PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1568749
PUBLISHER: Global Market Insights Inc. | PRODUCT CODE: 1568749
The Global Automotive Sensor Market size is projected to record over 5% CAGR from 2024 to 2032, driven by a surge in new launches and relentless technological advancements. Manufacturers are rolling out new sensor models, boasting cutting-edge features aimed at bolstering vehicle safety, efficiency, and driver assistance systems. These sensors are also equipped with innovations like heightened accuracy, superior environmental resilience, and deeper connectivity with vehicle networks. For example, in January 2024, Texas Instruments (TI) unveiled the AWR2544 77GHz mm-wave radar sensor chip, underscoring its commitment to enhancing automotive safety and intelligence.
The overall market is segregated into technology, product, vehicle type, propulsion type, application, and region.
Based on propulsion type, the automotive sensor market share from the battery electric vehicle segment is estimated to rise at a significant rate from 2024 to 2032 driven by an escalating demand for performance and efficiency enhancements. These sensors deliver real-time insights on critical parameters like battery health, motor performance, and energy consumption, propelling advancements in vehicle performance and energy management. This is subsequently supporting the evolution of battery electric vehicles.
Automotive sensor industry value from the ADAS and safety system application segment is anticipated to expand at a substantial CAGR through 2032, fueled by a heightened emphasis on vehicle safety and driver assistance. By harnessing the power of sensors, cameras, and sophisticated algorithms, ADAS and safety systems offer real-time feedback, enabling features like adaptive cruise control, lane-keeping assistance, and automatic emergency braking. Beyond these functionalities, ADAS applications play a pivotal role in bolstering road safety, and aiding drivers in collision avoidance and navigation.
Regionally, the North America automotive sensor market size is projected to witness a robust CAGR between 2024 and 2032 primarily due to the accelerating trend of vehicle electrification. As the region pivots towards electric vehicles, there is a burgeoning demand for advanced sensors. These sensors are crucial for monitoring and managing facets like electric drivetrains, battery systems, and overall energy efficiency. Consequently, the evolution of the region will ensure that automotive sensors play a pivotal role in enhancing the performance, safety, and efficiency of its increasingly electrified vehicle fleet.