The global automotive ultrasonic sensors market was valued at $3,461.9 million in 2019, and it is predicted to reach $6,096.2 million by 2030, growing with a CAGR of 5.1% between 2020 and 2030 (forecast period). Semi-autonomous vehicles were the larger category in the market during the historical period (2014–2019), when segmented in terms of vehicle autonomy.
The automotive ultrasonic sensors market is projected to witness faster growth in the fully-autonomous vehicle category, during the forecast period, which is attributed to the higher expected adoption of such automobiles in shared mobility services, around the world.
Technological Innovations in Ultrasonic Sensors are a Major Trend in the Market
The major trend being observed in the automotive ultrasonic sensors market is the ongoing technological innovations taking place in these sensors. For instance, ultrasonic sensors usually function effectively at a driving speed of less than 10 km per hour. However, since the past few years, efforts are being undertaken by different ultrasonic sensor providers to maintain their accuracy even at higher speeds.
Mandatory Government Policies to Install Safety Features in Vehicles is a Key Driver for the Market
The growing safety concerns regarding vehicles are impelling the government of different countries to implement mandatory policies to install various safety features, such as blind spot detection (BSD), in vehicles. For instance, the European Union (EU) has made it mandatory for all new lorries to have blind spot mirrors, since 2007, and older lorries to be fitted with them, since 2009. These safety features are dependent on advanced sensors, including ultrasonic sensors, for their functioning, which, in turn, is driving the growth of the automotive ultrasonic sensors market.
Segmentation Analysis of Automotive Ultrasonic Sensors Market
Geographical Analysis of Automotive Ultrasonic Sensors Market
Geographically, Asia-Pacific (APAC), led by China, is projected to be the fastest-growing region in the automotive ultrasonic sensors market, during the forecast period. China is a major hub of the automobile industry in the world, and it is constantly witnessing technological innovations in autonomous vehicles. This is expected to generate a high demand for advanced sensors such as ultrasonic sensors, in the coming years.
Competitive Landscape of Automotive Ultrasonic Sensors Market
One of the key strategic measures taken by the major players in the automotive ultrasonic sensors market is TDK Corp.’s September 2019 announcement of the launch of a new series of ultrasonic sensor disks, based on ceramics, which would help in blind spot monitoring, park assistance, interior monitoring for anti-theft systems, and level measurement for fuel or selective catalytic reduction (SCR) tanks.
Browse report overview with detailed TOC on "Automotive Ultrasonic Sensors Market Research Report: By Vehicle Autonomy (Semi-Autonomous Vehicle, Fully-Autonomous Vehicle), Vehicle Type (Passenger Car, Commercial Vehicle), Type (Proximity Detection, Range Measurement), Application (Park Assist, Self-Parking, Blind Spot Detection) - Industry Size, Trend, Growth and Demand Forecast to 2030" at:https://www.psmarketresearch.com/market-analysis/automotive-ultrasonic-sensors-market
The global automotive ultrasonic sensors market is fragmented in nature. Some of the major players operating in the market are Aptiv PLC, Autoliv Inc., Baumer Holding AG, Elmos Semiconductor AG, Honeywell International Inc., Texas Instruments Inc., First Sensor AG, Magna International Inc., TE Connectivity Ltd., Valeo SA, and TDK Corp.