Automotive Sensors Market to Grow at a Healthy 7.4% Value CAGR Throughout 2030
The burgeoning demand for advanced driver-assistance system (ADAS) sensors, rising government regulations regarding vehicle safety, and increasing vehicle electrification are expected to drive the automotive sensors market at a CAGR of 7.4% during the forecast period (2020–2030). According to P&S Intelligence, the market value stood at $25,723.8 million in 2019 and it is projected to reach $58,215.3 million by 2030. Moreover, the mounting investments being made in the development of advanced sensors are creating ample opportunities for the automotive sensors market players.
The surging demand for ADAS sensors, on account of the increasing adoption of autonomous features in vehicles, will support the market growth in the foreseeable future. Autonomous features such as speech recognition, virtual assistance, eye tracking, gesture recognition, natural language interface, and driver monitoring are highly dependent on advanced automotive sensors. Moreover, the development of the ADAS, including driver condition evaluation systems, radar-based detection units, camera-based machine vision systems, and sensor fusion engine control units (ECUs), also drives the demand for ADAS sensors.
Apart from this, the soaring implementation of government regulations regarding vehicle safety will also fuel the automotive sensors market growth in the coming years. Governments of various countries have mandated the installation of vehicle safety systems, which require automotive sensors in abundance. For instance, in Europe, the European Union and the government of various countries have mandated the integration of different driving assistance features, such as advanced emergency braking, reversing camera, drowsiness and attention detection, lane-keeping assist, intelligent speed assistance, and tire pressure monitoring, in automobiles.
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