Automotive Electronics Sensor AfterMarket to Hit USD 498.89 Billion by 2030 Due to Rising Demand for Electric and Hybrid Vehicles
Research Reports
Oct 19, 2023
As per SNS Insider’s research, the automotive electronics sensor aftermarket is witnessing robust growth driven by the convergence of technological innovations, regulatory mandates, consumer awareness, and the proliferation of advanced vehicle systems.
The automotive electronics sensor aftermarket market, as indicated in the SNS Insider report, was valued at USD 292.54 billion in 2022. It is projected to reach USD 498.89 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 6.9% during the forecast period from 2023 to 2030.
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Market Report Scope
Automotive electronics sensors have emerged as the linchpin of this revolution, reshaping the driving experience and vehicle safety. As vehicles become smarter and more connected, the demand for high-quality aftermarket automotive electronics sensors has surged. Automotive electronics sensors are devices that monitor and provide information regarding various vehicle functions. These sensors play a pivotal role in ensuring optimal performance, safety, and efficiency. They are responsible for gathering data on critical parameters such as engine temperature, tire pressure, air quality, and vehicle speed, among others. This data is then processed by the vehicle’s electronic control unit (ECU) to make real-time adjustments, enhancing the overall driving experience.
Market Analysis
The rapid integration of Advanced Driver Assistance Systems (ADAS) has become a norm in modern vehicles, enhancing safety and driving experience. Automotive electronics sensors, including LiDAR, radar, and ultrasonic sensors, are crucial components of ADAS. As the demand for safer driving solutions rises, so does the need for aftermarket sensor replacements and upgrades, thereby fueling automotive electronics sensor aftermarket market growth. The automotive industry is witnessing a paradigm shift towards connected vehicles. Consumers now expect seamless integration of smartphones, navigation systems, and IoT devices within their cars. Electronic sensors enable real-time data transmission and facilitate interconnectivity. Consequently, the demand for aftermarket sensors that enable these connectivity features is surging, stimulating market expansion. Governments and regulatory bodies worldwide are imposing stringent safety and emission standards. Automotive manufacturers are continually seeking advanced sensor technologies to comply with these regulations. As vehicles are equipped with more sensors to meet these standards, the aftermarket for sensor replacements and upgrades naturally expands, creating a lucrative market.
Impact of Recession
The ongoing recession has undeniably presented challenges for the automotive electronics sensor aftermarket market. However, by embracing innovation, digital transformation, strategic partnerships, and targeted marketing, businesses can navigate these turbulent waters. Adapting to the changing landscape and aligning products with market demands will be crucial for sustained growth. As the industry evolves, those who are agile and responsive will not only weather the storm but also emerge stronger, paving the way for a resilient future in the market.
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Impact of Russia-Ukraine War
The Russia-Ukraine conflict has undoubtedly posed significant challenges to the automotive electronics sensor aftermarket market. However, amidst these challenges lie opportunities for innovation, diversification, and strategic collaboration. Market players willing to adapt, innovate, and explore new avenues are well-positioned to thrive despite the disruptions. By embracing technological advancements, establishing robust supply chains, and fostering collaborative partnerships, businesses can navigate the current uncertainties and build a resilient future in the market.
Key Regional Development
In North America, the automotive electronics sensor aftermarket market is thriving due to the region’s status as an innovation hub. High consumer disposable income, coupled with a penchant for technologically advanced vehicles, fuels the demand for premium sensors. Moreover, stringent government regulations regarding vehicle safety standards have bolstered the market, encouraging manufacturers to develop cutting-edge sensor solutions. Europe’s market is characterized by a strong emphasis on sustainability and environmental consciousness. As governments and consumers push for greener technologies, the demand for sensors that enhance fuel efficiency and reduce emissions is on the rise. The Asia-Pacific region is witnessing robust growth in the market, primarily driven by emerging economies such as China and India. Rapid urbanization, increasing disposable incomes, and a burgeoning middle class are amplifying vehicle ownership rates.
Key Takeaway from Automotive Electronics Sensor AfterMarket Market Study
- The LiDAR sensor segment stands out as a pivotal player, poised to dominate the market. LiDAR, which stands for Light Detection and Ranging, has emerged as a revolutionary technology, transforming the way vehicles perceive and navigate the world around them. This advanced sensor technology utilizes laser pulses to measure distances and create precise 3D maps of the surroundings, enabling unprecedented levels of accuracy and safety in autonomous vehicles.
- The powertrain segment emerges as a formidable force, set to dominate the market. The powertrain, often considered the heart of a vehicle, comprises the engine, transmission, and various components that generate and deliver power to the wheels. Sensors within the powertrain play a crucial role in monitoring and optimizing the engine’s performance, ensuring fuel efficiency, reducing emissions, and enhancing overall vehicle dynamics.
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Recent Developments Related to Automotive Electronics Sensor AfterMarket
- Renesas, the pioneering semiconductor company, has recently broadened its Inductive Position Sensing (IPS) portfolio to include automotive motor commutation with the introduction of the cutting-edge IPS2550 sensor. One of the key features that sets the IPS2550 sensor apart is its advanced inductive sensing technology. This technology enables the sensor to detect the position of a moving object without physical contact, ensuring durability and longevity in various automotive applications.
- Qualcomm, the renowned technology giant, made waves by unveiling its innovation – the Snapdragon Ride Flex System on Chip (SoC). One of the key highlights of the Snapdragon Ride Flex SoC is its versatility. Built to handle the complex demands of autonomous driving, it offers a seamless fusion of high-performance computing and artificial intelligence capabilities.
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