Automotive Ultrasonic Sensors Market:
Automotive ultrasonic sensors, a vital component in modern vehicles, have experienced a significant surge in demand in recent years. These sensors, which utilize high-frequency sound waves to detect objects and measure distances, are playing a crucial role in enhancing vehicle safety and comfort.
Market Analysis
The automotive ultrasonic sensors market size will grow at 6% CAGR in the forecast period (2020-2030), states the latest Market Research Future (MRFR) report.
The automotive ultrasonic sensors market is witnessing significant growth due to the rising adoption of advanced driver assistance systems (ADAS) and autonomous vehicles. These sensors are essential for parking assistance, blind spot detection, and collision avoidance, driving demand as manufacturers integrate more safety features into modern vehicles.
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Key Players
The key players operating in the global automotive ultrasonic sensors market include Texas Instruments Inc, Magna International Inc, Elmos Semiconductor AG, TE Connectivity Ltd, Baumer Holding AG, Honeywell International Inc, TDK Corp, and Autoliv Inc.
Drivers
Ongoing Technological Innovations in Automotive Sensors to Boost Market Growth
The ongoing technological innovations in automotive sensors will boost the automotive ultrasonic sensors market value over the forecast period. The market players are constantly updating and innovating their product offerings thus sufficing to the burgeoning need for these in autonomous vehicles. TDK Corp. for instance launched a new type of ultrasonic sensor disks that are based on ceramics and will help in blind spot monitoring, park assistance, interior monitoring of anti-theft systems, and level measurement for fuel/selective catalytic reduction (SCR) tanks.
Opportunities
Increasing Adoption of ADAS in Semi-Autonomous Vehicles to Offer Robust Opportunities
The surging adoption of advanced driver assistance systems (ADAS) in semi-autonomous vehicles with level 1, 2, and 3 autonomies will offer robust opportunities for the market in the forecast period.
These sensors allow different ADAS to function which includes self-parking and blind-spot detection that aids in the transition towards autonomous vehicles and eases concerns over probable issues with the detection of different objects around vehicles. Thus, the growing adoption of autonomous vehicles will boost the demand for ultrasonic sensors in the coming years.
Restraints
Low Preference for Diesel Cars to act as Market Restraint
The low preference for diesel cars coupled with an underdeveloped aftermarket will act as a market restraint over the forecast period.
Challenges
High Competition from Other Sensors to act as Market Challenge
High competition from other sensors such as accuracy and lower response speed over optical sensors coupled with lack of manufacturing excellence will act as market challenge over the forecast period.
Market Segmentation
The global automotive ultrasonic sensors market has been segmented based on application, vehicle type, vehicle autonomy, and type.
By type, the proximity detection segment will lead the market over the forecast period at a high CAGR.
By vehicle autonomy, the semi-autonomous segment will dominate the market over the forecast period at a favorable CAGR.
By vehicle type, passenger cars will spearhead the market over the forecast period at a significant CAGR.
By application, the self-parking segment will have the lions share in the market over the forecast period at a healthy CAGR.
COVID-19 Analysis
The COVID-19 outbreak had a negative impact on the automotive ultrasonic sensors market growth. The implementation of a series of regulations by different governments to handle the crisis like complete shutdown of manufacturing units had a direct impact on the development of the market.
Regional Analysis
APAC to Lead Automotive Ultrasonic Sensors Market
The APAC region will lead the automotive ultrasonic sensors market in the forecast period. Increasing vehicle production, the presence of prominent players, and extensive research and development activities in the autonomous vehicle field are adding to the global automotive ultrasonic sensors market share in the region.
Europe to Have Favorable Growth in Automotive Ultrasonic Sensors Market
Europe will have favorable growth in the automotive ultrasonic sensors market over the forecast period. The growing deployment of autonomous features in the vehicles, supportive regulatory policies implemented by the government of different countries, and the presence of various renowned automotive giants like Bayerische Motoren Werke (BMW) AG, Volkswagen AG, Daimler AG, Fiat Chrysler Automobiles NV, and the Renault–Nissan–Mitsubishi Alliance, among others are adding market growth.
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