Asia Pacific Automotive Sensors Market to 2027 - Regional Analysis and Forecasts by Type (LED, Image Sensors, Position Sensors, Temperature Sensors, Pressure Sensors, MEMS, Others); Application (Chassis, Safety & Security, Body Electronics, Powertrain, ADAS, Others); Vehicle Type (LCV, HCV, Passenger Car)
The Asia Pacific automotive sensors market accounted for US$ 4.03 Bn in 2018 and is expected to grow at a CAGR of 10.1% over the forecast period 2019-2027, to account for US$ 9.52 Bn in 2027. The automotive industry has experienced the emergence of several new carmakers over the years. The automotive giants are always eyeballing on the electric vehicle segment as the section has attracted several customers. The electrification of automobiles is ushering the automotive industry and the industries associated with it to a greater extent. The automobile manufacturers, along with several semiconductor manufacturers, are continually innovating and developing advanced semiconductor and electronic solutions to deliver the safest, reliable, and performance-oriented vehicle to their customers. The automotive OEMs are integrating their vehicle's dashboards, seats, heating systems as well as mirrors with advanced sensors and embedded computers, which is facilitating the sensors industry players to design and develop robust technologies. Sensors are also integrated into areas such as braking system, induction motor, and battery system, among others. With the growing electric vehicle production, the requirement for a large number of semiconductors and other electronics, which might influence the Asia Pacific automotive sensors market.
The Asia Pacific automotive sensors market is fragmented with the presence of several industries, and the competitive dynamics in the market is expected to change during the upcoming years. In addition to this, various initiatives are undertaken by the governmental bodies to accelerate the Asia Pacific automotive sensors market. For instance, the governments of economies in the Asia Pacific region are focusing on manufacturing automobiles and its components in the country itself. For example, with the help of Made in China 2025,, the government of China is backing the local companies to compete with foreign carmakers and to compete globally. Furthermore, initiatives by Indian government such as Make in India focuses on the manufacturing of products in the country and Automotive Mission Plan 2016-26, providing government support to the country's growing automotive and its components manufacturing industry. The encouraging automotive manufacturing and the rise in the OEM market impact positively for the growth of the Asia Pacific automotive sensors market. These initiative provide various benefits to the companies located in the region, thus, increasing the growth of the Asia Pacific automotive sensors market. Different automotive manufacturers are focusing on integrating advanced sensors in their vehicles to attract more customers; this factor is aiding the growth of the Asia Pacific automotive sensors market.
Based on the vehicle type, the passenger car segment is leading the Asia Pacific automotive sensors market. However, the LCV segment is anticipated to grow at the highest CAGR. The heavyweight commercial vehicle (HCV) segment consists of trucks, trailers, mining, and construction vehicles and multi-axle vehicles that have a gross vehicle weight of more than 16.2 tons; these vehicles are used in the long haul transportation and the transportation of materials at the ports and as also in the extraction of natural resources. This category of vehicle is also mostly vulnerable to massive road crashes, due to the heavy load they carry, and it becomes difficult for them to control the movement of the vehicle at times. Thus, the manufacturers these days are more focused on the development of safe and measurable driving systems. Pertaining to the factors mentioned above, the demand for advanced semiconductor technologies such as technologically robust sensors are steadily rising among the heavyweight commercial vehicle manufacturers, with an objective to enhance the performance, safety, and reliability of these vehicles, various types of sensors are integrated on these vehicles, which is catalyzing the market growth. The increasing demand for advanced sensors in the HCV segment is expected to create opportunities for companies operating in the Asia Pacific automotive sensors market to gain a strong customer base. Asia Pacific automotive sensor market is highly competitive, with the presence of some of the prominent market players.
The overall Asia Pacific automotive sensors market size has been derived using both primary and secondary source. The research process begins with exhaustive secondary research using internal and external sources to obtain qualitative and quantitative information related to the Asia Pacific automotive sensors market. It also provides an overview and forecast for the Asia Pacific automotive sensors market based on all the segmentation provided for the Asia Pacific region. Also, primary interviews were conducted with industry participants and commentators to validate data and analysis. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers, and external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the Asia Pacific automotive sensors industry. Some of the players present in the Asia Pacific automotive sensors market are Analog Devices Inc., Continental AG, Delphi Technologies PLC, Denso Corporation, Infineon Technologies, and Robert Bosch GmbH among others.
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