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The global automotive ultrasonic sensors market generated revenue of $3,461.9 million in 2019 and is expected to advance with a CAGR of 5.1% during the forecast period (2020–2030), to reach $6,096.2 million in 2030.
Asia-Pacific (APAC) is expected to be the fastest-growing region in the automotive ultrasonic sensors market during the forecast period. The region is witnessing extensive research and development (R&D) activities in the autonomous vehicle field, which is driving the demand for automotive ultrasonic sensors.
Fundamentals Governing Automotive Ultrasonic Sensors Market
The ongoing technological innovations in automotive sensors are a major trend being observed in the automotive ultrasonic sensors market. The players in the market are constantly innovating and updating their product offerings, thereby catering to the growing need for them in autonomous vehicles. For instance, in September 2019, TDK Corp. launched a new series of ultrasonic sensor disks, based on ceramics, which would aid in park assistance, blind spot monitoring, level measurement for fuel or selective catalytic reduction (SCR) tanks, and interior monitoring for anti-theft systems.
The increasing adoption of advanced driver-assistance systems (ADAS) in semi-autonomous vehicles (with level 1, 2, and 3 autonomy) is one of the key drivers for the growth of the automotive ultrasonic sensors market. These sensors enable different advanced driver-assistance systems (ADAS) to function, including blind-spot detection and self-parking, which aids in the transition toward autonomous vehicles and eases concerns over probable problems with the detection of various objects around vehicles. Thus, with the growing adoption of autonomous vehicles, the demand for ultrasonic sensors is expected to surge in the coming years.
Automotive Ultrasonic Sensors Market Segmentation Analysis
Semi-autonomous vehicles were the larger category in the automotive ultrasonic sensors market, during the historical period (2014–2019). This is because fully-autonomous vehicles, comprising level 4 and 5 autonomy, are expected to be introduced in 2023 and 2025, respectively; thus, during the historical period, only semi-autonomous vehicles were available.
The commercial vehicle category is expected to exhibit faster growth during the forecast period, in the automotive ultrasonic sensors market. The growing adoption of these vehicles in the logistics industry, coupled with the projected implementation of autonomous features in these vehicles to enhance the logistics activities, are expected to drive the growth of this category.
Geographical Analysis of Automotive Ultrasonic Sensors Market
Geographically, Europe was the largest region in the automotive ultrasonic sensors market, during the historical period. The growing deployment of autonomous features in the vehicles, along with the supportive regulatory policies implemented by the government of different countries, is the major contributor to the growth of the regional market. The prosperity of the market in this region is also propelled by the presence of some renowned automotive giants, such as Bayerische Motoren Werke (BMW) AG, Volkswagen AG, Daimler AG, Fiat Chrysler Automobiles NV, and the Renault–Nissan–Mitsubishi Alliance.
Competitive Landscape of Automotive Ultrasonic Sensors Market
The global automotive ultrasonic sensors market is fragmented in nature, with multiple start-up companies cropping up at the regional level. Some of the major players operating in the market are Aptiv PLC, Autoliv Inc., Elmos Semiconductor AG, Honeywell International Inc., Texas Instruments Inc., First Sensor AG, Baumer Holding AG, Magna International Inc., TE Connectivity Ltd., Valeo SA, and TDK Corp.
Automotive Ultrasonic Sensors Market Size Breakdown by Segment
The automotive ultrasonic sensors market report offers comprehensive market segmentation analysis along with market estimation for the period 2014–2030.
Based on Vehicle Autonomy
Based on Vehicle Type
Based on Type
Based on Application
Key Questions Addressed/Answered in the Report