A significant factor that has increased demand for passenger car sensors in recent years is public awareness of security and safety. As an illustration, the World Forum for Harmonization of Vehicle Regulations has published some technical regulations for the safety of motor vehicles, such as the technical specifications for onboard diagnostics (OBD) and electronic stability control systems for road vehicles. As a consequence of its growing importance in regulating and observing the speed of vehicles, the "speed sensor" market is anticipated to grow at the fastest rate among all sensor-type segments.
According to Data Bridge Market Research, the Passenger Car Sensors Market was valued at USD 129.80 billion in 2022 and is expected to reach the value of USD 258.63 billion by 2030, at a CAGR of 9.00% during the forecast period.
"Increasing emphasis on vehicle safety surge market demand"
As vehicle safety becomes a top priority in the global automotive industry, passenger car sensors are playing a critical role in enabling advanced driver assistance systems (ADAS) and safety features. These sensors, integrated into vehicles, facilitate functionalities like collision avoidance, lane departure warning, and adaptive cruise control. The rising demand for safer vehicles and the need to enhance driver and passenger safety drive the adoption of passenger car sensors across the industry.
What restraints the growth of the passenger car sensors market?
"High cost of advanced sensors can impede the market growth”
The high cost of advanced sensors, such as LiDAR and RADAR, poses a challenge to the widespread adoption of these technologies in passenger cars. The expense associated with these sensors can deter price-sensitive markets and budget-conscious consumers from integrating them into their vehicles. The cost constraint limits the accessibility and affordability of advanced sensor technologies, hindering their widespread adoption in the passenger car market.
Segmentation: Global Passenger Car Sensors Market
The passenger car sensors market is segmented on the basis of type, sensor type, and application
- On the basis of type, the passenger car sensors market is segmented into compact, midsize, luxury, suvs.
- On the basis of sensor type, the passenger car sensors market is segmented into surface pressure sensors, position sensors, speed sensors, temperature sensors, o2 and nox sensors, safety and comfort sensors, others,
- On the basis of application, the passenger car sensors market is segmented into surface powertrain/drivetrain system sensors, exhaust system sensors, interior/comfort system sensor, body control system sensor, and safety/das sensors.
Regional Insights: North America dominates the Global Passenger Car Sensors Market
North America dominates the passenger car sensors market in revenue growth. This is mainly due to the persistent fiscal circumstances and growing population of this region. The rapidly expanding passenger car market in North America encourages automakers to concentrate on these areas.
Asia-Pacific is projected to be the fastest developing region during the forecast period of 2023-2030 due to the region's use of safety technologies made possible by the rising dual income. Furthermore, the markets for passenger car sensors in this region are expanding significantly in China and Japan.
To know more about the study, visit, https://www.databridgemarketresearch.com/reports/global-passenger-car-sensors-market
Recent Developments in Global Passenger Car Sensors Market
- In 2021, Honda's cutting-edge ADAS, dubbed "Honda Sensing Elite," was recently released. Only a specific range of Japanese-only vehicles are compatible with this system. This system has SAE level 3 capabilities and a Traffic Jam pilot module.
The Prominent Key Players Operating in the Global Passenger Car Sensors Market Include:
- Continental AG (Germany)
- Robert Bosch GmbH (Germany)
- DENSO Corporation (Japan)
- TE Connectivity (Switzerland)
- BorgWarner Inc. (U.K.)
- Allegro MicroSystems (U.S.)
- Analog Devices, Inc, (U.S.)
- Infineon Technologies AG (Germany)
- NXP Semiconductor (Netherlands)
- ZF Friedrichshafen AG (Germany)
- Hitachi, Ltd (Japan)
- STMicroelectronics (Switzerland)
- VALEO (France)
- Semiconductor Components Industries, LLC (U.S.)
- CTS Corporation (U.S.)
- Elmos Semiconductor SE (Germany)
- Sensirion AG (Switzerland)
- Thor Industries (U.S.)
- Autoliv (Sweden)
Above are the key players covered in the report, to know about more and exhaustive list of Global Passenger Car Sensors Market companies contact, https://www.databridgemarketresearch.com/contact
Research Methodology: Global Passenger Car Sensors Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by dbmr research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include vendor positioning grid, market time line analysis, market overview and guide, company positioning grid, company market share analysis, standards of measurement, global vs regional and vendor share analysis. Please request analyst call in case of further inquiry.
