Automotive sensors or also referred to as motor vehicle sensors are smart systems that control different aspects of the car such as coolant levels, temperature, and oil pressure. On average, each motor vehicle comprises 30 electronic systems and over 100 sensors. 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. These sensors seek their application in various classes utilized in motor vehicles such as physical property, process variable, proximity and positioning, chemical property, and others such as imaging sensors.
Market Statistics:
The U.S. motor vehicle sensor market is expected to surpass US$ 60,939.7 Mn in terms of value by the end of 2028.
U.S. Motor Vehicle Sensor Market: Drivers
Rising aftermarket sales are expected to propel the U.S. motor vehicle sensor market growth over the forecast period
There has been a need to install sensor dependent systems in vehicles, owing to the enforcement of new regulatory laws by the government. This has subsequently contributed to the growth of the automotive sensor market and still continues to create aftermarket opportunities for sensor suppliers. Furthermore, the U.S. Government has enforced the requirement of replacing the TPMS (tire pressure monitoring system) every time the tires of the vehicle are changed, which estimates to once in four years. This ensures after-sale service once in four years for every vehicle sold. Global vehicle sales have been growing since 2000, though it suffered a downfall in 2008-09 due to the global recession which reduced the disposable income of the buyers. Therefore, these factors are expected to boost the U.S. motor vehicle sensor market growth over the forecast period.
U.S. Motor Vehicle Sensor Market: Opportunities
Growing use of autonomous vehicles can provide major business opportunities in the U.S. motor vehicle sensor market
Sensors play a crucial role in the autonomous vehicle since they are primary components gathering vital information of the surroundings and other vehicles. These sensors include radar, camera, and lidar that help to detect the speed and distance of nearby objects as well as their 3-dimensional shape. Many automotive manufacturers and technology companies have started developing autonomous cars along with ride-sharing companies, which in turn, has increased the demand for sensors. Key companies in the market can capitalize on these opportunities by providing novel products and gain a competitive edge in the market.
U.S. Motor Vehicle Sensor Market: Recent Developments
- In June 2020, The powertrain business area of Continental–Vitesco Technologies, a leading supplier in the field of vehicle electrification–and ROHM Semiconductor, a leading company in silicon carbide (SiC) power semiconductors, have signed a development partnership for SiC power devices. Vitesco Technologies will use SiC components to further increase the efficiency of its power electronics for electric vehicles.
- In April 2020, Infineon acquired Cypress Semiconductor, a leader in the semiconductor industry. With this acquisition, Infineon is expected to enhance its automotive semiconductors offerings.
- In January 2020, Bosch began developing long-range LiDAR suitable for automotive use. This LiDAR can be used for autonomous driving.
- In February 2020, Continental AG inaugurated a new plant for advanced driver assistance systems to expand the production capacity of radar sensors in Texas, the U.S.