Home > Pressrelease > Automotive Sensors Market size to cross $60 Bn by 2032

Automotive Sensors Market size to cross $60 Bn by 2032

  • Published Date: February 23, 2023

Automotive Sensors Market size is projected to reach USD 60 billion by 2032, according to the recent research report by Global Market Insights Inc.

Rapid penetration of advanced automotive magnetic sensors in navigation and tracking systems will complement the industry outlook. The evolution of In-Car navigation systems and the growing availability of aftermarket and portable navigation units compatible with modern vehicles are expected to indicate substantial demand for automotive sensors. Furthermore, the ongoing advancements in built-in and voice-enabled GPS systems will have a positive influence on the automotive sensors market dynamics. Automobile manufacturers are widely integrating magnetic sensor technologies for positioning, measuring speed detection, current sensing applications, and proximity switching, thus driving the business expansion.

Rising integration of LiDAR automotive sensors in 3D imaging for automated driving

The LiDAR automotive sensors industry is anticipated to exhibit 12% CAGR from 2023 to 2032 driven by the increasing technological developments in LiDAR sensing capabilities. It has emerged as a prominent tool for detecting and preventing contact with obstacles by safely navigating different environments. LiDAR allows multiple functional utilities including autonomous driving through fast processing, high accuracy, and greater data density. It also offers competitive pricing and ensures minimum human dependence. Hence, several luxury automakers are using 3D imaging with LiDAR to provide an automated driving option in certain situations.

Surging sale of LCVs to accelerate the adoption of automotive sensors

The automotive sensors market from LCV segment is estimated to exceed USD 9 billion by 2032. The increasing use of high-end sensors, such as pressure, LiDAR, current, temperature, speed, and radar in LCVs can be attributed to the variety of safety measures offered by these devices for engines and transmission systems. The robust demand for freight transportation and the growing LCV sales will foster a significant need for advanced automotive sensors.

Rising production of hybrid vehicles to propel the demand for automotive sensors

The industry size from the hybrid propulsion type is projected to observe 5% growth between 2023 and 2032. The increasing demand for hybrid engines can be attributed to their numerous benefits including better fuel efficiency, low emission levels and longer driving range. Additionally, the increasing production of hybrid vehicles by leading automotive manufacturers is expected to foster the combination engines demand.

Browse key industry insights spread across 825 pages with 1101 market data tables and 42 figures & charts from the report, “Automotive Sensors Market Size By Product (Current Sensor, Pressure Sensor, Temperature Sensor, Speed Sensor, Position Sensor, Camshaft Sensor, Torque Sensor, Angle Sensor, Level Sensor, Gas Sensor, Humidity Sensor, LiDAR Sensor, Infrared Sensor, Ultrasonic Sensor, Radar Sensor, Image Sensor), By Vehicle Type (Passenger Cars, LCV, HCV), By Propulsion Type (Gasoline, Diesel, Hybrid, Battery Electric Vehicle, Fuel Cell), By Application (Powertrain, Body Electronics, ADAS & Safety System, Health, Wellness and Wellbeing {HWW}), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Price Trends, Competitive Market Share & Forecast, 2023-2032” in detail along with the table of contents:

Increasing focus on road safety to boost product espousal in ADAS & safety systems

Automotive sensors market from ADAS & safety systems is expected to attain 8% gains through 2032. The emergence of favorable government initiatives and supportive regulatory directives pertaining to vehicle and road safety is propelling the integration of ADAS technologies. For instance, in September 2022, the Federal Transit Administration (FTA) introduced funding worth USD 5 million for companies developing ADAS for transit buses. Moreover, several government mandates requiring the installation of ADAS for optimum road safety and prevention of road traffic accidents will also foster lucrative need for automotive sensors.

Favorable government initiatives to foster growth of European industry

Europe automotive sensors market held 20% share in 2022 due to the surging demand for luxury vehicles driven by the rising disposable incomes in the region. Europe is expected to emerge as a major hub for automotive innovation with increasing advancements for novel features. Additionally, the introduction of supportive government norms on the mandatory integration of advanced safety systems in vehicles will have a positive impact on the industry for automotive sensors. However, the growing focus on limiting motor emissions and the implementation of ambitious environmental targets are expected to garner the requirement for automotive sensors.

New product development to bolster industry growth

Allegro MicroSystems, Inc., Robert Bosch GmbH, Infineon Technologies, NXP Semiconductors N.V., Panasonic Corporation, Sensata Technologies, STMicroelectronics, Texas Instruments, Honeywell International Inc., Renesas Electronics Corporation, HELLA GmbH & Co. KGaA, Continental AG are some of the leading companies in the global automotive sensors market. These industry participants are focusing on product innovation and developments to cater to advanced applications. For example, in January 2023, ZF launched its next generation of cameras, Smart Camera 6, designed to enable the advanced development of automated safety systems for urban and highway mobility.

Authors: Preeti Wadhwani, Prasenjit Saha