Automotive Sensor Market Size To Reach $54.92bn By 2026
The global Automotive Sensor Market is anticipated to reach around $54.92bn by 2026 according to a new research published by Polaris Market Research. In 2017, the engine and drivetrain application dominated the global market, in terms of revenue. In 2017, Asia-Pacific accounted for the majority share in the global Automotive Sensor market.
The expanding global automotive industry, along with increasing demand for passenger cars majorly drives the market growth. The adoption of electric vehicles has increased significantly owing to stringent government regulations regarding vehicular emissions, thereby supporting market growth. Other factors driving the market growth include growing demand of ADAS systems, technological advancements, and modernization of vehicles. New emerging markets, emerging consumer demographics, and increasing demand of vehicles would provide growth opportunities for automotive sensor market in the coming years.
Market players operating in the global automotive sensor market are investing significantly in research and development and technological innovation to develop advanced products to meet the growing consumer demands. The development of autonomous vehicles is significantly increasing the demand for automotive sensors. Autonomous cars operate using a combination of different technologies such as GPS sensing knowledge for navigation, sensors for collision avoidance, and augmented reality for driver information.
In 2017, Asia-Pacific accounted for the highest share in the global automotive sensor market. The primary factors driving the automotive sensor market growth in the region include established automotive industry, technological advancements, and high investment in R&D.
The introduction of stringent government regulations regarding vehicular safety and emissions accelerates the adoption of automotive sensors in the region. The economic growth in countries such as China, Japan, and India, increasing development of autonomous vehicles, and growing automotive modernization further increases the demand of automotive sensors in the region.
The leading companies profiled in the Automotive Sensor Market Report include Denso Corporation, TE Connectivity, Continental, Analog Devices, Eaton, Ford Motors, Robert Bosch, Autoliv, AMETEK, and General Electric. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
