The North America automotive sensors market accounted for US$ 1.63 Bn in 2018 and is expected to grow at a CAGR of 5.7% over the forecast period 2019-2027, to account for US$ 2.66 Bn in 2027. The automobile manufacturers worldwide are experiencing significant demand for vehicles ranging from passenger vehicles, LCV, and HCV. 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 need 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, to improve the safety of the vehicles. The demand share of technologically robust semiconductor components in the automotive industry is majorly among the passenger car segment, followed by the commercial vehicle segment. The increasing demand for the integration of advanced technologies in the automotive sector is influencing the North America automotive sensors market.
North America, 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 North America automotive sensors market. For instance, the governments of the US, Canada, and Mexico have taken various measures to promote and attract investments in its automobile component manufacturing industry. For instance, Automobile Innovation Fund Program, introduced in 2008, supports the automotive firms by providing them funds in the field of R&D to build innovative technologies that enhance the fuel efficiency of the vehicles. The US Government has implemented the Greenhouse Gas (GHG) regulations, which facilitates in reducing the fuel consumption pattern and CO2 emission, thereby leading to a clean environment in the region. It is noted that fuel-efficient vehicles have driven the demand for semiconductor content in cars; this factor is aiding the increasing demand for automotive sensor market. Thus, the initiatives undertaken by the government has a positive impact on the growth of the North America automotive sensors market. These initiative provide various benefits to the US-based companies located in the region, thus, supporting the growth of North America automotive sensors market. Companies operating in the North America automotive sensors market are focusing on providing advanced solutions to gain a substantial share of the North America automotive sensors market.
Based on the vehicle type, the passenger vehicle segment is leading the North America automotive sensors market. However, the LCV segment is anticipated to grow at the highest CAGR. Passenger car segment undergoes substantial technological advancements year on year, owing to the changes in consumer interests, the emergence of new technologies, and governmental rules and regulation related to the reduction in emission and other factors. Pertaining to this fact, the semiconductor manufacturers across find it easier to attract this vehicle category for their new devices or products. In addition, luxury passenger car manufacturers constantly focus on procuring advanced technologies to enhance the comfort, reliability, performance, and safety of the vehicles. The integration of new technologies facilitates the luxury car manufacturers to attract customers easily. Following the same trend, mid-segment and low-segment passenger car manufacturers also procure to integrate the same or similar sensor and semiconductor technologies to gain customer traction. Owing to this fact, several sensor manufacturers operating in the North America automotive sensors market are offering their products at a competitive price to these mid-segment and low-segment automakers.
The overall North America 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 North America automotive sensors market. It also provides an overview and forecast for the North America automotive sensors market based on all the segmentation provided with respect to the North America 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 consultant such as valuation experts, research analysts, and key opinion leaders specializing in the automotive sensors industry. Some of the players present in the North America automotive sensors market are Analog Devices Inc., Continental AG, Delphi Technologies PLC, Denso Corporation, Infineon Technologies, and Robert Bosch GmbH among others.