The rising implementation of stringent government regulations and policies regarding greenhouse gas emissions and the enactment of policies that mandate the installation of safety systems in automobiles are causing a sharp surge in the demand for automotive sensors across the world. For example, many European countries have mandated the installation of driving assistance features and systems such as lane keeping assist systems, intelligent speed assistance systems, tire pressure monitoring, emergency stop signal, and advanced emergency braking in automobiles.
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The mushrooming adoption of advanced driver assistance system (ADAS) sensors in vehicles is massively boosting the sales of automotive sensors. Moreover, with the ballooning deployment of autonomous vehicles, the demand for automotive sensors is growing explosively. These vehicles are equipped with various advanced features such as natural language interface, speech recognition, driver monitoring, eye tracking, gesture recognition, and virtual resistance. Furthermore, the installation of ADAS that includes driver condition evaluation systems is fueling the sales of automotive sensors.
Besides the aforementioned factors, the rising adoption of electric vehicles is also propelling the sales of automotive sensors across the world. This is, in turn, driving the advancement of the global automotive sensors market. According to the forecast of P&S Intelligence, a market research company based in India, the valuation of the market will rise from $25,723.8 million in 2019 to $58,215.3 million by 2030. Moreover, the market is predicted to exhibit a CAGR of 7.4% between 2020 and 2030.
Pressure sensors, temperature sensors, oxygen sensors, position sensors, optical sensors, motion sensors, gas sensors, torque sensors, and level sensors are the most widely sold automotive sensors all over the world. Out of them, the sales of optical sensors are predicted to rise rapidly in the future years. Due to the increasing deployment of autonomous vehicles in several countries, the sales of automotive sensors will skyrocket around the world in the forthcoming years.
Body, chassis, powertrain, and advanced driver assistance systems (ADASs) are the major application areas of automotive sensors. Amongst these, the usage of automotive sensors is predicted to grow quickly in the ADASs in the future. This will be because of the fact that in various countries across the world, the government and regulatory authorities have made the installation of certain ADAS features mandatory in automobiles. Geographically, the sales of automotive sensors were the highest in Asia-Pacific (APAC) in the past.
In the coming years, the automotive sensors market is predicted to register the fastest growth in the Asia-Pacific region. In this region, the sales of these sensors are predicted to be the highest in China in the future years. This will be because of the increasing manufacturing capacity and the rapid implementation of advanced automotive technologies and innovations in vehicles. Additionally, the mushrooming deployment of electric vehicles in the country is propelling the sales of automotive sensors.
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Hence, it can be said with confidence that the demand for automotive sensors will rise enormously all over the world in the coming years, mainly because of the increasing deployment of autonomous and electric vehicles and the rising integration of ADAS in automobiles.