Automotive Sensors Market Size, COVID19 Impact Analysis, Regional Outlook, Application Development Potential, Price Trend, Competitive Market Share & Forecast, 2021 – 2027
Report ID: GMI2996
Automotive Sensors Market size is expected to witness exponential growth from 2021 to 2027 given the intensifying focus on security and safety in vehicles. According to U.S. NHTSA (National Highway Traffic Safety Administration) estimates, over 94% of accidents are caused due to driver error, which is urging many automotive manufacturers to invest in the development of advanced driver assistance systems.
Sensors and cameras are the main components of an efficient ADAS, responsible for identifying hazards and obstacles in the car’s vicinity and allowing it to respond accordingly. ADAS is rapidly becoming an important factor in bridging the gap between conventional driving safety and future vehicle autonomy, which will, in turn, boost automotive sensors market dynamics in the years ahead.
The rapid progression of vehicle automation and connected car technology is likely to serve as a key trend driving automotive sensors market growth. Based on reports from Nissan News, nearly 55% of small businesses hold the belief that fleets will be fully autonomous within the next 20 years. Manufacturers are taking heed of this and making efforts to integrate autonomy within their existing fleets. For instance, in May 2021, May Mobility announced the testing of a Toyota Sienna equipped with its next-gen ADK (autonomous driving kit), to be added to its fleets of public shuttles by 2022.
Automotive sensors are critical components in autonomous vehicles, which help in decision making and path planning via localization of the vehicle and strong perception of its surroundings. AVs use various types of sensors including radar sensors, multiple vision cameras, lidar sensors, and ultrasonic sensors, among others, to better visualize their environment. The viability and security of an autonomous vehicle depend greatly on the performance and cooperation among these sensors. The growing trend towards connected vehicle technologies, alongside robust product adoption in the development of next-gen vehicles, is thus anticipated to propel automotive sensors market share considerably over the forecast spell.
With respect to component, pressure sensors are poised to emerge as a prominent segment in the automotive sensors industry. This is attributed mainly to the strong use of the product in myriad vehicle applications, from electric windows to power steering to braking. Most critical systems in modern vehicles are dependent on pressure sensors for the measurement and monitoring of key vehicle safety and performance parameters, which could further accelerate market expansion from the segment.
The global automotive sensors market landscape is strengthened by the presence of major entities including Samsung, Aptiv plc (formerly Delphi Automotive PLC), TE Connectivity (formerly Tyco Electronics Ltd), Analog Devices, Continental AG, Infineon Technologies (Siemens), NXP Semiconductors, ZF Friedrichshafen AG, Bosch Group, and Denso Corporation (Toyota Industries).
These industry players are undertaking several strategic initiatives such as product innovations and expansions to boost their stronghold in the global market space.
To illustrate, in October 2027, Continental AG further bolstered its LIDAR sensor portfolio, via a minority investment in AEye, Inc., a LiDAR pioneer. As part of the deal, the companies would work together to create a long-range, high-performance LiDAR sensor, based on the patented1550nm agile architecture of AEye, which leverages an advanced new micro MEMS technology.
Meanwhile, in December 2020, automotive radar frontrunner NXP Semiconductors introduced a completely new suite of radar sensor chipset solutions, designed to surround vehicles within a 360-degree cocoon of safety, and enhance imaging radar classification and identification capabilities.
Impact of Covid-19 on Automotive Sensors Market Trends
The ongoing pandemic caused by the novel coronavirus outbreak that began in 2019 has asserted an unprecedented impact on nearly every industrial sector across the globe, including the automotive industry. Mass facility shutdowns, nationwide lockdowns, and product supply restrictions have led to a considerable hit on vehicle production in many pandemic-affected countries, which created various uncertainties for many peripheral industries including the automotive sensors market.
Despite the deadly repercussions of the global pandemic, however, the automotive sensors industry could witness a path to recovery over the coming years, as technological developments contribute increasingly to the gradual recovery of the industry. Autonomous vehicles are at the forefront of this development, with several key technologies emerging to reshape the world.
While vehicle production has taken a significant impact due to the COVID-19 pandemic, vehicle automation could emerge as a viable solution for recovery, since it is aimed at mitigating the need for drivers in commercial as well as consumer vehicles in the long run. This could in turn present lucrative prospects for automotive sensors industry growth over the upcoming years, given that the success of autonomous vehicles relies greatly on these systems.
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