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.
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
U.S. Motor Vehicle Sensor Market: Restraints
Safety threats in autonomous cars are expected to hamper the U.S. motor vehicle sensor market growth over the forecast period
Despite its numerous advantages, especially in autonomous cars, sensors pose many challenges for car manufacturers. Safety threats are some of the major concerns with the possibility of unauthorized access. Since these cars connected via the Internet, they are susceptible to hacking and breaches, which could lead to a potential threats to car owners and drivers. Hence, these factors are expected to hamper the U.S. motor vehicle sensor market growth in the near future.
U.S. Motor Vehicle Sensor Market - Impact of Coronavirus (Covid-19) Pandemic
Globally, as of 8:23pm CEST, 19 October 2021, there have been 240,940,937 confirmed cases of COVID-19, including 4,903,911 deaths, reported to WHO. As of 19 October 2021, a total of 6,545,309,084 vaccine doses have been administered. Emergence of Covid-19 is expected to boost demand for self-driven cars and launch of various vehicle sensor technologies. For instance, in October 2021, Kyocera Corporation launched new portfolio of Advanced Driver-Assistance Systems (ADAS).
To know the latest trends and insights prevalent in this market, click the link below:
Research and development activities among market players
Key market players are involved in research and development activities, in order to enhance the market presence. For instance, in December 2019, Robert Bosch GmbH developed an AI-powered interior monitoring system for car safety.
Inorganic strategies among key market players
Major market players are involved in various inorganic strategies, in order to gain a competitive edge in the market. For instance, in February 2012, Denso Corporation signed a Memorandum of Understanding (MOU) with Intel Corporation to collaborate on next-generation in-vehicle information and communication systems.
U.S. Motor Vehicle Sensor Market: Competitive Landscape
Major companies operating in the U.S. motor vehicle sensor market are Robert Bosch GmbH, Hitachi Ltd, Denso Corporation, Eaton Corporation, Delphi Automotive, Continental AG, and Valeo SA.
Joining thousands of companies around the world committed to making the Excellent Business Solutions.