The constant demand to meet efficiency and security standards are effectively driving the need for deploying sensors. The rising demand in the automotive industry for highly reliable and cost-efficient sensors are resulting in the mass production of these sensors. The sensors play a vital role in the automotive industry, skillfully monitoring various electronic and electromechanical applications by gathering varied forms of data such as temperature, pressure, position, level, torque, and oxygen levels, among others, of different vehicle applications such as powertrain, chassis, body, safety, and exhaust among others. Over the decade, the vehicle electronics system has evolved extensively, which has led to several technological advancements such as microcontroller-based platforms, continuous product development, and evolving applications that are aiding in widening the scope of the automotive sensor.
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An increase in luxury offerings for automotive vehicles leading to a shift in the focus of consumer preferences from sedan to SUVs and rising disposable incomes of individuals have been boosting the demand for luxury cars around the world. Luxury cars are providing a high level of comfort and incorporating safety features, which is leading to the emergence of various opportunities for the market. Moreover, the rising trend of electric luxury vehicles across the regions is leading to a growth in the overall demand for luxury cars in the market.
The leading luxury car manufacturers launching electric versions of their vehicles due to rising environmental concerns and increasing fuel prices are also likely to accelerate further the growth of the luxury car market over the forecast period. Manufacturers of high-end vehicles such as BMW 7 series, Audi 8, and Mercedes Benz E-class are ensuring the installation of more than 100 individual sensors. The sensors usually work in cohesion with microcontrollers and embedded systems present inside the engine control unit (ECU). The modern luxury cars have a higher number of ECUs integrated within them as compared to conventional vehicles, further leading to an increase in the concentration of sensors in luxury vehicles.
Major sensors such as temperature sensor, pressure sensor, position sensor, speed sensor, level sensor, an inertial sensor, gas sensor, flow sensor, knock sensor, force sensors, and torque sensors, among others, are largely being developed by sensor manufacturers. The major sensor manufacturers are producing various kinds of sensors for calculating parameters such as temperature, pressure, position, and speed, among others, across multiple vehicle applications such as powertrain, chassis, body, safety, and exhaust systems. The sensor manufacturers are working towards the development of advanced technologies, such as micro-electromechanical systems (MEMS) and Nano-electromechanical systems (NEMS), to reduce the size of sensors, which will increase the performance of these sensors corresponding to their macro-scale devices.
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The competitive landscape of the automotive sensor market consists of established automotive sensor providers. Such companies have been adopting different strategies such as business expansions, product launches, mergers/partnerships/collaborations, and acquisitions, in an attempt to enhance their market presence, technical expertise, and geographical reach. Key players operating in the market are Continental AG, Robert Bosch GmbH, TE Connectivity, Sensata Technologies, Melexis, Allegro Microsystems, and Denso Corporation, among others.
Furthermore, prominent industry players are making active efforts to advance the commercialization of low-cost, miniaturized, and highly reliable automotive sensors. In addition to this, given the industry’s initial developmental stage and huge growth potential, it is expected that the market will observe an increase in the number of key strategic developments in the near future, among different stakeholders including automotive sensor manufacturer, automotive OEMs, and various other technology players in the market.