Motor vehicle sensor control and monitor the chemical, physical, and process changes of automobiles. Sensors are used to reduce fuel consumption as well as onboard the weight of vehicles and also comply with government norms for passengers’ safety. With the advent of technology, automobiles are now equipped with a diverse range of sensors providing information about safety, comfort, and other convenience and comfort functions. The demand for sensors is dependent on a number of factors, ranging from technological advances to foreign trade to micro- and macro-economic variables that seek to improve the system functionality.
The Global Motor Vehicle Sensor Market was valued for US$ 34,488.2 Mn in 2021 is expected to exhibit a CAGR of 11.9% during the forecast period.
Recent Developments:
Restraint:
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2021 | Market Size in 2021: | US$ 34,488.2 Mn |
| Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
| Forecast Period 2022 to 2030 CAGR: | 11.9% | 2030 Value Projection: | US$ 93,244.7 Mn |
| Geographies covered: |
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| Segments covered: |
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| Companies covered: |
Hitachi Ltd, Robert Bosch GmbH, Eaton Corporation, Denso Corporation, Continental AG, Delphi, and Valeo. |
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| Growth Drivers: |
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| Restraints & Challenges: |
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Global Motor Vehicle Sensor Market - Impact of Coronavirus (Covid-19) Pandemic:
According to Coherent Market Insights’ analysis, the impact of coronavirus (COVID-19) pandemic on the motor vehicle sensor market was moderate. Due to lockdown in countries such as China and Indias, supply chain is mainly disturbed. Furthermore, auto manufactures in India were temporary shut down their factoring to ensure safety of the workers. For instance, in March 2020, Bharat Forge Limited, an India based auto manufacture temporary closed Pune based main plant till further notice. Automotive industry before, pandemic also witnessed strong sales fall, this trend is expected to continue for few months, which will hamper the growth of the global motor vehicle sensor market during the forecast period.
Asia Pacific held a dominant position in the global motor vehicle sensor market in 2021
Statistics:
Asia Pacific region dominated the global motor vehicle sensor market in 2021, accounting for a 44.1% share in terms of value, followed by Europe, and North America, respectively.
Figure 1: Global Motor Vehicle Sensor Market Share (%), By Region, 2021
Asia Pacific motor vehicle sensor market is expected to be one of the prominent region in the global market and witness high growth during the forecast period. This is owing to increasing demand for motor vehicle sensor. So it is expected to boost the regional market growth.
Figure 2: Global Motor Vehicle Sensor Market (US$ Mn) Analysis and Forecast, 2017 - 2030
The global motor vehicle sensor market was valued at US$ 34,488.2 Mn in 2021 and is expected to reach US$ 93,244.7 Mn by 2030, growing at a CAGR of 11.9% between 2022 and 2030.
Major players operating in the global motor vehicle sensor market include Hitachi Ltd, Robert Bosch GmbH, Eaton Corporation, Denso Corporation, Continental AG, Delphi, and Valeo.
Motor vehicle sensor control and monitor the chemical, physical, and process changes of automobiles. Sensors are used to reduce fuel consumption as well as onboard the weight of vehicles and also comply with government norms for passengers’ safety. The demand for sensors is dependent on a number of factors, ranging from technological advances to foreign trade to micro- and macro-economic variables that seek to improve the system functionality. The various sensor types are temperature sensors, exhaust gas, knock, air mass flow, and crankshaft position which subsequently are used to enhance powertrain performance (which comprises over 50% of the total applications of automotive sensors).
The Motor Vehicle Sensor Market was valued for US$ 34,488.2 Mn in 2021.
Market Dynamics
Increasing adoption and development in the electrical vehicle market is expected to create lucrative growth opportunities to the global motor vehicle sensor market during the forecast period. Electrical vehicle market is rapidly growing across the globe owing to increasing development in battery technology. According to Coherent Market insights analysis, global electric vehicle market is expected to register CAGR 29.2% during the forecast period 2020-2027. Electrical vehicles uses various sensors such as Voltage Sensor, Air Flow Sensor (as coolant), steering position sensor, paddle position sensor, and others. Thus, Increasing adoption and development in the electrical vehicle market is expected to create lucrative growth opportunities to the global motor vehicle sensor market during the forecast period.
In the recent past, the demand of automotive hybrid vehicle is increased in the global market which is expected to drive the global motor vehicle sensor market during the forecast period. For instance, in February 2020, Toyota Motor Corporation, a Japan based automotive manufacturer, launched self-charging hybrid EV Vellfire. A seven seater luxurious car launched it two electric motors and a hybrid battery to control emissions. Further, Coherent Market Insights analysis, global hybrid vehicle market is expected to grow with CAGR 15.3% during the forecast period 2020-2027. Thus, increasing hybrid vehicle market is expected to drive the global motor vehicle sensor market during the forecast period.
Key features of the study:
Detailed Segmentation
“*” marked represents similar segmentation in other categories in the respective section.
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