Automotive Sensor Market to Reach $37.65 Billion by 2027

According to the report published by Allied Market Research, the global automotive sensor market generated $16.40 billion in 2019, and is estimated to reach $37.65 billion by 2027, registering a CAGR of 10.2% from 2020 to 2027. The report offers an extensive analysis of changing market dynamics, key winning strategies, business performance, major segments, and competitive scenarios.

Surge in usage of automotive sensors in electric and hybrid cars and growing demand for custom designed electronics devices drive the growth of the global automotive sensor market. However, high cost associated with the development of automotive sensors restrains the market growth. Furthermore, growing technological innovations in the automotive sector is expected to create new growth opportunities for market players during the forecast period.