Automotive Sensor Market worth USD 56.29 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Automotive Sensor Market by Sensors Type (Temperature Sensors, Pressure Sensors, Position Sensor, Speed Sensor, Level Sensor, Inertial Sensor, Gas Sensor, Proximity Sensor, Flow Sensor, Knock Sensor, Force Sensor, Torque Sensor), by Technology (MEMS, NEMS), by Application (Powertrain, Chassis, Body Electronics, Safety and Control, Exhaust System), by Vehicle Type (Conventional Vehicles, Electric Vehicles), and by Region - Global Trends, Market Share, and Forecast to 2027". The global digital health market was valued at USD 37 billion in 2020 to USD 56.29 billion by 2027, at a CAGR of 18.28% from 2021 to 2027. An increase in the number of internet users and a surge in demand for remote patient monitoring services are the major factors that drive the global digital health market. Moreover, the increase in the prevalence of hypertension significantly contributes to the market growth because digital health devices, such as blood pressure monitors, are used for monitoring vital signs for early diagnosis and proper treatment of patients. The rise in demand for early disease diagnosis for effective treatment acts as a key driving force of the global market. Furthermore, governments are taking multiple initiatives to support healthcare information systems, expected to boost the market growth.

Moreover, in 2020, Amazon launched Amazon HealthLake, which is a health insurance portability and accountability act (HIPAA)-an eligible service for healthcare and life science organizations. It allows the healthcare organization to store, index, tag, query, and use machine earning to analyze data at a petabyte-scale in the cloud. On the contrary, advancements in technology for digital health in emerging nations are anticipated to provide lucrative opportunities for market expansion.

Global Automotive Sensor Market Segmentation

The overall digital health market has been segmented into the product, component, end user, and region.

• By Sensors Type (Temperature Sensors, Pressure Sensors, Position Sensor, Speed Sensor, Level Sensor, Inertial Sensor, Gas Sensor, Proximity Sensor, Flow Sensor, Knock Sensor, Force Sensor, Torque Sensor)
• By Technology (MEMS, NEMS)
• By Application (Powertrain, Chassis, Body Electronics, Safety and Control, Exhaust System)
• By Vehicle Type (Conventional Vehicles, Electric Vehicles)
• By Region (US, Canada, Mexico, UK, Germany, France, Italy, Spain, China, Japan, India, South Korea, Southeast Asia, Australia, Saudi Arabia, UAE, South Africa, Qatar, Nigeria, Israel, Brazil, Argentina, Peru)

Conventional Vehicles, by Vehicle Type, is estimated to hold the largest market share during the forecast period

Based on the vehicle type, the global digital health market has been segmented into conventional vehicles and electric vehicles. In 2020 conventional vehicles accounted for the largest market share of 52.32% in the global digital health market.

Conventional vehicles are automobiles using the internal combustion engine (ICE) for propelling the vehicle. The propulsion systems have been reliant on the ICE for more than a century and are going to be present in the market for decades. The growth of the automobile industry has had a huge influence on the automotive sensor market. Moreover, fuel vehicles have evolved from being simple transportation mediums to becoming fully automated and advanced vehicles. The diverse ranges of sensors such as pressure, torque, temperature, and infrared sensors, among others, have presented diverse opportunities for vehicle manufacturers to innovate and expand the landscape of the automobile market on a global level.

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The Asia Pacific accounts for the largest market share during the forecast period in the digital health market

Based on the regions, the global digital health market has been segmented across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Asia Pacific is accounted for the highest market share of 56.31% in the global digital health market and was anticipated to maintain its dominance throughout the forecast period.

The automotive sensor market in North America is considerably grown and competitive, with some of the major market players operating in this region. Additionally, the market is experiencing rapid growth in North America due to the presence of major players, and efforts are being made by federal bodies to commercialize sensors in vehicles. The automotive sensor market for Canada is expected to grow at a robust pace due to miniaturization and enhanced communication capabilities, which permit their integration into vehicles without obstructing the basic functionalities of the vehicle. The legislative bodies in the U.S. are laying down various rules and regulations in support of innovation and development, promoting the automotive sensor market in the region. The U.S. automotive sensor market is projected to experience growth due to government initiatives for passenger safety and security.

The key players in the global automotive sensor market are Robert Bosch GmbH, Continental AG, Denso Corporation, Melexis, Allegro Microsystems, Sensata Technologies, Delphi Technologies, and CTS Corporation others.

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