Report Description Report Description and Highlights

Global Automotive Sensors Market Trends :

The expanding employment of automotive sensors to provide information on various parameters, ensuring safety, security, and comfort, is primarily driving the market growth. For instance, automotive sensors are extensively used to monitor wheel speed, occupant position, tire inflation, anti-lock braking system (ABS), engine temperature, exhaust gas and fuel pressure, blind spots, and vehicles in an adjacent lane, which is contributing to the market growth. Moreover, the bolstering expansion of the automotive industry, the rising number of vehicles equipped with automotive sensors, and the increased demand for convenience and fuel efficiency among consumers are impelling the market growth. In addition to this, widespread product utilization in self-driving cars due to surging requirements for smart data processing devices to enable autonomous decision-making is creating a positive outlook for the market. Furthermore, innovative technological advancements, such as the advent of advanced driver assistance systems (ADAS), consisting of lane departure warnings, adaptive cruise control, and automated parking features, are presenting remunerative growth opportunities for the market. Concurrent with this, escalating demand for connected vehicles with vehicle-to-vehicle communication, vehicle-to-infrastructure communication, and navigation elements are aiding in market expansion. Looking forward, the market value is projected to reach US$ 46.4 Billion by 2028, expanding at a CAGR of 12.10% during 2023-2028.

Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).