Key Market Segments of Sensors in the Automotive Industry Globally
The constant demand to meet efficiency and security standards in the automotive industry is effectively driving the need for deploying sensors. The sensors play a vital role in the automotive industry, skilfully monitoring various electronic and electromechanical applications by gathering varied forms of data such as temperature, pressure, position, speed, flow, level, torque, and oxygen levels of different vehicle applications such as powertrain, chassis, body, safety, and exhaust.
The rising demand for electric vehicles is expected to increase the sensor content in vehicles, especially in hybrid electric vehicles due to the coexistence of the internal combustion engine as well as an electric motor.
BIS Research’s recent study titled “ Global Automotive Sensor Market– Analysis and Forecast, 2019–2029” projects the particular market to reach $71.62 billion by 2029. The report is an insightful compilation of 294 pages, including 172 figures, and 45 market tables.
Temperature Sensor: The Leading Sensor Type
Among various types of sensors, temperature sensors held the major share in the global automotive sensor market in 2018. The key factor driving the growth of the temperature sensors market is the stringent government regulations, such as that regulating the deployment of exhaust gas temperature sensors (to be increased) in order to ensure the proper functioning of the exhaust system.
The flow sensor market is expected to witness the highest growth rate during the forecast period between 2019 and 2029, owing to the increase in research and development activities for the development of innovative flow sensors.
Conventional Passenger Vehicle: The Most Prominent Vehicle Type
The conventional passenger vehicle sensor dominated the global automotive sensor market in 2018, accounting for 67.93% of the total market in the same year. The electric passenger vehicles segment is anticipated to witness the highest growth rate during the forecast period, mainly due to the rise in the production of electric vehicles.
Powertrain Sensors: The Principal Application Segment
The powertrain sensors segment was the leading application in 2018, valued at $14.60 billion during the same year. The increasing demand for fuel efficiency and reduced emissions in vehicles were the major factors that contributed to the same.
The safety and control sensor market is anticipated to grow at the highest rate from 2019 to 2029 due to increasing government norms regarding the reduction of road accidents and enhanced safety for passengers and pedestrians.
MEMS: The Dominating Technology
The sensor manufacturers are working toward the development of advanced technologies, such as micro-electromechanical systems (MEMS) and nano-electromechanical systems (NEMS), to reduce the size of sensors, which are anticipated to increase the performance of these sensors corresponding to their macro-scale devices.
The MEMS segment dominated the global automotive sensors market in 2018, accounting for 96% of the total market, and is expected to sustain its dominance throughout the forecast period. This is mainly due to the low cost per device of MEMS in comparison to the macro-device technologies, as the fabrication process of MEMS sensor is similar to the batch fabrication techniques used in the semiconductor production.
OEMs: Leading Mode of Sales
The OEMs segment dominated the global automotive sensors market, accounting for 87.64% of the total market in 2018. The segment is anticipated to continue to dominate the market throughout the forecast period. This is mainly due to factors such as operating simplicity, robustness, and are less expensive when compared with other channels. In addition, customer satisfaction can be retained as the quality and longevity of the products are offered through product warranty and support services.
APAC: The Most Promising Region
Asia-Pacific (APAC) dominated the global automotive sensor market in 2018, contributed to 55.94% of the total market share in the same year, and is anticipated to maintain its dominance throughout the forecast period.
The automotive sensor market in APAC is majorly driven by factors such as growing demand for electric vehicles, rising disposable income, and increasing production facilities for further expansion are contributing to the growth of the automotive sensor market in the region.
Key Automotive Sensor Players Disrupting the Global Market
The competitive landscape of the automotive sensor market consists of established automotive sensor providers. These companies are adopting different strategies such as business expansions, product launches, mergers/partnerships/collaborations, and acquisitions, in order to augment their market presence, technical expertise, and geographical reach. Some of the key players operating in the market are Continental AG, Robert Bosch GmbH, TE Connectivity, Sensata Technologies, Melexis, Allegro Microsystems, and Denso Corporation, among others.
