The newest tech advancements and autonomous driving sees demand for electronic sensors in the automotive industry skyrocket but challenges remain with their high cost, data has revealed.
Advanced electronic sensors are sought to be incorporated into vehicle safety systems with the rise in road accident-related fatalities. Further driving the demand for automotive sensors, governments are implementing strict regulations to augment driver safety in vehicles.
Senior Automotive Analyst at GlobalData Lucy Tripathi says government initiatives are crucial in encouraging sensor adoption.
“In Japan, for instance, the government’s active promotion of autonomous driving technology is spurring the demand for sensors in advanced driver assistance systems and autonomous vehicles,” she says.
The Asia-Pacific (APAC) automotive sensors market is expected to grow 0.4 percent in the next five years, according to GlobalData.
Their report also shows APAC’s automotive sensors market size is estimated to increase from five billion units to 5.1 billion units in 2029.
The middle-class population in countries such as India and China have highly contributed to the rise in automobile interest, furthering the demand of adopting sensor technology, and therefore making the APAC region the preeminent market for automotive sensors.
Tripathi says integrating autonomous emergency braking systems (AEBS) in vehicles to enhance safety and comfort of drivers and passengers will increase sales of automotive sensors.