Saudi Arabia Automotive Sensors Market Industry Analysis, Forecast 2022-2028
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, expects Saudi Arabia Automotive Sensors Market size to expand at a CAGR of 8.5% during the forecast period between 2022 and 2028. The expansion of Saudi Arabia automotive sensors market is driven by increasing awareness for vehicle safety, growing consumer preference towards alternative fuel cars, such as electric and hybrid cars, and an increasing focus on reducing the number of road accidents and on sensor technology. High disposable income among Saudi Arabians resulting in the high adoption of private vehicles is also expected to propel the growth of Saudi Arabia automotive sensors market.
Stringent government safety regulations by Saudi Guidelines, Metrology, and Quality Organization (SASO) for new vehicles coupled with automobile manufacturers increased focus on designing electronic components, safety sensors, and smart braking systems is predicted to further fuel the Saudi Arabia automotive sensors market growth during period in analysis. However, the high initial installation cost of the sensors is anticipated to restrain the growth of Saudi Arabia automotive sensors market.
Saudi Arabia Automotive Sensors Market – Overview
Automotive sensors are components of a vehicle that are designed to detect, communicate, evaluate, record, and showcase vehicle performance information from the vehicle's internal and exterior environments. The need for automotive sensors is predicted to rise significantly during the forecast period, owing to the growing popularity of vehicle automation and the growing demand for connected automobiles around the world. The primary trends driving the worldwide automotive sensors market are downsizing and effective communication capabilities, which enable their incorporation into automobiles without interfering with the vehicle's core functionality. The increasing need for safety and security in automobiles is the primary factor driving market growth.
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Saudi Arabia Automotive Sensors Market - By Sensor Type
Based on sensor type, Saudi Arabia automotive sensors market is segregated into Temperature Sensor, Pressure Sensor, Oxygen Sensor, Position Sensor, Motion Sensor, Torque Sensor, and Optical Sensor. The position sensor segment is expected to hold the highest share in the market due to surging demand for luxury automobiles and increasing requirement for improved driver convenience. The necessity to assure the efficient functioning and safety of all automotive parts is driving up demand for position sensors. Continuous automotive sector advancements and the launch of upgraded position sensors are likely to drive up demand for position sensors in Saudi Arabia. Followed by temperature sensors segment is expected to be the second more dominated segment in the market because aid in measuring transmission fluid temperature, exhaust gas temperature, engine oil temperature, fuel temperature and coolant water.
Impact of COVID-19 on Saudi Arabia Automotive Sensors Market
The COVID-19 pandemic had a detrimental effect on the automotive sensors market. The halting of production and end-use sector operations had an impact on the Automotive sensors market. COVID- 19 pandemic in 2020 and early 2021 resulted in the adoption of stringent lockdown rules worldwide, causing challenges in automotive sensor import and export activities. As a result, the Saudi Arabia automotive sensors market's growth is hampered. However, due to the country's relaxation of restrictions following the epidemic, the country's manufacturing volume of passenger autos and hybrid electric vehicles grew. As a result, the market will recover all losses sustained over the period and expand at a predefined rate.
Competitive Landscape
Saudi Arabia Automotive Sensors Market is fiercely competitive with Robert Bosch GmbH, Denso Corporation, Infineon Technologies AG, Texas Instruments Incorporated, Continental AG, BorgWarner Inc., and Analog Devices, Inc. To further enhance their market share, these players are primarily focused on the development of innovative and efficient products, new product releases, market initiatives, mergers and acquisitions, and other collaborative activities.
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