safety systems, in-vehicle infotainment systems (IVI), and ADAS in passenger cars. Thus, automotive manufacturers worldwide are introducing novel features such as automated transmission technologies, driver assistance, and head-up displays to address the surging demand for luxury vehicles. The influx of favorable initiatives pertaining to the integration of ADAS for ensuring passenger safety will also spur business statistics.
The radar automotive sensors market is estimated to amass USD 10 billion by 2032. Radar sensors are extensively used in vehicles considering the strong ability of radar signals to penetrate through different mediums, such as snow, insulators, cloud and fog. Additionally, these sensors offer exceptional object distance measurement and accurate target velocity determination. Moreover, the advent of autonomous cars is expected to accelerate the demand for these sensors for detection, imaging, ranging, sensing and tracking drive location for seamless navigation and driving experience.
The demand for pressure sensors is also expected to gain substantial momentum through 2032 owing to the increasing focus on vehicle safety. Modern car models are increasingly designed with advanced safety features, including better braking systems, tire pressure monitoring systems and collision avoidance systems, adding to positive industry growth.
The automotive sensors market from health, wellness & well-being (HWW) applications is poised to reach USD 300 million by 2032. The growing disposable incomes and consumer interest in safer mobility options are encouraging automakers to provide novel in-vehicle functions, such as air purification & workload detection, subsequently adding to the HWW application scope. Automotive sensors are also enabling manufacturers to offer comfortable, safe, and clean driving systems.
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The APAC automotive sensors market is projected to attain 5% gains through 2032 owing to the growing efforts to reduce automotive carbon emissions in the region. Countries such as China, India and South Korea are experiencing a dramatic surge in electric vehicle sales, subsequently offering lucrative business prospects for the industry. Moreover, the presence of a robust EV infrastructure in APAC countries will accelerate the sale of EVs, thus proliferating the automotive sensors demand.
Some of the leading companies in the global market for automotive sensors include
These firms are introducing novel products for offering innovative features for better customer satisfaction.
The COVID-19 pandemic had a moderate impact on the industry worldwide as it caused significant supply chain disruptions and ceased the production of automotive products due to the imposition of stringent lockdown regulations. However, the robust sale of electric vehicles post-emergence of the pandemic held substantial scope for automotive sensor manufacturers.
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Market, By product
Market, By Vehicle Type
Market, By Propulsion type
Market, By Application
The above information has been provided for the following regions and countries: