Sensor Fusion Market for Automotive worth $22.2 billion by 2030 – Exclusive Report by MarketsandMarkets™
Chicago, Aug. 21, 2023 (GLOBE NEWSWIRE) -- *Sensor Fusion Market for Automotive** is projected to reach USD 22.2 billion by 2030 from an estimated USD 2.9 billion in 2021, at a CAGR of 25.4% during the forecast period, according to a new report by MarketsandMarkets™. *
Browse and in-depth TOC on *"Sensor Fusion Market for Automotive"
184 – Tables
59 – Figures
246 – Pages*
*Download PDF Brochure: *https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=260287840
*Report Attributes* *Details*
Market size value in 2021: *USD 2.9 billion*
Projected to reach 2030: *USD 22.2 billion*
CAGR: *25.4%*
Base Year Considered: *2020*
Forecast Period: *2021-2030*
Largest Market: *Asia Pacific*
Region Covered: Asia Pacific, North America, Europe, and RoW
Segments Covered: By technology, data fusion type, data fusion level, vehicle type, EV type, autonomous vehicle, sensor type, application, sensor fusion environment, and region
Companies Covered: Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), NXP Semiconductors N.V. (Netherlands), Infineon Technologies (Germany), Denso Corporation (Japan), Aptiv (Ireland), ST Microelectronics (Japan), and Allergo Microsystems (US), Elmos Semiconductor SE (Germany).
The growth of the Sensor Fusion Market for Automotive is influenced by a major factor such as the stringency in safety standards in countries such as China, India, Brazil, European Union, US, Canada, etc. In addition, the anticipated increase in demand for premium and luxury cars is expected to boost the demand for sensor fusion technology. Also, the growing adoption of advanced ADAS features in automobiles due to enhanced safety and comfort is expected to drive adoption of sensors such as cameras, radars and LiDARs. Therefore, the Sensor Fusion Market for Automotive is expected to witness significant growth in the coming years.
*Heavy Commercial Vehicle is expected to be the largest growing market*
Heavy commercial vehicles are not currently affected by sensor fusion. The vehicle height, longer range, and distance do, however, necessitate more cameras and radar for sensor fusion. Due to fleet managers' growing desire to transition to cutting-edge safety technology, trucks are anticipated to embrace sensor fusion technology before buses. According to Aptiv, the European Union has demanded that all heavy commercial vehicles weighing more than 7,000 kilos be equipped with ADAS, such as lane departure warning systems (LDWS) and automated emergency braking systems (AEB). In nations like Germany and the US, the prevalence of ADAS features in trucks and buses is roughly 16% and 8%, respectively, according to MarketsandMarkets study.
There is very little acceptance of safety features in heavy commercial vehicles in nations like China, India, and Brazil; this adoption is most likely to increase only after 2025. After 2024, the real rate of HCV growth is anticipated to pick up steam, mostly in industrialized nations. Despite having stricter safety requirements, this increase is probably going to be somewhat slower than that of PCs and LCVs.
*Asia Pacific is expected to lead the market during the forecast period*
In Asia Pacific, China and Japan account for the largest share of Sensor Fusion Industry for Automotive. The high vehicle production and rising use of cutting-edge electronics in Japan, South Korea, and China are to blame for the expansion of this sector. These nations' governments have taken a number of actions to entice big OEMs to enter their local marketplaces as a result of realizing the automotive sector's growth potential. Several European and American automakers, including Volkswagen (Germany), Mercedes-Benz (Germany), and General Motors (US), have relocated their manufacturing facilities to the region's developing nations. With production plants spread out across Asia Pacific, major ADAS solution providers including Denso (Japan), Continental, and Robert Bosch (Germany) have sped up the development of sensor fusion technology. The regional automotive sensor fusion market is anticipated to be greatly influenced by the implementation of safety requirements. For instance, the Ministry of Land, Infrastructure, Transport and Tourism (MLITT) in Japan has made plans to require AEB in all new passenger automobiles by November 2021. By December 2025, all current models will have this technology, while all imported cars must have AEB by June 2024. During the projected period, this change in legislation will be the main factor boosting the Sensor Fusion Market for Automotive.
*Make an Inquiry: * https://www.marketsandmarkets.com/Enquiry_Before_BuyingNew.asp?id=260287840
*LiDAR is expected to be the fastest market during the forecast period*
In difficult weather and illumination situations, LiDAR provides precise and accurate 3D measurement data from close ranges to a great distance. This technology can be used in conjunction with any other sensory data to offer a trustworthy picture of both stationary and moving objects in the area around the vehicle. In order to avoid crashes, provide obstacle recognition, and enable safe navigation in a variety of surroundings in a variety of vehicle types, LiDAR technology has thus become an appropriate and accessible solution. Important automotive and transportation applications like ADAS and autonomous driving require LiDAR. Early LiDAR deployment in car models is probably going to happen in Europe and North America. After 2023, it is anticipated to be employed in passenger automobiles, and after 2024, in big commercial vehicles.
The adoption of LiDAR in autos is anticipated to be fueled by increased manufacturing and advancements. For instance, a top Detroit-based international automobile OEM awarded an ADAS LiDAR Series Production Award to US-based Lidar solutions provider Cepton Technologies Inc. in July 2021, according to AUTOCAR PROFESSIONAL (India's premier B2B automotive publication). This represented the first-ever mass-market use of LiDAR for ADAS in the automotive sector.
*Key Market Players*
The Sensor Fusion Companies for Automotive is dominated by globally established players such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), NXP Semiconductors N.V. (Netherlands), Infineon Technologies (Germany), and Denso Corporation (Japan), Aptiv (Ireland), ST Microelectronics (Japan).
*Get 10% Free Customization: *https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=260287840
*Browse Adjacent Market: **Automotive and Transportation Market* Research Reports & Consulting
*Browse Related Reports:*
*Air Suspension Market** - *Global Forecast to 2027
*Automotive Camera Market** - *Global Forecast to 2026
*ADAS Market** - *Global Forecast to 2030
*Automotive Software Market** - *Global Forecast to 2027
CONTACT: About MarketsandMarkets™
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com