Automotive Sensors Market is Booming Worldwide in Coming Years


Posted March 31, 2021 by Rahul_Gautam

How is Growing Popularity of Autonomous Vehicles Fuelling Surge in Global Sales of Automotive Sensors?
 
The rising implementation of stringent government regulations and policies regarding greenhouse gas emissions and the enactment of policies that mandate the installation of safety systems in automobiles are causing a sharp surge in the demand for automotive sensors across the world. For example, many European countries have mandated the installation of driving assistance features and systems such as lane keeping assist systems, intelligent speed assistance systems, tire pressure monitoring, emergency stop signal, and advanced emergency braking in automobiles.

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Besides the aforementioned factors, the rising adoption of electric vehicles is also propelling the sales of automotive sensors across the world. This is, in turn, driving the advancement of the global automotive sensors market. According to the forecast of P&S Intelligence, a market research company based in India, the valuation of the market will rise from $25,723.8 million in 2019 to $58,215.3 million by 2030. Moreover, the market is predicted to exhibit a CAGR of 7.4% between 2020 and 2030.

In the coming years, the automotive sensors market is predicted to register the fastest growth in the Asia-Pacific region. In this region, the sales of these sensors are predicted to be the highest in China in the future years. This will be because of the increasing manufacturing capacity and the rapid implementation of advanced automotive technologies and innovations in vehicles. Additionally, the mushrooming deployment of electric vehicles in the country is propelling the sales of automotive sensors.

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Hence, it can be said with confidence that the demand for automotive sensors will rise enormously all over the world in the coming years, mainly because of the increasing deployment of autonomous and electric vehicles and the rising integration of ADAS in automobiles.
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Issued By Rahul Gautam
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Categories Automotive , Business , Research
Tags automotive sensors industry , automotive sensors market , automotive sensors market in asia , demand for automotive sensors
Last Updated March 31, 2021