Portland, June 18, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global generated $16.40 billion in 2019, and is estimated to reach $37.65 billion by 2027, registering a CAGR of 10.2% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.
Surge in usage of automotive sensors in electric and hybrid cars and growing demand for custom designed electronics devices drive the growth of the global automotive sensor market. However, high cost associated with the development of automotive sensors restrains the market growth. Furthermore, growing technological innovations in the automotive sector is expected to create new growth opportunities for market players during the forecast period.
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Covid-19 scenario:
- The demand for automotive sensors is likely to decrease during the Covid-19 pandemic as several automobile manufacturers across the globe have halted their production activities amid lockdown.
- The sales of automotive sensors is expected to experience a downfall during the coronavirus pandemic due to the negatively-affected supply chain amid the lockdown.
- In countries such as China and India, governments are lifting the lockdown restrictions to start the industrial activities. This is likely to be a huge opportunity to grow and generate maximum revenue for several automotive sensor manufacturers with presence in these countries.
The report offers a detailed segmentation of the global automotive sensor market based on type, application, and region.
Based on type, the temperature sensor segment contributed to the largest share in 2019, accounting for more than one-fourth of the total share, and is estimated to maintain its dominant position during the forecast period. However, gas sensor segment is estimated to portray the highest CAGR of 14.7% during the forecast period.
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Based on application, the powertrain segment accounted for the largest share in 2019, holding nearly one-fourth of the total share, and is expected to maintain the largest share throughout the forecast period. However, body electronics segment is expected to register the highest CAGR of 12.7% from 2020 to 2027.
Based on region, Asia-Pacific contributed the highest share, accounting for nearly half of the total market share in 2019, and will maintain its dominance throughout the forecast period. In addition, it is expected to grow at the highest CAGR of 11.3% from 2020 to 2027. The research also discusses regions including North America, Europe, and LAMEA.
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Leading market players analyzed in the research include DENSO Corporation, Robert Bosch, Continental AG, Autoliv Inc, Delphi Automotive Company, Valeo, NXP Semiconductor, Sensata Technologies, Infineon Technologies AG, and STMicroelectronics N.V.
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