Global Automotive Electronics Sensor Aftermarket is Estimated to Grow at a CAGR of 6.9% During the Forecast Period: MRFR

Pune, India, 14 April 2023, MRFR Press Release/Market Research Future (MRFR) Announces the Publication of its Cooked Research Report — Global Automotive Electronics Sensor Aftermarket 2023–2032.

Overview

The global automotive electronics sensor aftermarket is expected to be valued at USD 12210.0 mn by 2032 with a CAGR of 6.9% during the forecast period (2023–2032). The report covers segmentation and the market dynamics for a better glimpse of the market in the coming years. Automotive electronic sensors are used to facilitate easy decision making based on the data provided by various sensors that are incorporated into the vehicles onboard computer systems. These sensors also help automotive manufacturers make their products safer, convenient, and energy-efficient. However, low replacement rate could hamper market growth during the forecast period.

Browse In-depth Details [Table of Content, List of Figures, List of Tables] of Automotive Electronics Sensor Aftermarket Market Research Report

Regional Analysis

On the basis of region, the market is segmented in to North America, Europe, Asia-Pacific, and Rest of the World. Asia-Pacific is anticipated to lead the electronics sensor aftermarket during the forecast period, followed by North America. The region has high demand for high automotive vehicle and increase in preference for safety features in vehicles. China, followed by the Japan, are countries that are expected to dominate the electronics sensor aftermarket in Asia-Pacific.

The global electronics sensor aftermarket is expected to reach USD 12210 mn at a CAGR of over 6.9% by the end of the forecast period.

Taste the market data and market information presented through more than 160 market data tables and 30 figures spread over 188 numbers of pages of the project report. Avail the in-depth table of content TOC & market synopsis on “The Global Electronics Sensor Aftermarket Research Report- Forecast to 2032.”

Segmental Analysis

The global electronics sensor aftermarket is segmented based on type, application, and vehicle type.

On the basis of type, the global electronics sensor aftermarket is segmented into into oxygen sensor, LiDAR sensor, temperature sensor, position sensor, pressure sensor, speed sensor, and others. Oxygen Sensor segment is expected to dominate the market, owing growing demand for improved fuel efficiency and reduced exhaust emissions in vehicle.

The oxygen sensor segment dominated the market and was valued at USD 1,802,342.4 thousand in 2017. This value can reach USD 2,406,946.2 thousand by 2025. Meanwhile, the LiDAR Sensor segment is witnessing significant growth and is expected to attain 5.60% CAGR during the forecast period.

On the basis of application, the global electronics sensor aftermarket is segmented into powertrain, body electronics, safety & control, telematics, and others. In 2017, the powertrain segment held the maximum market share and was valued at USD 1,382,634.1 thousand. This value can rise to USD 1,858,162.4 thousand by 2025. This segment is expected to grow with the fastest CAGR of 3.85% during the forecast period.

On the basis of vehicle type, the global electronics sensor aftermarket is segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. In 2017, the passenger car segment held the maximum market share and was valued at USD 1,993,551.5 thousand. This value can rise to USD 2,666,304.5 million by 2025. This segment is expected to grow with the fastest CAGR of 3.79% during the forecast period.

Competitive Analysis

Some of the prominent players operating in the global electronics sensor aftermarket report are Standard Motor Products, Inc. (US) NGK Spark Plug CO., LTD (Japan), BorgWarner Inc. (US), Robert Bosch GmbH (Germany), Delphi Technologies (UK), Valeo (France), Continental AG (Germany), Denso Corporation (Japan), Hella GmbH & Co. KGaA (Germany) Dorman Products (US), and Sensata Technologies, Inc. (US).

Robert Bosch GmbH is continuously investing in its mobility solutions segment for developing new products and focuses on improving the overall performance of an automotive in order to increase its market share in automotive electronic sensor aftermarket. It focuses on understanding its customers’ needs and using this knowledge to find the best solutions for developing products to achieve excellence in all areas and accomplish the expected growth. Furthermore, the company has efficient processes, lean structures, and high productivity rates to secure and increase its value.

Continental AG is investing in research and development for the global expansion of its manufacturing capacity for its long- and short-range radar sensors as well as for its 360-degree and multi-function cameras in its advanced driver assistance systems. Moreover, it is planning to invest in increasing the production of its high-resolution 3D LiDAR sensors. The company is working on applications and products, such as sensor technology and software for advanced driver assistance systems and automated driving. It is also developing efficient hardware and software components so as to create a platform that will enable safe autonomous driving.