The Global Motor Vehicle Sensor Market, By Application (Engine and drivetrain, Safety and Security, Emission control, and Others), By Product Type (Physical property sensors, Process variable sensors, Proximity and positioning sensors, Chemical property sensors, and Other sensors), and By Region (North America, Europe, Asia Pacific, RoW) - Global Forecast to 2027, is expected to be valued at US$ 75,447.5 million by 2027, exhibiting a CAGR of 11.2% during the forecast period (2020-2027), as highlighted in a report published by Coherent Market Insights.
Automotive sensors or also referred to as motor vehicle sensors monitor and control physical and chemical changes in automobiles. These sensors are used to reduce fuel consumption and decrease weight of the vehicle and also increase government regulations. 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 global motor vehicle sensor market is estimated to account for US$ 75,447.5 Mn in terms of value by the end of 2027.
Advancements in technology are expected to propel the global motor vehicle sensor market during the forecast period
Advancements in new applications for technologies such as microelectromechanical systems (MEMS) optoelectronics and photoelectronic has increased the demand for sensors across the globe. Furthermore, technological development in materials and electronics has led to the miniaturization and integration of sensors into intelligent devices and systems that not only measure and analyze but also act on the resultant information. The manufacture and embedding of smaller sensors into products is becoming a high-growth industry. Sensors have become an integral component of nearly all automotive electronic systems, and developments in sensor technology allow for improvements in the automotive electronics subsystems and modules that contain them. These improvements are being achieved without considerable cost rise because technological improvements in sensors tend to lead to rapid gains in sensing power even as unit prices fall. Therefore, these factors are expected to drive growth of the global motor vehicle sensors market in the near future.
Increasing use of sensors in autonomous vehicles can present major business opportunities
Autonomous vehicles are gaining traction among consumers. These vehicles operate on artificial intelligence and machine learning. These sensors collect more data and help to improve the decision-making process. Major companies in the market can capitalize on these opportunities by providing novel products and gain a competitive edge in the market.
Low preference for diesel cars is expected to hamper the global motor vehicle sensor market growth over the forecast period
Consumers are more inclined towards petrol cars rather than diesel cars. Since diesel cars require frequent repair and maintenance operations, the demand for these cars is declining. Moreover, the resale price for diesel cars is very low as compared to petrol cars, which in turn, is hindering the demand for motor vehicle sensors. Therefore, these factors are expected to hamper the global motor vehicle sensor market growth over the forecast period.
On the basis of regions, North America is expected to witness significant growth in the global motor vehicle sensor market during the forecast period. This is owing to a large customer base combined with rising disposable income across the region. Furthermore, rising automobile capabilities in Mexico is expected to boost the regional market growth over the forecast period.
Europe is expected to register robust growth rate in the global motor vehicle sensor market during the forecast period. This is owing to high presence of major automobile OEMs combined with high demand for sensors in luxury cars across the region. Furthermore, supporting regulatory norms and stringent emission norms are expected to boost the regional market growth over the forecast period.
Global Motor Vehicle Sensor Market- Impact of Coronavirus (COVID-19) Pandemic
Motor vehicle sensor are mainly used in various automobile vehicle parts such as ignition system, charging system, and others. Prior to the COVID-19 pandemic, automobile industry had witnessed significant shrink, wherein both sales and production of vehicles were reduced by 5 to 10%. Post COVID-19, to remain operational, companies may reduce the funding on R&D and shift towards manufacturing and sales. Rising automobile sales and manufacturing may increase demand for motor vehicle sensor during the forecast period.
Key players operating in the global motor vehicle sensor market are Hitachi Ltd, Robert Bosch GmbH, Eaton Corporation, Denso Corporation, Continental AG, Delphi, and Valeo.