Passenger cars in the automotive sensors market have witnessed a rapid growth due to applications in several basic and advanced vehicle systems such as the chassis, safety, telematics, etc. These cars have a high demand across the globe owing to improvements in the consumer lifestyle and price flexibilities suitable for all consumer segments. Another factor attributing to the demand is the provision of technical vehicle advancements and safety features at reasonable prices. Heavy commercial vehicles also deploy a variety of sensing components, further contributing to the industry growth.
An increase in the government regulations and compulsory standards related to the driver, vehicle, and road safety will further create opportunities for the automotive sensors market growth. For instance, the National Highway Traffic Safety Administration (NHTSA) set a regulation on the compulsory deployment of backup cameras in automobiles from May 2018. The regulatory standard was the result of increasing accident cases in the U.S. due to the careless reversing of vehicles.
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The automotive sensors market development is hampered by high sensor costs that limit the use in traditional and passenger vehicles. The price factor enforces vehicle manufacturers to deploy these components in luxury and autonomous vehicles only. The issue can be eliminated by improved supplier-OEM relationships, which will aid them in purchasing the sensing components at lower prices. Another factor restraining the automotive sensors market is the short life and reliability issues of the sensing components. These challenges can be overcome by component manufacturers through the deployment of more efficient and reliable products.
The automotive sensors market is growing due to development in LiDAR and RADAR components. Light detection and range-sensing methods are used to aid automated and self-driving car systems. LiDAR provides ADAS with a 360-degree visibility and accurate depth information about nearby obstacles. Major autonomous vehicle manufacturers including Baidu and Uber are deploying RADAR and LiDAR components in their ADAS systems. Another trend in the automotive sensors market is the quick response time for other automotive applications such as lighting & energy management systems.
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The powertrain application in the automotive sensors market is expected to grow rapidly over forecast years due to the provisioning of level, position, and speed data to these systems. Sensor manufacturers have developed a specific powertrain segment in their product portfolio, which will offer application-specific components. For instance, TE Connectivity provides powertrain specific sensors for deployment in the automobiles, trucks, and buses.
Europe is expected to cover a substantial share in the automotive sensors market in the coming years. This growth is attributed to the presence of major luxury car manufacturers in the region including Audi and BMW, among others. All modern and luxury vehicles deploy many sensing components that add up to the automotive sensors market development. The supportive EU standards and initiatives for road safety and development of the European automotive sector are driving the industry growth.
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