Dublin, Oct. 16, 2024 (GLOBE NEWSWIRE) -- The "Global Autonomous Driving Sensors Market (2024 Edition): Analysis By Application (Semi Autonomous and Fully Autonomous), By Sensor Type, By Level of Automation, By Region, By Country: Market Insights and Forecast (2020-2030)" report has been added to ResearchAndMarkets.com's offering.
The Global Autonomous Driving Sensors market showcased growth at a CAGR of 18.23% during 2020-2023. The market was valued at USD 11.80 billion in 2023 which is expected to reach USD 40.29 billion in 2030. This report provides a complete analysis for the historical period of 2020-2023, the estimates of 2024 and the forecast period of 2025-2030.
The companies analysed in the report are Mobileye Global Inc., Nvidia Corporation, Continental AG, Aptiv PLC, Ouster Inc, Luminar Technologies Inc., Innoviz Technologies Ltd., HESAI Group, LeddarTech Holdings Inc. and Waymo LLC.
Safety is a critical concern for both consumers and regulatory bodies when it comes to autonomous vehicles. Autonomous driving sensors play a vital role in ensuring the safety of AVs by providing real-time data that allows the vehicle to detect and respond to potential hazards. These sensors help in minimizing human error, which is a leading cause of road accidents. By enabling features such as adaptive cruise control, automatic emergency braking, lane-keeping assist, and collision avoidance systems, autonomous driving sensors significantly enhance vehicle safety. The demand for such safety features is driving the growth of the sensor market, as consumers and manufacturers prioritize the integration of advanced safety technologies.
As income standards rise in developing countries, there is a significant expansion of the middle class, leading to increased purchasing power. This growing middle class has greater disposable income, which translates into higher demand for advanced and luxury goods, including automobiles equipped with the latest technologies. Autonomous driving features, once considered premium, are becoming more accessible to this emerging consumer base. The desire for vehicles that offer convenience, safety, and the latest technology is driving the demand for autonomous driving sensors in these regions.
Moreover, as more people move into the middle-income bracket, they tend to prioritize not just basic transportation needs but also comfort, safety, and status symbols. Vehicles equipped with advanced autonomous features are increasingly seen as desirable due to their association with modernity and technological sophistication. This shift in consumer preference towards premium features in automobiles leads to greater demand for sensors that enable autonomous driving capabilities.
Rapid urbanization in developing countries has led to increased traffic congestion, longer commute times, and greater awareness of road safety issues. As cities become more crowded, the demand for technologies that can alleviate traffic woes and enhance driving safety rises. Autonomous driving sensors play a crucial role in developing intelligent transportation systems that can optimize traffic flow, reduce accidents, and improve overall road safety.
As incomes rise, more consumers in developing countries are willing to pay for vehicles equipped with such advanced systems, recognizing the benefits they offer in terms of convenience and safety in urban environments. Governments and city planners in developing regions are increasingly looking at autonomous vehicles as a way to address these challenges. The integration of autonomous vehicles into smart city initiatives, supported by rising income standards, is boosting the demand for advanced sensors required for autonomous driving.
Furthermore, personalization is becoming an important aspect of the automotive experience. Autonomous driving sensors contribute to personalization by enabling features that adapt to the driver's preferences and habits. For example, some systems can learn a driver's preferred routes, driving style, and climate control settings, automatically adjusting to enhance comfort and convenience. Additionally, these sensors can facilitate the integration of connected car technologies, such as voice-activated controls and infotainment systems, further personalizing the driving experience. The ability to offer a tailored experience based on individual preferences makes vehicles more appealing to consumers, driving the demand for advanced sensors.
Autonomous vehicles rely on a network of advanced sensors to perceive their surroundings, make decisions, and execute driving tasks. These sensors include LiDAR (Light Detection and Ranging), radar, cameras, ultrasonic sensors, and more. Each sensor type has a specific function, such as detecting obstacles, measuring distances, recognizing traffic signs, and monitoring road conditions.
The combination of data from these sensors, known as sensor fusion, allows the vehicle's onboard computer to create a comprehensive understanding of its environment. As the demand for autonomous vehicles grows, so too does the need for these sensors, as they are essential for the safe and effective operation of AVs. Moreover, autonomous vehicles reduce business labour costs, optimize logistics, and boost efficiency, while offering consumers shorter travel times, lower insurance costs, and enhanced convenience, driving their growing demand.
The rapid advancement of sensor technologies is a critical factor in the growing adoption of ADAS. Over the past decade, there have been significant improvements in sensor performance, including better resolution, increased range, and enhanced reliability under various driving conditions. For example, modern radar sensors can now detect objects at greater distances and with higher accuracy, while LiDAR technology has become more compact and affordable, making it feasible for mass-market vehicles.
Online retail platforms offer a broader range of products compared to traditional brick-and-mortar stores. Consumers can easily explore and select from a vast array of bread and bun options, including specialty and artisanal varieties, gluten-free, whole grain, and organic products. Online platforms also enable consumers to customize their orders, such as choosing specific types of flour, toppings, or ingredients, catering to diverse dietary preferences and health needs.
In addition to safety, ADAS technologies offer significant comfort and convenience benefits, which are highly attractive to modern consumers. Features like adaptive cruise control, which automatically adjusts the vehicle's speed to maintain a safe distance from the car ahead, and automated parking systems, which assist or fully handle parking manoeuvres, enhance the driving experience by reducing the burden on the driver. Higher automation levels increase demand for more complex and numerous sensors as vehicles advance in autonomy.
Analyst Recommendations
- Development of High Resolution and Long Range LiDAR.
- Focus on Miniaturization and Cost Reduction Autonomous Driving Sensors
Global Autonomous Driving Sensors Market: Historic and Forecast
Impact Analysis of Macro Economic Factors on Global Autonomous Driving Sensors Market
- Automotive Sensor Content Value Per Car Forecast
- EV and Smart Car Penetration
- Global Autonomous Driving Sensors Market: Dashboard
- Global Autonomous Driving Sensors Market: Market Size and CAGR, 2020-2030 (USD Million & CAGR)
- Global Autonomous Driving Sensors Market: Market Value Assessment
Segmentation: By Application
- Global Autonomous Driving Sensors Market, By Application Overview
- Market Attractiveness Analysis of Global Autonomous Driving Sensors Market, By Application (2025-2030)
- Size, By Semi Autonomous, By Value, 2020H-2030F (USD Million & CAGR)
- Size, By Fully Autonomous, By Value, 2020H-2030F (USD Million & CAGR)
Segmentation: By Sensor Type
- Global Autonomous Driving Sensors Market, By Sensor Type Overview
- Market Attractiveness Analysis of Global Autonomous Driving Sensors Market, By Sensor Type (2025-2030)
- Size, By Camera, By Value, 2020H-2030F (USD Million & CAGR)
- Size, By Radar, By Value, 2020H-2030F (USD Million & CAGR)
- Size, By LiDAR, By Value, 2020H-2030F (USD Million & CAGR)
- Size, By Ultrasonic, By Value, 2020H-2030F (USD Million & CAGR)
Segmentation: By Level of Automation
- Global Autonomous Driving Sensors Market, By Level of Automation Overview
- Market Attractiveness Analysis of Global Autonomous Driving Sensors Market, By Level of Automation (2025-2030)
- Size, By L1, By Value, 2020H-2030F (USD Million & CAGR)
- Size, By L2, By Value, 2020H-2030F (USD Million & CAGR)
- Size, By L3, By Value, 2020H-2030F (USD Million & CAGR)
- Size, By L4 and L5, By Value, 2020H-2030F (USD Million & CAGR)
Competitive Positioning
- Companies' Product Positioning
- Market Position Matrix
- Market Share Analysis of Autonomous Driving Sensors Market
Company Profiles
- Mobileye Global Inc.
- Nvidia Corporation
- Continental AG
- Aptiv PLC
- Ouster Inc
- Luminar Technologies Inc.
- Innoviz Technologies Ltd.
- HESAI Group
- LeddarTech Holdings Inc.
- Waymo LLC
For more information about this report visit https://www.researchandmarkets.com/r/6i3kzo
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
