Passenger Car Sensors Market is Projected to Reach USD 1,48,100 million, at a 8.60% CAGR by 2030 – Report by Market Research Future (MRFR)
Passenger Car Sensors Market Growth Boost by Increasing Risk to Small Children and Pedestrians from Reversing or Rolling Back Vehicles is the Major Aim
New York, US, Feb. 17, 2023 (GLOBE NEWSWIRE) — According to a Comprehensive Research Report by Market Research Future (MRFR), “Passenger Car Sensors Market, by Sensor Type, by Application – Forecast 2030”, During the forecast period, the market for passenger car sensors is anticipated to increase by USD 1,48,100 million at a CAGR of 8.60%.
Passenger Car Sensors Market Overview
The expansion of the automotive industry immediately impacts the market for passenger vehicle sensors by driving up demand. The market for passenger car sensors is driven by a number of variables, including efficiency, strict emission regulations, safety, and comfort. From the vehicle’s engine to its exhaust system, sensors are used to enhance performance while enhancing dependability and durability. The market for passenger car sensors is also being driven by innovations like tyre pressure monitoring systems, occupant identification, electronic stability control, heating and ventilation air conditioning, and others. The government also supports the use of passenger car sensors for detection and electronic stability control.
The key players working in passenger car sensors market include
- Continental AG
- Allegro Microsystems LLC
- Analog Devices Inc.
- Robert Bosch GmbH
- CTS Corporation
- Elmos Semiconductors
- Delphi Automotive PLC
- Infineon Technologies
- Denso Corporation
- TRW Automotive
- Among others.
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The market for passenger car sensors is expected to grow by 2020 as a result of the increasing safety criteria for automobiles. Market Research Future creates the industry reports for the automotive components sector and identifies opportunities for market growth. Market growth is anticipated to be strong during the projection period.
Global market share for passenger car sensors is expected to change due to advances in the automotive sector’s use of sensors. Additionally, the market for passenger car sensors is predicted to grow in the future due to the increasing spending power of end customers. The market for passenger car sensors is expected to increase favourably as a result of consumer demand for optimised vehicle performance.
Passenger Car Sensors Market Report Scope:
|Market Size by 2030||2030: USD 1,48,100 Million|
|CAGR during 2022-2030||8.5% CAGR|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Sensor Type, Application|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers|| Efficiency, stringent emission norms, safety and comfort |
Advancements such as tire pressure monitoring systems, occupant detection, electronic stability control, heating and ventilation air conditioning
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Passenger Car Sensors Market Segmental Analysis
The segmental insight into the passenger car sensors market is conducted on the basis of sensor type, application, and region.
Based on the sensor type, the passenger car sensors market is segmented into temperature, speed, pressure, and others.
The application-based segmentation of the passenger car sensors market comprises of exhaust, interior/comfort, power train/ drive train, das, and body control.
Based on the regions, the passenger car sensors market consists of Asia Pacific, North America, Europe, and the rest of the regions in the world.
Asia Pacific, North America, Europe, and the rest of the world make up the regional analysis of the passenger car sensor market. In the Asia Pacific region, the market share for passenger car sensors is increasing favourably. Rearview sensors or backup cameras will soon be required for all new automobiles, according to the region’s administration, which will spur demand on the international market. One major aspect propelling the passenger car sensors industry is the growing risk that reversing or rolling back cars pose to children and pedestrians. Additionally, improvements in sensors for temperature, pressure, monitoring light, and other things will drive the demand for passenger car sensors.
On the other side, high prices act as a roadblock to the market’s growth.
They will present a number of chances for the development of passenger car sensors. While the European region is expected to spur passenger vehicle makers to concentrate on the new regions of the global market where the population of passenger cars is growing quickly.
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Passenger Car Sensors Market Regional Analysis
The Asia Pacific region’s fastest growing market is for passenger car sensors. The government has announced that soon all new automobiles must have backup cameras or rear view sensors. The main intention behind that is to increase the risk that vehicles rolling back or reversing pose to small children and pedestrians.
The market for passenger car sensors is also being driven by sensor innovation, which includes monitoring light, temperature, pressure, and other factors. This is creating opportunities for sensor development.
In contrast, Europe is urging producers of passenger cars to concentrate on the developing nations where the number of cars on the road is rapidly rising.
The growing focus on passenger, pedestrian, and vehicular safety in the nation is one of the key reasons boosting the sensors market in India.
Few features, such as reverse parking assistance, which is anticipated to aid market expansion, have been mandated by the government. Similar to this, the market is anticipated to be driven by the growing deployment of ADAS systems in both passenger automobiles and commercial vehicles.
However, it is anticipated that the slow adoption of electric vehicles in both the passenger car and commercial vehicle sectors as well as the increasing cost of vehicles due to the integration of additional safety systems will restrain market growth to some extent.
It is predicted that the market would experience impressive growth as a result of the requirement for careful study of market trends and demand estimates. To properly alter the market, there will likely be major growth limits that necessitate significant support. Companies will be better able to combat challenges like the present epidemic if sustainability is incorporated into their basic assets. According to estimates, the forces of supply and demand are expected to be unstable, which would have a positive effect on the global market as a whole.
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It is anticipated that the restoration and routine operations would take some time, which will significantly increase the delivery backlog. It is predicted that the situation would improve in the upcoming years thanks to the financial aid given by governments and trade organisations all over the world. Due to the magnitude of the impact on the worldwide market, it is anticipated that the downturn’s consequences will continue to be felt for a little while longer.
Chinese government is anticipated to play a significant role in the selling of electric and hybrid vehicles.
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