Automotive Sensor Market to Reach $37.65 Billion, Globally, by 2027 at 10.2% CAGR

Allied Market Research

Increase in use of pressure sensors in the automotive industry, surge in demand for automotive sensors in hybrid and electric cars, and rise in use of custom designed electronics devices fuel the growth of the global automotive sensor market.

PORTLAND, Ore., Oct. 28, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Global Automotive Sensor Market by Type (Temperature Sensors, Pressure Sensors, Motion Sensors, Speed Sensors, and Gas Sensors) and Application (Powertrain, Chassis, Body Electronics, Safety & Security, and Telematics): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global automotive sensor industry was estimated at $16.40 billion in 2019, and is anticipated to hit $37.65 billion by 2027, registering a CAGR of 10.2% from 2020 to 2027.

Drivers, restraints, and opportunities-

Increase in use of pressure sensors in the automotive industry, surge in demand for automotive sensors in hybrid and electric cars, and rise in use of custom designed electronics devices fuel the growth of the global automotive sensor market. On the other hand, high development cost of automotive sensors impedes the growth to some extent. Nevertheless, technological advancement in the automobile industry and growing automotive sector are expected to create lucrative opportunities in the near future.

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Covid-19 scenario-

• During the first phase of the lockdown, a number of regulations were imposed on the transportation sector and accordingly, there was a significant decline in the demand for automotive sensors from the automobile vertical.
• Also, huge disruptions in the supply chain affected the market negatively.
• However, with the government bodies across the world coming up with several relaxations, the global market is projected to go back to its stance soon.

The temperature sensor segment to maintain the lion's share-

Based on type, the temperature sensor segment accounted for around one-fourth of the global automotive sensor market revenue in 2019 and is anticipated to retain its dominance till 2027, owing to rise in demand for self-propelled temperature sensor in the automotive industry. Simultaneously, the gas sensor segment would grow at the fastest CAGR of 14.7% from 2020 to 2027. There has been a significant rise in the use of gas sensors in order to detect different types of harmful gases in the atmosphere. This factor has fueled the segment growth.