The global automotive sensors market size is projected to grow from USD 30.8 billion in 2023 and is anticipated to be USD 62.2 billion by 2028, growing at a CAGR of 15.0% from 2023 to 2028. Growing focus on implementing vehicle authentication to ensure driver safety and comfort, Minimizing driver stress through adoption of advanced driver-assistance systems drives market growth during the forecast period. Factors such as growing adoption of EVs and HVs to reduce CO2 emissions, increasing investments by automobile manufacturers in LiDAR technology provide market growth opportunities for the automotive sensors industry.

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Automotive Sensors companies include:
• Robert Bosch GmbH (Germany),
• ON Semiconductor (US),
• OMNIVISION (US),
• TE Connectivity (Germany),
• Continental AG (Germany),
• Infineon Technologies AG (Germany),
• NXP Semiconductors (Netherlands),
• Denso Corporation (Japan),
• Panasonic (Japan),
• Allegro MicroSystems, Inc. (US),
• Sensata Technologies,Inc (US),

Driver: Advancements in sensor technologies to meet customer requirements

Sensors have become more compact, energy-efficient, and cost-effective, enabling seamless integration into various applications. Innovations, such as solid-state LiDAR, CMOS image sensors with enhanced resolution and low-light capabilities, and susceptible microelectromechanical systems (MEMS) accelerometers, have redefined the data collection and analysis landscape. These advancements have empowered businesses to gather real-time insights with unprecedented accuracy, driving efficiency gains, process optimization, and developing cutting-edge products and services that cater to evolving customer demands. The rise of electric and hybrid vehicles requires sensors to monitor battery health, temperature, charging status, and other critical parameters for optimal performance and safety.

Opportunity: Rising demand for automotive aftermarket services

Aftermarket opportunities in the automotive sensors market referred to the potential for selling and installing sensor-based products and solutions in vehicles not equipped initially with those sensors by the manufacturer. This growth is driven by increased demand for safety features, the rising popularity of aftermarket car modifications, and the growing popularity of electric vehicles. Some specific aftermarket opportunities in the automotive sensor market are Blind spot monitoring systems, Lane departure warning systems, Parking sensors, Battery monitoring systems, and Solar charging systems. Older vehicles lack the advanced safety features that are now becoming standard in newer models.

The LiDAR sensors segment is expected to record the highest CAGR during the forecast period. LiDAR technology plays a crucial role in enhancing the safety and capabilities of autonomous vehicles, serving as a pivotal component in advancing transportation systems. LiDAR-based ADAS systems stand out as the most innovative and efficient technologies for autonomous vehicles due to their superior performance in obstacle detection compared with image and radar sensors.

Government initiatives are pivotal in fostering sensor adoption and innovation. In Japan, the government actively promotes autonomous driving technology, stimulating the demand for sensors related to advanced driver assistance systems (ADAS) and autonomous vehicles. The strong push toward electric vehicles, backed by substantial government incentives, propels the demand for sensors related to EV batteries and charging infrastructure in China. Additionally, South Korea's focus on fifth-generation (5G) and sixth-generation (6G) network technologies catalyzes the development of connected vehicles, further boosting the market.

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Robert Bosch GmbH holds a leading position in the global automotive sensors market. The company primarily focuses on automated driving, electromobility, and the IoT; it aims to be a leading supplier. Powertrain solutions offered by Bosch are mainly designed for passenger cars, commercial and off-highway vehicles, and electric vehicles. Also, the company makes significant investments in R&D activities to sustain its position in the market. Robert Bosch GmbH focuses on several organic and inorganic growth strategies, such as product launches, collaborations, partnerships, expansions, and agreements, to strengthen its position in the automotive sensors market.