Passenger Car Sensors Market: Global Industry Analysis by Market Share, Trend, Size, Competitive Landscape, Regional Outlook and Forecast (2024-2030)

Global Passenger Car Sensors Market size was valued at USD 132.04 Bn in 2023 and is expected to reach USD 236.31 Bn by 2030, at a CAGR of 8.67 %.
Overview
Passenger car sensors have been an intrinsic component of the vehicle, playing a significant role in terms of driving efficiency, severe pollution regulations, safety, and comfort considerations. Tire pressure monitoring systems, occupant identification, electronic stability control, heating and ventilation air conditioning, sophisticated driver assistance systems, and other innovations are among them. Growing demand has resulted in the growth of the Passenger Car Sensors industry, which is responsible for technical developments in this field. Sensors are utilized throughout the vehicle, from the engine to the exhaust system. These are commonly found in powertrain/drivetrain, chassis, and body control applications, where they monitor temperature, pressure, voltages/currents, vacuum, and other factors.

To know about the Research Methodology :- Request Free Sample Report

The use of sensors in the automotive industry has rapidly increased in the last decade. This pattern reflects the shifting demand pattern in the global passenger vehicle sensors industry. The implementation of federal emission standards boosted the Passenger Car Sensors Market growth, requiring Original Equipment Manufacturers (OEMs) to achieve a compromise between government rules, manufacturability, and resilience. This necessitated the installation of modern and accurate sensors, such as Manifold Absolute Pressure (MAP), air-fuel ratio sensors, and others. Sensors used in vehicles have grown since then, bringing the complexity of vehicle electronics to new heights. Precise measurements and rapid data analysis have opened the way for technologies that have assisted vehicle OEMs in dealing with rising regulatory pressures.
Passenger Car Sensors Market Dynamics
Advanced Driver Assistance Systems (ADAS) Integration Fuels Growth in Passenger Car Sensors Market

One of the primary growth drivers in the passenger car sensors market is the increasing integration of Advanced Driver Assistance Systems (ADAS) in vehicles. ADAS technologies, such as lane departure warnings, adaptive cruise control, and automatic emergency braking, rely heavily on a variety of sensors, including radar, ultrasonic, and LiDAR sensors. These sensors are critical for detecting and interpreting the vehicle’s surroundings, enabling safer and more autonomous driving experiences. As consumer demand for enhanced safety features and regulatory mandates for vehicle safety continues to rise, automakers are compelled to incorporate more sophisticated sensor technologies. This trend not only boosts the demand for existing sensors but also drives innovation and development of new sensor technologies, ensuring the steady growth of the passenger car sensors industry.

Also, additional sensors, including powertrain sensors, chassis sensors, and body sensors, play an important role in driving the growth of the automotive sensor market. Powertrain sensors are essential for the proper operation of the engine, transmission system, and alternator. Braking, steering, and suspension functions are all monitored by chassis sensors. A sensor cluster is utilized in SAE AV automobiles' ADAS systems, braking systems, and power steering systems. Body sensors assess the vehicle's condition and performance across a range of factors. Body sensors, for example, gather and transmit information on door/roof closing, seat occupancy, and the intensity of sunlight, and trigger alarms and perform basic functions as a result. Thus, autonomous cars equipped with a wide range of sensors minimize driver stress while increasing productivity. As a result, the growing use of autonomous passenger vehicles is driving the automotive sensors market growth.

Electrification of Vehicles Major Driver for Passenger Car Sensors Market

The automotive sector is going through a significant shift toward better, more sustainable modes of transportation. The term "vehicle electrification" refers to switching from traditional internal combustion engines to electric-powered vehicles (EVs), and it is at the forefront of this shift. This article examine the current state of vehicle electrification in 2023, and the significant trends promoting its Passenger Car Sensors Market growth. In the first quarter of 2023, more than 2.3 million electric vehicles were sold, demonstrating a remarkable 25% increase compared to last year. Electric vehicles are the single most important technology for decarbonizing the transport sector. They are several times more efficient at converting energy into vehicle propulsion than gasoline and diesel vehicles, with much lower life-cycle emissions. By 2050, electric power have to dominate the light vehicle segments and make significant inroads in the heavy-duty categories.

The share of electric cars in total sales has creased from around 4% in 2020 to 18% in 2023. sales are expected to continue strongly through 2024. Over 3 million electric cars were sold in the first quarter, about 25% more an in the same period last year. The currently expect to see around 17 million in sales by the end of 2024, representing a more an 20% year-on-year increase with new purchases accelerating in the second half of this year. As a result, electric cars could count for over one in five cars sold across the full calendar year. National policies and incentives, along with increasing price competition, help bolster sales. Based on current policies and trends, the rollout of electric vehicles is set to avoid the need for nearly 6 million barrels of oil a day in 2030.

The ongoing shift towards electric vehicles (EVs) represents a significant growth driver for the passenger car sensors market. EVs require diverse sensors for efficient operation, including battery management systems, temperature sensors, and position sensors. These sensors play a crucial role in monitoring and optimizing electric vehicles' performance, safety, and efficiency. With global efforts to reduce carbon emissions and the increasing adoption of EVs, the demand for advanced sensor technologies is set to rise substantially. Governments worldwide are also offering incentives and subsidies to promote EV adoption, further fuelling market growth. As automakers ramp up their EV production, the passenger car sensors industry is poised for robust expansion, driven by the need for high-performance, reliable sensors that ensure optimal vehicle functionality and safety.

The Rise in Demand for Autonomous Vehicles among Passengers to Create Lucrative Opportunity for Market Growth

The burgeoning field of autonomous vehicles presents a lucrative opportunity for the passenger car sensors market. Autonomous vehicles, ranging from semi-autonomous to fully self-driving cars, rely extensively on an array of sensors to navigate and make real-time decisions. These include cameras, radar, LiDAR, and ultrasonic sensors, which collectively enable the vehicle to perceive its environment accurately and operate safely without human intervention. As technological advancements continue to push the boundaries of autonomous driving capabilities, the demand for more sophisticated, reliable, and cost-effective sensor solutions is expected to surge. Companies investing in the development and integration of advanced sensor technologies stand to gain significantly in this evolving landscape. The autonomous vehicle market’s growth trajectory provides a compelling opportunity for sensor manufacturers to innovate and expand their offerings, ensuring sustained market growth and competitive advantage.

Developing Countries have an Underdeveloped Aftermarket for Automotive Sensors that Restrain the Market

Because of the undeveloped aftermarket for vehicle sensors, the automotive sensors industry is dominated by OEMs. The aftermarket is critical in fostering Passenger Car Sensors Market growth for various industry areas, such as industrial sensors and home automation devices. However, when it comes to vehicle sensors, the majority of technical parameters are provided by the vehicle manufacturer or a tier 1 supplier, which is the primary reason for the difficulties in commercializing automotive sensors. Similarly, due to the lesser penetration of these sensors in automobiles, the retrofit market for different new sensors such as radar, LIDAR, and proximity sensors is relatively limited. The aftermarket is marginally established in industrialized nations such as North America and Europe, but it is considerably underdeveloped in APAC's rising economies.

Safety Threats in Autonomous Passenger Cars Challenging Factor for Market Growth

Autonomous vehicles have gained popularity in recent years. There have been countless fatalities in Level 3 to Level 5 autonomous vehicles with little human intervention. Also, the EU Agency for Cybersecurity and the Joint Research Centre issued a document stating that autonomous cars pose significant cybersecurity concerns. According to the report, autonomous vehicles are vulnerable to adversarial machine learning techniques like evasion or ML poisoning attempts. Spoofing patterns and face recognition systems are part of this threat framework. Evasion attacks change the data given into the systems to benefit the attacker. Poisoning operations, on the other hand, damage the training process, resulting in a malfunction that benefits the attacker. Tesla self-driving cars, for example, were deceived into speeding from 30 to 80 mph using a modified speed restriction sign. Such factors are expected to restrain the Passenger Car Sensors Market growth.
OEMs are likely to enhance their adoption of sophisticated sensors such as radar, LIDAR, and image sensors as they improve. OEMs and installers, on the other hand, must work on assuring the accuracy and reliability of these sensors. Likewise, manufacturers should use security-by-design ways to ensure AI safety on the road.
Passenger Car Sensors Market Segment Analysis
The powertrain system segment held the largest Passenger Car Sensors Market share in 2023. This segment encompasses the collection of components and mechanisms responsible for generating power and transferring it to a vehicle’s wheels. Sensors play a crucial role in monitoring and controlling various powertrain and drivetrain elements to ensure optimal performance, efficiency, and reliability. These sensors are vital for maximizing powertrain performance, enhancing fuel efficiency, reducing emissions, improving vehicle dynamics, and ensuring overall safety and dependability. The growing trend of vehicle electrification and connectivity is expected to further boost the demand for sensors in the powertrain/drivetrain category. As a result, this segment is set to play a pivotal role in the development of more intelligent, sustainable, and efficient passenger cars, reinforcing its dominance in the market.

However, the safety and control systems Passenger Car Sensors Market segment is expected to grow at a CAGR of 8.1% during the forecast period. The emphasis that a manufacturer places on passenger safety is one of the most significant factors for a vehicle's sale. With several recent developments in a variety of technologies, occupant safety in a collision scenario is now being efficiently applied. Recent statistics across many nations demonstrate a decrease in the number of deaths caused by traffic accidents. It is a complicated combination of numerous elements that cannot be ascribed just to improving vehicle performance or road conditions. One of the most important aspects is upgrades in vehicle safety systems as a result of MEMS-based sensor developments. The frontal collision, side impact, and rollover protection devices are often deployed by the safety system. MEMS-based devices are used to sense, monitor, and identify vehicle behavior such as undesired changes in accelerations and angular rates, passenger location, and behavior, and surrounding circumstances.
Passenger Car Sensors Market Regional Analysis
Europe held the largest Passenger Car Sensors Market share in 2023. The growth is correlated with numerous European startups. Automobile companies, for example, are developing sensor technology to add value to cars and allow total autonomy in vehicles. TracSense, a Norwegian firm, creates solutions for high-end automobile sensor systems. The company uses optical sensors installed on cars to assess road friction every 50 milliseconds. This system also includes advanced weather models to anticipate road conditions, which improves driver safety by increasing situational awareness. COMPREDICT, a German company, provides software-based virtual sensors. The sensors assess stresses, torques, temperatures, or currents by utilizing pre-existing signals in cars. The data collection allows for the monitoring of physical components such as chassis elements, brake systems, and engine components without the need for any sensors to be installed. The technology also aids in the optimization of the product development process, resulting in lighter and safer components.

COVID-19 served as an 'accelerator' for the development and sale of EVs, and while sales of internal combustion engine vehicles, including diesel-powered vehicles, fell, sales of plug-in hybrid electric vehicles and light commercial vehicles reached a record of 2.3 million sold globally in 2020. According to a study, 2020 may well mark the "tipping point" in the adoption of EVs. EVs of all types accounted for 6% of cars on European roads in 2020, with North America's EV sales in the 'slower lane' when compared to the European Union. At the country level, China continues to lead the world in EV adoption, with 1.2 million sold in 2019 and 3.35 million EVs on Chinese roads by the end of 2020. Also, rising EV demand is driving up demand for automotive sensors.

It has been reported that approximately 95% of all German automotive-related companies placed their workforce on short-term contracts in 2020, at a time when the top 20 OEMs saw a collective decline in profits of approximately $100 billion, representing a roughly 6% decline in profitability over two years. Before the COVID-19 outbreak, automotive players were hesitant to use digital channels, and as a result, several conventional OEMs are late adopters. Tesla, on the other hand, established trends. During the first quarter of 2020, China saw an 80% drop in overall automobile sales, while Tesla increased sales by 10% by committing to the Chinese market with a new production plant in Shanghai and the introduction of online sales offers such as contactless test drives and home deliveries.
Passenger Car Sensors Market Scope: Inquire before buying



Global Passenger Car Sensors Market


Report Coverage
Details


Base Year:
2023
Forecast Period:
2024-2030


Historical Data:
2018 to 2023
Market Size in 2023:
US $ 132.04 Bn.


Forecast Period 2024 to 2030 CAGR:
8.67%
Market Size in 2030:
US $ 236.31 Bn.


 Segments Covered:
by Product
Temperature Sensors
Pressure Sensors
Oxygen Sensors
NOx Sensors
Position Sensors
Speed Sensors
Inertial Sensors
Image Sensors
TPMS Sensors
Others


by Application
Powertrain Systems
Chassis
Exhaust Systems
Safety & Control Systems
Vehicle Body Electronics
Telematics Systems
Others



Passenger Car Sensors Market, by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Passenger Car Sensors Key Players
1. Sensata Technologies (USA)
2. CTS Corporation (USA)
3. Magna International (Canada)
4. Amphenol Advanced Sensors (USA)
5. BorgWarner, Inc. (USA)
6. LeddarTech (Canada)
7. Velodyne LiDAR (USA)
8. Quanergy (USA)
9. Aptiv plc (Ireland)
10. Robert Bosch GmbH (Germany)
11. Continental AG (Germany)
12. Autoliv, Inc. (Sweden)
13. TE Connectivity (Switzerland)
14. Friedrichshafen (Germany)
15. Valeo S.A. (France)
16. Innoviz Technologies (Israel)
17. DENSO Corporation (Japan)

Frequently Asked Questions:
1] What is the growth rate of the Global Passenger Car Sensors Market?
Ans. The Global Passenger Car Sensors Market is growing at a significant rate of 8.67 % during the forecast period.

2] Which region is expected to dominate the Global Passenger Car Sensors Market?
Ans. Europe is expected to dominate the Passenger Car Sensors Market during the forecast period.

3] What is the expected Global Passenger Car Sensors Market size by 2030?
Ans. The Passenger Car Sensors Market size is expected to reach USD 236.31 Bn by 2030.

4] Which are the top players in the Global Passenger Car Sensors Market?
Ans. The major top players in the Global Passenger Car Sensors Market are Sensata Technologies (USA), CTS Corporation (USA) and others.

5] What are the factors driving the Global Passenger Car Sensors Market growth?
Ans. Continuous advancements in sensor technology, including improvements in accuracy, miniaturization, and cost-effectiveness, are major growth drivers. Innovations in smart sensors, connectivity, and integration with advanced driver assistance systems (ADAS) enhance vehicle safety and performance.

6] Which country held the largest Global Passenger Car Sensors Market share in 2023?
Ans. The United Kingdom held the largest Passenger Car Sensors Market share in 2023.