Motor Vehicle Sensor Market - Price, Size, Share & Growth

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:

In January 2022, Denso Corporation, a global mobility supplier, has developed their existing global safety package with new combined millimeter wave radar sensor and vision sensor to support drivers in controlling the vehicle safely.
In November 2021, Robert Bosch GmbH, introduced a Ridecare solution for smoke and damage detection, which contains a sensor box with cloud based data analysis system that allows user to receive information in real time on vehicle damages.

Restraint:

High cost of implementation is expected to restrain growth of the global motor vehicle sensor market during the forecast period
Challenges associated with safety threats in autonomous cars is expected to hinder the global motor vehicle sensors market growth over the forecast period

Motor Vehicle Sensor Market Report Coverage

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:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East and Africa: GCC Countries, South Africa, and Rest of Middle East and Africa
Segments covered:	By Application: Engine and drivetrain, Safety and Security, Emission control, others. By Product Type: Physical property sensors, Process variable sensors, Proximity and positioning sensors, Chemical property sensors, other sensors.
Companies covered:	Hitachi Ltd, Robert Bosch GmbH, Eaton Corporation, Denso Corporation, Continental AG, Delphi, and Valeo.
Growth Drivers:	Increasing need for legal and regulatory compliance is expected to drive growth of the global motor vehicle sensor market during the forecast period Rising aftermarket sales are expected to propel the global motor vehicle sensor market growth over the forecast period
Restraints & Challenges:	High cost of implementation is expected to restrain growth of the global motor vehicle sensor market during the forecast period Challenges associated with safety threats in autonomous cars is expected to hinder the global motor vehicle sensors market growth over the forecast period

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

MOTOR VEHICLE SENSOR MARKET

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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

MOTOR VEHICLE SENSOR MARKET

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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.

Frequently Asked Questions

The global market for motor vehicle sensor is expected to reach USD 93,244.7 Million by 2030.

The market is expected to grow at 11.9% CAGR over the period (2022-2030).

Major factor driving the growth of the market during the forecast period are increasing need for legal and regulatory compliance and rising aftermarket sales.

Engine and Drivetrain, segment held the major market share in 2021 owing to increasing need for legal and regulatory compliance

Asia Pacific region hold the largest share in the market in 2021, accounting for 44.1% share in terms of value.

Key players operating in the are Hitachi Ltd, Robert Bosch GmbH, Robert Bosch GmbH, Eaton Corporation, Denso Corporation, Continental AG, Delphi, and Valeo.