- The value of the global automotive sensor market is estimated at $35.92 billion in 2019
- APAC will continue to dominate the automotive sensor market in the forecast period
The global automotive sensor market is projected to grow over $71.62 billion by 2029 according to a report by BIS Research, titled “Global Automotive Sensor Market − Analysis and Forecast, 2019-2029”. The report also said that the market is estimated at $35.92 billion in 2019 and is expected to grow at a CAGR of 7.14 percent during the forecast period of 2019-2029.
The report said that the key reasons for this growth are rise in number of luxury vehicles, increase in the number of electronic components per vehicle, the rise in digitalization in the vehicles and the miniaturisation of the semiconductor component. Technological advancements in the automotive industry have resulted in the worldwide adoption of sensor solutions.
Powertrain segment dominated the global automotive sensor market
Paarijaat Sharma, Principal Analyst at BIS Research,”The powertrain segment dominated the global automotive sensor market. This is mainly due to the increasing need for automotive sensors in powertrain systems due to the rising government regulations in the developed as well as developing regions, to enhance the fuel efficiency, and reduce the exhaust gas emissions by the vehicles. Moreover, the conventional passenger vehicle segment was the largest market in 2018 and is anticipated to maintain its dominance throughout the forecast period owing to the increasing demand for luxury vehicles in the coming years, due to the rise in disposable income of the consumers.”
APAC to lead
As per the report, Asia Pacific (APAC) region is expected to lead the global automotive sensor market in 2019, followed by Europe. APAC will continue to dominate in the forecast period. The growth is this region is due to growing demand for and production of electric vehicles which incorporate more sensors than internal combustion engine vehicles.
