Transport

5 Major Insights On The Passenger Car Sensors Market 2024

September 13, 2024September 4, 2024 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Passenger Car Sensors Global Market Report 2024, the passenger car sensors market is expected to show significant growth in the forecast period.

The passenger car sensors market has experienced significant growth in recent years and is projected to continue expanding. This growth is primarily driven by technological advancements, increasing urbanization, and rising consumer expectations.

Market Size Growth: From $5.1 billion in 2023 to $5.41 billion in 2024, growing at a CAGR of 6.1%.
Key Drivers: Increased investment in R&D, urbanization, consumer expectations, wireless sensor networks, automatic emergency braking, and traffic sign recognition systems.

Future Market Growth Forecast

The passenger car sensors market is expected to grow substantially in the coming years, fueled by innovation and evolving regulations.

Projected Market Size: Expected to reach $6.88 billion by 2028, with a CAGR of 6.2%.
Growth Factors: Development of sustainable sensors, high-resolution imaging sensors, external condition monitoring sensors, new regulations, and real-time traffic data sensors.
Trends to Watch: Integration of AI and IoT with sensors, advancements in MEMS, electromagnetic sensors, 5G technology, and V2X communication technology.

View More On The Passenger Car Sensors Market Report 2024 – https://www.thebusinessresearchcompany.com/report/passenger-car-sensors-global-market-report

Impact of Autonomous Cars on the Market

The growing adoption of autonomous passenger cars is significantly driving the demand for advanced sensor technologies.

Autonomous Vehicles: Use sensors like LiDAR, radar, cameras, ultrasonic sensors, GPS, IMU, and V2X communication for navigation and hazard detection.
Market Impact: Sensors are critical for the safe and efficient operation of autonomous vehicles, reducing accidents and improving traffic management.
Growth Projection: By 2025, 3.5 million self-driving vehicles are expected on U.S. roads, increasing to 4.5 million by 2030.

Key Players in the Market

The passenger car sensors market is competitive, with several major players leading in innovation and market share.

Leading Companies: Robert Bosch GmbH, Panasonic Holdings Corporation, Denso Corporation, ZF Friedrichshafen AG, Continental AG, Mitsubishi Electric Corporation, Honeywell International Inc., and Valeo S.A.
Innovation Focus: Companies are investing in advanced sensor technologies, including NOx sensors and in-cabin radar sensing.

Advancements in NOx Sensor Technology

To meet stringent emissions regulations and enhance vehicle performance, leading manufacturers are developing advanced NOx sensors.

NOx Sensors: Crucial for monitoring and controlling emissions in real-time, ensuring compliance with environmental standards.
Industry Example: In December 2023, Delphi Technologies launched a range of NOx sensors for the European aftermarket, covering popular brands like Mercedes-Benz, Peugeot, and Volkswagen.

Strategic Acquisitions in the Market

Strategic mergers and acquisitions are shaping the passenger car sensors market, enhancing product offerings and technological capabilities.

Harman International and Caaresys: In September 2022, Harman acquired Caaresys to enhance in-cabin radar sensing technology for improved safety and comfort.
Technological Benefits: The acquisition supports features like vital signs monitoring, passenger localization, and child presence detection.

Market Segmentation

The passenger car sensors market is diverse, catering to various sensor types, body controls, vehicle types, and applications.

By Sensor Type: Includes pressure sensors, position sensors, speed sensors, temperature sensors, O2 and NOx sensors, and safety and comfort sensors.
By Application: Powertrain or drivetrain, exhaust, interior or comfort, body control, and driver assistance systems.
Regional Insights: Europe was the largest region in 2023, with Asia-Pacific expected to be the fastest-growing region in the forecast period.

Conclusion

The passenger car sensors market is set to grow robustly, driven by technological innovations, regulatory developments, and the rise of autonomous vehicles. With significant advancements in sensor technology and strategic industry moves, the market offers exciting opportunities for growth and innovation.

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The Passenger Car Sensors Global Market Report 2024 provides an in-depth analysis on the passenger car sensors market size, trends and drivers, opportunities, strategies, and companies analysis. The countries covered in the passenger car sensors market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

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