Technavio says the global automotive sensors market will exhibit growth at a CAGR of 6.12% between 2023 and 2027, followed by revenue growth of US$8,339.77 million.
Determinants that contributed to the market growth include electrification and hybridization of vehicles, collaborations, and partnerships among market players, followed by increasing disposable income of consumers leading to automobile demand.
APAC to dominate the market growth of the Automotive Sensors Market: When it comes to the fastest growing region APAC is going to dominate the global market with a contribution of 33% to the growth of the global market during the forecast period. The region's growth is driven by industrialization followed by significant investments in road infrastructure development, driving the automotive market's expansion.
According to Technavio analysts, APAC consumers are increasingly seeking advanced features like parking assistance, adaptive cruise control, and collision avoidance, relying on sensors for the proper functioning of automobiles.
When it comes to the region-wise classification Japan and South Korea, with automakers like Suzuki and Toyota, play a significant role in the automotive industry. Large-scale production facilities and adherence to global quality standards contribute to the increased usage of automotive sensors, fostering market growth during the forecast period. Our report offers an up-to-date analysis regarding the current global market scenario, the latest trends and drivers, and the overall market environment.
Key Companies: Some of the market leaders in these segments include names like Amphenol, Aptiv, Auto DITEX BG, Dorman Products, EFI (formerly Electricfil), Faurecia, Hitachi, Mitsubishi Electric, Niterra, NXP Semiconductors, PRENCO Progress and Engineering, Robert Bosch Stiftung, Schaeffler, Sensata Technologies, Spectra Premium Industries, TDK, Tenneco, Texas Instruments, etc.