Pune, India, Aug. 08, 2023 (GLOBE NEWSWIRE) -- The global sensor fusion market size was valued USD 3.73 billion in 2022. The market is projected to grow from USD 4.47 billion in 2023 to USD 16.59 billion by 2030, exhibiting a CAGR of 20.6% during the forecast period.
The market for sensor fusion has experienced significant progress in algorithms, integration techniques, and sensor technologies, leading to improved accuracy, lower power consumption, and enhanced reliability of sensor systems. This growth is primarily driven by the automotive industry's demand for advanced real-time data analysis and decision-making solutions. Fortune Business Insights presents this information in their report titled "Global Sensor Fusion Market, 2023–2030."
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 20.6% | |
| 2030 Value Projection | USD 16.59 Billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 3.73 Billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 180 | |
Drivers & Restraints-
EU Safety Standards and Carbon Neutrality Goals Fuel Market Expansion
The implementation of stringent safety standards and carbon neutrality goals by the EU has driven the adoption of sensor-fusion systems in vehicles. These systems help automakers comply with regulations and enhance vehicle safety. The growing demand for these solutions is also attributed to the increasing focus on autonomous systems and the need for advanced safety features in vehicles.
However, the sensor fusion market growth may be constrained by the limited availability of sensors and price fluctuations for vehicle sensors.
COVID-19 Impact-
Declining Demand and Disruptions in Vehicle Production Hampered Market
The COVID-19 pandemic adversely affected the market, with reduced demand for vehicle production and usage and a decline in revenue for sensor manufacturing companies. Concerns about virus transmission also impacted the adoption of sensor-fusion technologies in vehicle transportation safety.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/sensor-fusion-market-107822
Segments-
Stringent Emission Standards and Safety Regulations Fuel Demand in Passenger Vehicles
By vehicle type, the market is segmented into passenger vehicles and commercial vehicles. In 2022, the passenger vehicles segment held the largest market share, driven by the demand for sensor-fusion systems in EVs and gasoline vehicles. Stringent emission regulations and safety concerns have propelled the adoption of sensor systems.
Rising Emphasis on Advanced Safety Features Spurs Adoption of Parking Assistance Technologies
By technology, the market is categorized into ADAS, autonomous driving, driver monitoring system, parking assistance system, and V2X. The demand for parking assistance systems is rising due to the increasing emphasis on road safety and the adoption of technologies that mitigate the risk of accidents during parking. Consumers and regulatory bodies are prioritizing advanced safety features, driving the growth of the segment.
Camera Segment Drives Growth Enhancing Vehicle Safety with Visual Information
By sensor, the market is classified into camera, radar, LiDAR, ultrasonic sensor, and others. The camera segment holds a significant sensor fusion market share due to its role in providing visual information for improved vehicle safety. The increasing demand for advanced safety features is driving the growth of this segment in the market.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage-
The report offers a comprehensive analysis of the market, with a specific focus on leading companies, services, and product applications. Moreover, it provides valuable insights into the latest market trends and highlights significant industry developments. Additionally, the report takes into account various factors that have played a pivotal role in driving the market's growth in recent years, beyond the aspects mentioned previously.
Regional Insights-
Asia Pacific Augments Market Growth in Response to Surging Automotive Industry
Asia Pacific is anticipated to lead the global market, driven by the rapid growth of the automotive industry and increasing vehicle ownership in China and India. The rise in vehicle sales in the region has resulted in a higher demand for sensors, leading to increased adoption of fusion sensor systems.
The Europe market growth is bolstered by government policies promoting cleaner and more efficient vehicle technologies.
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Competitive Landscape-
Market Leaders Drive Innovation to Strengthen Market Position
Leading companies in the market focus on solutions that have the capability to effectively combine sensor technologies to enhance the perception capabilities of autonomous driving systems. Moreover, they focus on offering holistic solutions for data collection, anonymization, and annotation, thereby improving the entire data processing lifecycle for autonomous driving systems.
List of Key Players Covered in Sensor Fusion Market Report:-
• Robert Bosch GmbH (Germany)
• Continental AG (Germany)
• ZF Friedrichshafen AG (Germany)
• NXP Semiconductors (Netherlands)
• Allegro MicroSystems, Inc (U.S.)
• Valeo SA (France)
• Aptiv PLC (Ireland)
• DENSO CORPORATION (Japan)
• PANASONIC CORPORATION (Japan)
• Magna International (Canada)
Sensor Fusion Market Segmentation:-
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Technology
- ADAS
- Autonomous Driving
- Driver Monitoring System
- Parking Assistance System
- V2X
By Sensor
- Camera
- Radar
- LiDAR
- Ultrasonic Sensor
- Others
Key Industry Development:
January 2023: During CES 2023, INFINIQ unveiled its sensor fusion annotation technology, combining LIDAR and camera sensors, and introduced DataStudio, a comprehensive data platform for autonomous driving systems that encompasses data collection, anonymization, and annotation processes.
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Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Porter’s Five Forces Analysis
- Impact of COVID-19 on Sensor Fusion Market
- Key Industry Developments
- Global Sensor Fusion Market Analysis, Insights, and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights, and Forecast – By Sensor
- Camera
- Radar
- LiDAR
- Ultrasonic Sensor
- Others
- Market Analysis, Insights, and Forecast – By Technology
- ADAS
- Autonomous Driving
- Driving Monitoring System
- Parking Assistance System
- V2X
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of World
Toc Continued…..
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