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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.
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.