Press Releases

Global Automotive Sensor Technologies Market to Hit $66.2 Billion

January 17, 2019

WELLESLEY, Mass., Jan. 17, 2019 ­– The global market for automotive sensor technologies is progressing at a rapid rate owing to their use in providing vital data concerning performance, safety, comfort and other functions, technological advances in electronic control systems and additional factors, according to a new report by BCC Research.  

The global market for automobile sensors was valued at $35.4 billion in 2018 and is expected to reach $66.2 billion by 2023 at a compound annual growth rate (CAGR) of 13.4% during the forecast period, according to the report “Global Markets for Automotive Sensor Technologies.”

Major players in the market include: American Sensors Technologies Inc., China Automotive Systems, Inc. (CAAS), CTS Corporation (CTS), Digi International Inc. (DGII), Faurecia SA (FURCF), Flexpoint Sensor Systems Inc. (FLXT) and Hitachi Automotive Systems, among many others.

Research Highlights:

  • Sensors needed for crash avoidance, safety and security systems, passenger comfort and convenience, emission control and alternate fuel vehicles are the fastest growing segments to date. 
  • Automobile production in the Asia-Pacific region is expected to reach 9.0 million units by 2023. The production mix of automobiles is expected to shift from simple, standard automobiles to more sophisticated, fuel-efficient automobiles.
  • A growth surge is expected for sensors integrated with electronics, communications and computer intelligence.

Increased affordability and regulatory compliance are the two drivers for the adoption of new sensor technology,” said Srinivasa Rajaram, the report’s author. “Sensor-based designs, which eliminate or support the mechanical systems in place, are possible due to the increasing economies of scale of sensor production.”

High Demand for Sensor Developers Presents a Strong Market Opportunity

Vehicle original equipment manufacturers (OEMs) do not typically make or develop the sensors they use. The sensor is technically specified by the vehicle manufacturer based on the system’s design specifications. System suppliers do much of the development coordination and a significant amount of development themselves, as the actual sensor manufacturers tend to be smaller companies. There is still ample opportunity for individuals and small groups to make a major breakthrough in the automotive vehicle sensors market.

Editors/reporters requesting analyst interviews should contact Eric Surber at press@bccresearch.com.

Global Markets for Automotive Sensor Technologies( IAS018G )
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