ID: MRFR/AM/8881-HCR | 100 Pages | Published By Swapnil Palwe on March 2023
The Global Automotive Ultrasonic Sensors Market Size is expected to cross USD 5.85 billion by 2027 at a CAGR of 6% during the forecast period ending in 2027
$5.85 billion
6%
Asia Pacific
2020-2027
Global Automotive Ultrasonic Sensors Market is anticipated to register a CAGR of 6% between 2022 and 2030.
With regards to cars, increasing safety issues are driving the governments of various countries to implement specific policies for the implementation of different safety features in vehicles, such as blind-spot detection (BSD). The European Union's (EU) obligatory strategy of equipping all new lorries with blind-spot mirrors since 2007 and older lorries with blind-spot mirrors since 2009 is the biggest example of this. The dependence of these safety features on ultrasonic sensors for their functioning is driving the growth of the market.
A speaker or microphone that emits or absorbs ultrasound is an ultrasonic sensor. There is also a mechanism that can control emissions and reception. Sensors for car parking are fitted with this type of sensor. Ultrasound sensors were originally used in cars to detect parking barriers, but they are now developing into an automated parking system. Parking sensors use a form of sonar. The word ‘sonar’ is an acronym for sound navigation and radar; it is used from the moment it takes for a sound wave to pass to the target and back to determine the distance and/or position of an object.
Two to four ultrasonic sensors are mounted on the rear bumper to detect an object up to 2 to 2.5 m away in the case of the rear sonar. The distance is transmitted in real-time to the driver using varying buzzer sounds. It can trace even a wire fence if it is close enough.
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.
The automotive ultrasonic sensors market has been segmented by type, vehicle autonomy, vehicle type, application, and region. Based on type, the market can be segmented into proximity detection and range measurement. The proximity detection segment is anticipated to register a significant CAGR in the coming years. By vehicle autonomy, the market has been split into semi-autonomous vehicle and fully autonomous vehicle. The semi-autonomous vehicle segment has a sizeable share and is anticipated to grow at a significant CAGR in the coming years. By vehicle type, the market has been divided into passenger cars and commercial vehicles. The passenger cars segment held a sizeable share and is anticipated to grow at a significant CAGR in the coming years. By application, the market can be divided into park assist, self-parking, and blind-spot detection. The self-parking segment is anticipated to grow at a high CAGR in the coming years.
The global automotive ultrasonic sensors market is expected to witness moderate growth during the forecast period. A rise in customer demand for safety and comfort in cars is one factor that is expected to drive the demand for automotive ultrasonic sensors in the coming years.
Based on region, the automotive ultrasonic sensors market has been segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is projected to dominate the market in the coming years, which can be attributed to the increasing vehicle production and presence of prominent players operating in this region. Furthermore, the per capita disposable income levels and spending capacity contribute to the growth of the North American and European markets.
Report Attribute/Metric | Details |
Market Size 2030 | 5.85 Billion |
Compound Annual Growth Rate (CAGR) | Â 6% (2022-2030) |
Base Year | 2021 |
Forecast Period | 2022-2030 |
Historical Data | 2018 & 2020 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Â Â Type, Vehicle Autonomy, Vehicle Type, Application |
Geographies Covered | Â Â North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
Key Companies Profiled | Â Â Texas Instruments Inc, Magna International Inc, Elmos Semiconductor AG, TE Connectivity Ltd, Baumer Holding AG, Honeywell International Inc, TDK Corp, and Autoliv Inc. |
Key Market Opportunities | New product launches and R&D Amongst major key Players |
Key Market Dynamics | Increasing safety issues and Dependence of safety features on ultrasonic sensors |
Global Automotive Ultrasonic Sensors Market is predicted to grow at a 6% CAGR between 2022- 2030.
Key contenders profiled 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.
Asia Pacific will lead the global automotive ultrasonic sensors market.
Increasing safety issues is driving the global automotive ultrasonic sensors market growth.
The self-parking segment will lead the global automotive ultrasonic sensors market.