Automotive Sensors Market to Register 7.4% CAGR during 2020–2030

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Owing to the surging accidents on roads, it has become necessary to equip vehicles with features that can help in avoiding accidents, or at the very least, reducing the negative after-effects of one. Attributed to this, governments of several countries has made it mandatory for vehicles to be integrated with certain features that will be of aid in case of an accident-like scenario. Technological advancements in the automotive industry has significantly contributed to increased vehicle safety, as advanced solutions have been introduced in the industry.



Automotive sensors are among such devices that are being widely incorporated in vehicles for increasing their safety. As stated by a P&S Intelligence report, the global automotive sensors market is predicted to reach a value of $58,215.3 million in 2030, increasing from $25,723.8 million in 2019, progressing at a 7.4% CAGR during the forecast period (2020–2030). Intelligent sensors that can be utilized for controlling and processing the temperature, pressure of oil, coolant levels, and level of emissions are referred to as automotive sensors.

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The Asia-Pacific region has emerged as a significant automotive sensors market in recent years, and the region is further predicted to high demand for automotive sensors in the near future. Within the region, China is at the leading position, owing to the fact that the country accounts for more than 50% of worldwide vehicle production every year, thereby increasing the number of installation of sensors in vehicles. Additionally, the electrification of vehicles in the region is also driving the demand for automotive sensors.

In conclusion, the market is being driven by the surging need for making vehicles safer and for curbing air pollution levels. 

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