According to IMARC Group’s latest report, titled “Automotive Sensors Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028”, The global automotive sensors market size reached US$ 23.6 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 46.4 Billion by 2028, exhibiting a growth rate (CAGR) of 12.10% during 2023-2028.
Automobile sensors are smart sensors specifically designed to monitor and process various aspects of a vehicle’s performance. They are responsible for measuring critical parameters, such as temperature, gas levels, pressure, speed, and magnetic fields. These sensors collect and transmit essential information to a computer for monitoring the vehicle’s engine and emission systems. One of the primary functions of automotive sensors includes calculating the air density in the engine to monitor the rotating speed of the crankshaft and control fuel injection and engine timing. Additionally, these sensors are used to control various functions of the vehicle, such as the early fuel evaporation (EFE) system, the spark timing, canister purging, and the flow of exhaust gas recirculation (EGR).
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Automotive Sensors Market Trends:
The global automotive sensors market is experiencing significant growth due to several factors, including the rising demand for enhanced comfort, safety, and security features in vehicles. This is further driven by increasing consumer expectations for greater convenience and fuel efficiency, as well as the rapid expansion of the automotive industry. Additionally, the integration of automotive sensors into self-driving cars and the growing popularity of advanced driver assistance systems (ADAS), such as lane departure warnings, adaptive cruise control, and automated parking, are contributing to the market growth. Furthermore, the increasing use of automotive sensors for blind-spot monitoring and close vehicle sensing, combined with the inflating purchasing power of consumers, is providing a substantial boost to the market growth.
Automotive Sensors Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape with Key Players:
The competitive landscape of the automotive sensors market has been studied in the report with the detailed profiles of the key players operating in the market.
Some of these key players include:
Key Market Segmentation:
The report has segmented the market into the following categories:
Breakup by Type:
Breakup by Vehicle Type:
Breakup by Application:
Breakup by Sales Channel:
Breakup by Region:
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Key Highlights of the Report:
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