The market dynamics of the automotive electronics sensor aftermarket present a complex landscape driven by various factors influencing supply and demand. Automotive electronics sensors play a crucial role in modern vehicles, contributing to safety, efficiency, and performance. As vehicles become increasingly reliant on electronic systems, the demand for sensors continues to rise. This demand is primarily fueled by technological advancements, regulatory requirements, and consumer preferences.
Technological advancements play a significant role in shaping the automotive electronics sensor aftermarket. As automotive technology evolves, sensors become more sophisticated, offering enhanced capabilities such as advanced driver assistance systems (ADAS), autonomous driving features, and vehicle connectivity. Consumers are increasingly seeking vehicles equipped with these advanced features, driving the demand for sensors in both the original equipment manufacturer (OEM) and aftermarket sectors.
Regulatory requirements also influence the dynamics of the automotive electronics sensor aftermarket. Governments worldwide are imposing stricter regulations on vehicle emissions, safety standards, and fuel efficiency. These regulations often mandate the inclusion of certain sensors in vehicles to ensure compliance. As automakers strive to meet these requirements, there is a growing need for aftermarket sensors to retrofit older vehicles or replace faulty components in existing ones.
Consumer preferences play a crucial role in shaping the aftermarket for automotive electronics sensors. With the rising popularity of electric vehicles (EVs), hybrid vehicles, and connected cars, consumers are increasingly seeking aftermarket solutions to upgrade their vehicles with the latest sensor technology. Additionally, as vehicles age, the need for sensor replacements due to wear and tear or technological obsolescence drives aftermarket demand.
Price fluctuations and supply chain disruptions also impact the dynamics of the automotive electronics sensor aftermarket. The cost of raw materials, labor, and manufacturing processes can influence sensor prices, affecting consumer purchasing decisions. Supply chain disruptions, such as natural disasters or geopolitical events, can lead to shortages of sensor components, impacting aftermarket availability and pricing.
Competition among aftermarket suppliers further shapes the market dynamics of automotive electronics sensors. With numerous companies vying for market share, competition can lead to innovations in sensor technology, improved product quality, and competitive pricing. Additionally, partnerships and collaborations between aftermarket suppliers and OEMs can further drive market growth and expansion.
The growing trend of vehicle electrification and the rise of autonomous driving technologies are poised to further drive the demand for automotive electronics sensors in the aftermarket. As electric and autonomous vehicles become more prevalent, the need for sensors to monitor battery performance, vehicle dynamics, and environmental conditions will increase. This presents a significant opportunity for aftermarket suppliers to offer specialized sensor solutions tailored to these emerging technologies.
In conclusion, the market dynamics of the automotive electronics sensor aftermarket are shaped by technological advancements, regulatory requirements, consumer preferences, pricing fluctuations, supply chain disruptions, competition among suppliers, and emerging trends in vehicle electrification and autonomous driving. As the automotive industry continues to evolve, aftermarket suppliers must adapt to these dynamics to capitalize on opportunities for growth and innovation.
Report Attribute/Metric | Details |
---|---|
Segment Outlook | type, application and vehicle type |
The Automotive Electronics Sensor AfterMarket is projected to grow from USD 6711.2 million in 2021 to USD 12210 million by 2032, exhibiting a compound annual growth rate (CAGR) of 6.9% during the forecast period (2023–2032).
The global automotive electronics sensor aftermarket is expected to witness substantial growth during the forecast period. Asia-Pacific is expected to be a prominent region in the automotive electronics sensor aftermarket due to an increase in vehicle sales in this region as sensors are used in measuring tire pressure monitoring system for improving the engine control, vehicle safety, and fuel efficiency of vehicle. Along with this, the increasing government regulations regarding vehicle safety and emission and the focus to offer electronics sensors in advanced driver assistance system, and engine emission in Europe and North America are some of the factors that are expected to drive the automotive electronics sensor aftermarket during the forecast period.
In 2017, Europe held the second largest market share in the global automotive electronics sensor aftermarket. The region has a presence of major electronics sensor manufacturers, such as Valeo, Robert Bosch Gmbh, Continental AG, and Infineon Technologies AG, providing electronic sensors and modules, especially for premium vehicles, which will increase the demand for electronics sensor.Â
The global automotive electronics sensor aftermarket is segmented based on type, application, and vehicle type. On the basis of type, the global automotive electronics sensor aftermarket is segmented 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 to the growing demand for improved fuel efficiency and reduced exhaust emissions in vehicle.
On the basis of application, the global automotive electronics sensor aftermarket is segmented into powertrain, body electronics, safety & control, telematics, and others. The powertrain segment is expected to hold the maximum market share, owing to functionality of various powertrain ECUs and enhance the control with predictions based on the real-time execution of complex mathematical models.
On the basis of vehicle type, the global automotive electronics sensor aftermarket is segmented into passenger car, light commercial vehicle, and heavy commercial vehicle. The passenger car segment is expected to hold the maximum market share, due to an increase in the use of sensors in different applications in passenger cars.
On the basis of region, the global automotive electronics sensor aftermarket is segmented into North America, Europe, Asia-Pacific (APAC), and the rest of the World.
The key players of global automotive electronics sensor aftermarket 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)
Global Automotive Electronics Sensor Aftermarket, by Region, 2017
Source: MRFR Analysis
Asia-Pacific is expected to offer promising growth opportunities for the automotive electronics sensor aftermarket with high automotive vehicle sale in countries, such as China, India, Japan, New Zealand, South Korea, Australia, and Indonesia, accounted for 42.58 million units in 2017. The automotive electric sensors are used in various systems of electric vehicle, such as powertrain & chassis, body electronics, vehicle safety, and security. Thus, the growth of electric vehicles is expected to drive the automotive electronics sensors market in this region.
China is one of the major vehicle’s sales country. According to the data from the China Association of Automobile Manufacturers, one of the largest electric vehicle producers and consumers in the world, with new-energy vehicle sale accounted for 770,000 units in 2017. Moreover, the government and related organizations are continuously investing in encouraging the electrification in vehicles. Furthermore, China with more than 300 million registered vehicles on road in 2017 is expected to offer promising opportunities for the automotive electronics sensor aftermarket during the forecast period.
Synopsis
The global automotive electronics sensor aftermarket has been segmented on the basis of type, application, and vehicle type. On the basis of type the global automotive electronics sensor aftermarket is segmented into oxygen sensor, LiDAR sensor, temperature sensor, position sensor, pressure sensor, speed sensor, and others. The oxygen sensor segment is expected to dominate the market due to the growing demand for improved fuel efficiency and reduced exhaust emissions in a vehicle.
Key Questions Addressed by the Report
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)