Pune, April 28, 2021 (GLOBE NEWSWIRE) -- Automotive Ultrasonic Sensor Market Analysis
Market Research Future (MRFR) presumes the global automotive ultrasonic sensors market to register a CAGR of 6% between 2020 and 2027 (forecast period).
An ultrasonic sensor is a speaker or microphone that emits or absorbs ultrasound. There is also a mechanism for controlling emissions and reception. This form of the sensor is installed in parking sensors. Ultrasound sensors were initially used in automobiles to detect parking barriers, but they are now being developed 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.
In the rear sonar case, two to four ultrasonic sensors are placed on the rear bumper to detect an obstacle up to 2 to 2.5 m away. The distance is transmitted to the driver in real-time through varying buzzer sounds. If you get close enough, it can even trace a wire fence.
In the case of automobiles, rising safety concerns are prompting governments in various countries to implement specific policies for the introduction of various safety features in vehicles, such as blind-spot detection (BSD). The European Union's (EU) mandatory strategy of equipping all new lorries with blind-spot mirrors since 2007, and older lorries with blind-spot mirrors since 2009, is the most prominent example of this. The reliance of these safety features on ultrasonic sensors for operation is propelling the automotive ultrasonic sensors market forward.
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However, the market for automotive ultrasonic sensors has certain limitations that can obstruct the market's potential growth, such as a low preference for diesel cars and an underdeveloped aftermarket, while high competition from other sensors, like lower response speed and accuracy in comparison to optical sensors and a lack of manufacturing excellence, have the potential to obstruct the market's potential growth.
Furthermore, the growing use of automotive sensors with increasing autonomous vehicles, sensor fusion, and rapid collaborations and joint ventures of various automobile giants with LiDAR providers will give various growth opportunities for the automotive ultrasonic sensors market from 2020 to 2026.
COVID-19 Impact on the Global Automotive Ultrasonic Sensors Market
The implementation of a series of regulations by various governments to deal with the COVID-19 crisis, such as a full shutdown of manufacturing units, has been found to have a direct impact on the development of the automotive ultrasonic sensors market.
Market Segmentation
The automotive ultrasonic sensors market has been segmented by type, vehicle autonomy, vehicle type, and application.
Based on type, the global automotive ultrasonic sensors market can be segmented into proximity detection and range measurement. The proximity detection segment is expected to register a significant CAGR in the coming years.
By vehicle autonomy, the automotive ultrasonic sensors market has been split into semi-autonomous vehicles and fully autonomous vehicles. The semi-autonomous vehicle segment has a sizeable share and is predicted to grow at a significant CAGR in the coming years.
By vehicle type, the automotive ultrasonic sensors market has been divided into passenger cars and commercial vehicles. The passenger cars segment earned a sizeable share and is anticipated to grow at a significant CAGR in the coming years.
By application, the automotive ultrasonic sensors market has been divided into park assist, self-parking, and blind-spot detection. The self-parking segment is projected to grow at a high CAGR in the coming years.
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Regional Analysis
Based on region, the global automotive ultrasonic sensors market has been segmented into North America, Europe, Asia Pacific, and the rest of the world.
The Asia Pacific is expected to dominate the automotive ultrasonic sensors market in the coming years, owing to rising vehicle production and the presence of major players in the region. Furthermore, the per capita disposable income and spending capacity in North America and Europe contribute to the growth of the markets.
Europe is another largest region in the automotive ultrasonic sensors industry. The increasing implementation of autonomous features in vehicles, combined with supportive regulatory policies introduced by various governments, is a major contributor to the regional market's growth. The involvement of renowned automotive giants like Bayerische Motoren Werke (BMW) AG, Volkswagen AG, Daimler AG, Fiat Chrysler Automobiles NV, and the Renault–Nissan–Mitsubishi Alliance also contributes to the region's market's prosperity.
Competitive Landscape
The global automotive ultrasonic sensors market is relatively fragmented and competitive, with a range of international and regional players involved. To secure their marketplace, market players are heavily investing in technological innovation, global expansion, and mergers and acquisitions.
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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.
Summary
The global automotive ultrasonic sensors market is predicted to register a CAGR of 6% between 2020 and 2027 (forecast period). For reverse and assisted parking, ultrasonic technology is a common and cost-effective solution. Ultrasonic sensor-based parking systems have advanced from merely detecting the presence of an obstacle and alerting drivers to its proximity to complete autonomous parking of the car with minimal driver input. The global automotive ultrasonic sensors market is expected to expand at a moderate pace during the forecast period. One factor that is expected to boost demand for automotive ultrasonic sensors in the coming years is an increase in consumer demand for safety and comfort in automobiles.
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