Passenger Car Sensors Market: Global Industry Analysis and Forecast (2023-2029)

Passenger Car Sensors Market size was valued at US$ 5.04 Bn. in 2022 and the total Passenger Car Sensors revenue is expected to grow at 8.2% from 2023 to 2029, reaching nearly US$ 8.75 Bn.
Passenger Car Sensors Market Overview:
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 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 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 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.
Report Scope:
The Passenger Car Sensors market is segmented based on Type, Application, Sales Channel, and Region. The growth of various segments helps report users in acquiring knowledge of the many growth factors expected to be prevalent throughout the market and develop different strategies to help identify core application areas and the gap in the target market. The report provides an in-depth analysis of the market and contains meaningful insights, facts, historical data, and statistically supported and industry-validated market statistics. It also includes estimates based on an appropriate set of assumptions and methodologies.

The bottom-up approach has been used to estimate the market size. Major Key Players in the Passenger Car Sensors market are identified through secondary research and their market revenues are determined through primary and secondary research. Secondary research included a review of annual and financial reports of leading manufacturers, while primary research included interviews with important opinion leaders and industry experts such as skilled front-line personnel, entrepreneurs, and marketing professionals. Some of the leading key players in the global Passenger Car Sensors market include Robert Bosch GmbH, Continental AG, DENSO Corporation, and Infineon Technologies AG. They are continuously strategizing on mergers and acquisitions, strategic alliances, joint ventures, and partnerships for the growth of their market shares.To know about the Research Methodology :- Request Free Sample Report
Passenger Car Sensors Market Dynamics:
The growing adoption of autonomous passenger cars is a major driver of market growth
One of the key causes boosting the need for passenger vehicle sensors is autonomous driving. Most automotive sensor markets are growing in tandem with the general growth of the automotive market. The widespread use of ADAS and AD systems is the primary driver of increased demand for vehicle sensors. Image sensors, temperature sensors, position sensors, and other sensors placed in ADAS/AD systems contribute the most to the total growth of the automotive sensor 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 can trigger alarms and perform basic functions as a result. Consequently, autonomous cars equipped with a wide range of sensors can minimize driver stress while increasing productivity. As a result, the growing use of autonomous passenger vehicles is driving the automotive sensors market growth.

 
A major restraint in the market growth is that developing countries have an underdeveloped aftermarket for automotive sensors
Because of the undeveloped aftermarket for vehicle sensors, the automotive sensors industry is dominated by OEMs. The aftermarket is critical in fostering market growth for a variety of different 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 are a major challenge 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 Cyber security and the Joint Research Centre issued a document stating that autonomous cars pose significant cyber security 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.

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:
By Application, the safety and control systems 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 technology, 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. The majority of car manufacturers categorize safety systems into the following domains:

1. Prevention Technologies: These assist drivers in becoming more aware of road conditions while also reducing distractions and stress. Radars and cameras, for example, improve visibility.

2. Response Technologies: When driving systems fail and things go wrong, these support the driver. An example is an anti-lock braking system (ABS), which enhances steering and braking.

3. Protection Technologies: These are intended to reduce the repercussions of accidents for the occupants, passengers, and other road users around. Examples include restraint devices like airbag systems, which reduce passenger injuries.

4. Rescue Technologies: These are designed to assist emergency responders in reaching passengers in the event of an accident.



By Sales Channel, the OEM segment is expected to grow at a CAGR of 8.4% during the forecast period. OEMs exhaustively specifying requirements and suppliers delivering on them may be coming to an end. OEMs and established suppliers are unable to properly articulate the technological needs of new systems. Co-development between OEMs and suppliers is expected to become not only prevalent but also essential. Also, tech-native enterprises are expected to join the market more openly. This will get easier when hardware and software procurement becomes more distinct. This separation would break up existing value pools, lowering entry barriers. For OEMs, the split would also make sourcing more competitive and scaling less complicated, as well as provide a common platform for application software while keeping hardware competitive.

The set of strategic measures for OEMs includes plans to reduce the rising costs of hardware and software development while also establishing a more agile cross-functional development. Tier-1 suppliers would benefit from cross-functionality as well as actively collaborating with OEMs to develop their E/E architecture. Tier-2 suppliers will seek to further specialize and grow within an appealing specialty to prosper as many components become commodities. Improving software delivery and E/E architectural skills, embracing current technological innovation (including UI, UX, and analytics), and discarding absolutistic concepts of rivalry while examining the benefits of cooperation within an emerging ecosystem would benefit all parties.
Passenger Car Sensors Market Regional Insights:
The European market is expected to grow at a CAGR of 9.3% during the forecast period. The growth can be 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



Passenger Car Sensors Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2017 to 2022
Market Size in 2022:
US $ 5.04 Bn.


Forecast Period 2023 to 2029 CAGR:
8.2%
Market Size in 2029:
US $ 8.75 Bn.


 Segments Covered:
by Type
1.Temperature Sensors
2.Pressure Sensors
3.Oxygen Sensors
4.NOx Sensors
5.Position Sensors
6.Speed Sensors
7.Inertial Sensors
8.Image Sensors
9.Others


by Application
1.Powertrain Systems
2.Chassis
3.Exhaust Systems
4.Safety & Control Systems
5.Vehicle Body Electronics
6.Telematics Systems
7.Others


by Sales Channel
1.OEM
2.Aftermarket



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 Market, Key Players are
1.Robert Bosch GmbH
2. Continental AG
3.DENSO Corporation
4. Infineon Technologies AG
5. BorgWarner, Inc.
6. Sensata Technologies
7.Allegro Microsystems, Inc.
8. Analog Devices, Inc.
9.ELMOS Semiconductor SE
10. Aptiv plc
11. NXP Semiconductors N.V.
12.STMicroelectronics N.V.
13.CTS Corporation
14.Autoliv, Inc.
15.TE Connectivity
16. ZF Friedrichshafen
17.Valeo S.A.
18.Magna International
19.Melexis N.V.
20. ON Semiconductor
21. Amphenol Advanced Sensors
22.LeddarTech
23. Velodyne LiDAR
24. Quanergy
25.Innoviz Technologies

FAQs:

1. Which is the potential market for Passenger Car Sensors in terms of region?
Ans. Europe is the potential market for Passenger Car Sensors in terms of region.

2. What are the challenges for new market entrants?
Ans. Safety threats in autonomous passenger cars are a major challenge for market growth.

3. What is expected to drive the growth of the Passenger Car Sensors market in the forecast period?
Ans. The growing adoption of autonomous passenger cars is a major driver of market growth.

4. What is the projected market size & growth rate of the Passenger Car Sensors Market?
Ans. Passenger Car Sensors Market size was valued at US$ 5.04 Bn. in 2022 and the total Passenger Car Sensors revenue is expected to grow at 8.2% from 2023 to 2029, reaching nearly US$ 8.75 Bn.

5. What segments are covered in the Passenger Car Sensors Market report?
Ans. The segments covered are Type, Application, Sales Channel and Region.