The Europe automotive sensors market accounted for US$ 2.13 Bn in 2018 and is expected to grow at a CAGR of 6.8% over the forecast period 2019-2027, to account for US$ 3.83 Bn in 2027. The automobile manufacturers worldwide are experiencing significant demand for vehicles ranging from passenger vehicles, LCV, and HCV. Higher disposable income in the developed countries and increasing purchasing power capacity among the population in developing countries is significantly driving automobile procurement. The constant pressure on automobile manufacturers to deliver a large number of vehicles to meet consumer demand is catalyzing the production statistics of vehicle manufacturing. With the increase in automobile manufacturing, the demand for advanced technologies integrated on to the vehicles is simultaneously increasing among the end users. This factor has created a potential market space for various types of semiconductors. In the current automotive market, major manufacturers are integrating their vehicles with technologically enhanced sensors, in order to improve the safety of the vehicles.
The Europe, 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 Europe automotive sensors market. For instance, the European Commission has taken several initiatives for the development of the automotive industry in the region. For instance, CARS 2020 Action Plan, and GEAR 2030, among others. Also, Horizon 2020 by EU focuses on providing funds for R&D in automotive industry by launching programs such as Also, Horizon 2020 by EU focuses on providing funds for R&D on automotive by launching programs such as European Green Vehicles Initiative and programs on 'Road Transport', 'ICT for Smart Mobility', 'Factories of the Future' and 'Logistics'. These initiatives are implemented to enhance the technologies that positively impact on the market. Thus, the initiatives undertaken by the government has a positive impact on the growth of the Europe automotive sensors market. These initiative provide various benefits to the Europe-based companies located in the region, thus, increasing the growth of Europe automotive sensors markets. Various automotive manufacturers are focusing on integrating of advanced sensors in their vehicles to attract more customers, this factor is aiding the growth of Europe automotive sensors market.
Based on the application, the ADAS segment is leading the Europe automotive sensors market. However, the powertrain segment is anticipated to grow at the highest CAGR. Demand for modernization of vehicles embedded with advanced technologies has led the technology companies to innovate and design technologies/systems such as anti-lock braking systems, electronic stability control, advanced driver assistance systems, traction control, and adaptive cruise control. The traditional advanced driver control systems were capable of detecting objects, the alert driver for surroundings and road conditions, braking and stopping the vehicle. With the up gradation of newer technologies, the ADAS market has propelled largely, and the newer versions of ADAS offered by several companies are capable of recognizing ambulance, police vehicles, taxis, and pedestrians. The discerning capability is attracting an increased number of automotive OEMs in the recent scenario, and the adoption of the same is rising substantially.
The overall Europe, 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 Europe automotive sensors market. It also provides an overview and forecast for the Europe automotive sensors market based on all the segmentation provided with respect to the Europe region. Also, primary interviews were conducted with industry participants and commentators in order 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 automotive sensors industry. Some of the players present in the Europe automotive sensors market are Analog Devices Inc., Continental AG, Delphi Technologies PLC, Denso Corporation, Infineon Technologies, and Robert Bosch GmbH among others.