Market Size of Saudi Arabia Automotive Sensors Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 6.59 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Saudi Arabia Automotive Sensors Market Analysis
The Saudi Arabia Automotive Senors market was valued at USD 387.2 Million in 2021. It is expected to reach USD 532.8 Million by 2027, registering a CAGR of around 6.59% during the forecast period (2022-2027).
The COVID-19 outbreak and propagation had a detrimental impact on the automotive sensors industry in 2020, resulting in lower demand for car sensors. As a result, the revenues earned by them decreased. As a result, the market's growth trajectory has slowed during the first half of 2020. This pattern maintained until the first quarter of 2021. The rise in manufacturing volume of passenger cars and hybrid electric vehicles is observed in the country after the pandemic due to the easing of restrictions in the country, the market will cope with all the losses that happen during the period and will grow at a certain pace.
Over the long-term, the Saudi Arabia automotive sensors market is expected to expand rapidly owing to the key factors such as rising demand for vehicle safety and a shift in customer preference toward alternative fuel cars. Furthermore, continued sensor technology advancements and the rising usage of autonomous cars are likely to generate enormous potential prospects for the Saudi Arabia automotive sensors market over the next five years.
The Saudi Guidelines, Metrology, and Quality Organization (SASO) has published standards requiring automotive manufacturers to rigorously adhere to safety norms for new vehicles. The new standards should follow the criteria outlined in technical regulation sector 42 under the specific requirements for automotive manufacturing. Under the proposed method, automobile industry participants must also work on developing electronic components, safety sensors, smart braking systems, and other safety features. The increased emphasis of major authorities on increasing car safety is predicted to fuel the growth of the Saudi Arabia automotive sensors market by 2027.
Several automotive sensors, including engine speed, temperature, vehicle speed, throttle position, and others, are used in electric cars. With the expansion of the electric car sector, the Saudi Arabia automotive sensors market is likely to rise significantly over the forecast period.
