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Automotive Sensors Market is Estimated to Reach USD 42.6 Billion by 2025 at a CAGR of 7.3 % – Forencis Research

The Global Automotive Sensors Market is estimated to reach USD 42.6 Billion by 2025 at a CAGR of 7.3 %, says forencis research (FSR). Sensors are a device that is used to detect any changes in quantities or events like force, pressure or any other form of energy and transfers it as an optical or electric signal to the specific component. In the automotive sector, sensors are an essential part of the vehicle, which are installed to increase vehicle performance, safety, and reliability of the passengers. It is also used for lowering fuel consumption and helps in reducing the onboard weight of the vehicle. Sensors such as pressure sensors, speed sensors, temperature sensors, NOX sensors, and safety sensors among other sensors are used in the vehicles to boost passenger safety.

Automotive-Sensors-Market

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 Automotive Sensors Market: Drivers & Restraints

Market Drivers:

  • Rise in Demand for Safety and Security

Safety is a primary requirement in the automotive sector. Any safety or security failures may result in severe injury or loss of life. Advanced Driver Assistance Systems (ADAS) is built in a variety of high-tech sensors. This technology helps in preventing sudden jerks and reducing the number of injuries and deaths related to an accident. Rising vehicle accidents worldwide is driving the demand for automotive safety & security. To avoid this, International Standards, International Organization for Standardization (ISO 26262), and Society of Automotive Engineers (SAE J3061) have come up with strict vehicle safety and security standards.

Hence, the rise in demand for safety & security is expected to drive the automotive sensors market during the forecast period.

  • Growing Adoption of Electric Vehicles

Automotive manufacturers are engaged in developing innovative technologies that would provide better connectivity solutions. The development of innovative technologies is an outcome of the growing demand for luxurious and smart vehicles. Rise in demand for electric and autonomous vehicles has boosted the demand for electric systems. As per the data shared by the Edison Electric Institute, in 2018, the total sales of electric vehicles in the United States raised 81%, when compared to 2017. Thus, the growing adoption of electric vehicles has expected to drive the automotive sensors market during the forecast period.

Market Restraints:

  • Cost Competitive Market

The demand for automotive sensors moves up and down in variation with the prices. The presence of a large number of players affects the pricing of automotive sensors which increases the market competition in terms of the product cost. This results in pricing pressure on prominent players to deliver efficient products at a lower cost. Thus, the price of automotive sensors is depended on consumer buying behavior which may affect market growth.

 Automotive Sensors Market: Key Segments

  • Based on Sensor Type: Speed Sensors, Pressure Sensors, Temperature Sensors, Safety Sensors, Humidity Sensors, Magnetic Sensors, Oxygen Sensors, Position Sensors, NOx Sensors, Micro-Electro-Mechanical System (MEMS) Sensors, and
  • Based on Application: Engine, Powertrain, Body, Brakes, Chassis, Transmission, Clutch, Safety and Control Systems, and
  • By Vehicle Type: Internal Combustion Engine (ICE), Electric Vehicles (EVs), and
  • By Sales Channel: Original Equipment Manufacturer (OEM) andAftermarket
  • Key Regions Covered: North America, South America, Europe, Asia-Pacific, Rest of the Worldwith individual country-level analysis.

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Automotive Sensors Market: Report Segmentation

For the scope of the report, In-depth segmentation is offered by Forencis Research

 Automotive Sensors Market, by Sensor Type

  • Speed sensors
    • Wheel Speed Sensors
    • Speedometers
    • LIDAR
    • Ground Speed Radar
    • Others
  • Pressure Sensors
    • Air Conditioning Pressure Sensor
    • Fuel Pressure Sensor
    • Oil Pressure Sensor
    • Manifold Pressure Sensor
    • Others
  • Temperature Sensors
  • Safety Sensors
  • Humidity Sensors
  • Magnetic Sensors
  • Oxygen Sensors
  • Position Sensors
  • NOx Sensors
  • Micro-Electro-Mechanical System (MEMS) Sensors
  • Others

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 Automotive Sensors Market, by Application

  • Engine
  • Powertrain
  • Body
  • Brakes
  • Chassis
  • Transmission
  • Clutch
  • Safety and Control Systems
  • Others

 Automotive Sensors Market, by Vehicle Type

  • Internal Combustion Engine (ICE)
  • Electric Vehicles (EVs)
    • Battery Electric Vehicles (BEVs)
    • Plug-In Hybrid Electric Vehicles (PHEVs)
    • Hybrid Electric Vehicles (HEVs)
    • Fuel Cell Electric Vehicles (FCEV)
  • Others

 Automotive Sensors Market, by Sales Channel

  • Original Equipment Manufacturer (OEM)
  • Aftermarket

 Automotive Sensors Market, by Region

  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Australia
    • Rest of Asia-Pacific
  • North America
    • US
    • Canada
    • Mexico
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Norway
    • Rest of Europe
  • Rest of the World
    • Middle East & Africa
    • South America

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About Forencis Research

Forencis Research is a B2B market research, intelligence and advisory firm engaging in market research and consulting services across leading industries, globally. Our robust and meticulous research team provides high growth and niche syndicated reports, customized reports and consulting reports to the diverse global fortune clientele and intellectual institutions. Forencis Research database is a constantly evolving pool of reports and white paper studies which helps companies to foster accelerated revenue growth in global and regional markets. Forencis Research delivers market research and consulting reports on high growth markets to help companies dominate their competition and set themselves apart by attaining increased revenue growth. To enable exclusive insights around the target market, Forencis Research employs robust research Methodology & Design which includes data acquisition, data synthesis and data correlation, through Primary and Secondary Research. Through the obtained data, Top-down and bottom-up methods are exercised to attain and verify data sanity within the entire market. This market data is yet again correlated with Forencis Research’s internal database before presenting it in any of our final publications. These methods of data correlation and amalgamation benefit us to put forward accurate market estimates enabling our clients to transform their business, markets and most importantly their “REVENUES”.

 

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