The global automotive ultrasonic technologies market was valued at $1.41 billion in 2020, and is projected to reach $2.70 billion by 2028, registering a CAGR of 8.5% from 2021 to 2028.
Ultrasonic technologies in automobiles are used to determine obstacles that lie in the path of a vehicle. Automotive ultrasonic technology is widely used in vehicles that are equipped with latest advanced driver assistance features such as parking assistance system, blind spot detection system, height & pressure monitoring system as well as have a wider application in automatically opening tailgates. With advancements in technologies followed by adoption of numerous ADAS features in vehicles, demand for efficient ultrasonic sensors has increased, which has supplemented growth of the global market. Moreover, technical advancements in the automotive industry followed by introduction of self-driving vehicles and smart infrastructure has enabled vehicle manufacturers to develop & introduce advanced technologies, which provides lucrative opportunities for growth of the market.
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Major Market Players:
• Aisin Corporation
• Continental AG
• Hyundai Mobis Co. Ltd.
• Magna International
• Murata Manufacturing Co. Ltd.
• Robert Bosch GMBH
• TDK Corp.?
• Elmos Semiconductor SE
• Valeo SA.
Factors such as increased parking concerns across the globe, growth in demand for internet of things (IoT)-based technology, and high demand for safety features provide lucrative opportunities for growth of the global automotive ultrasonic technologies market. Moreover, factors such as high implementation cost & configuration complexity and low rate of penetration in developing regions hamper growth of the market. However, rise in investments on building driverless vehicles and technological advancements in advanced driver assistance system are factors that are expected to provide lucrative growth opportunities, which supplements growth of the global automotive ultrasonic technologies market.
The global automotive ultrasonic technologies market is segmented into type, application, vehicle type, and region. By type, the global market has been bifurcated into proximity detection and range measurement.
By application, it is segmented into park assist, blind spot detection, and others. The vehicle type segment includes passenger cars, light commercial vehicles, heavy commercial vehicles, and electric vehicles. In addition, on the basis of region, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Companies have been developing such systems to be installed in vehicles, which provides lucrative opportunities for growth of the automotive ultrasonic technologies market. For instance, in November 2020, Hyundai Mobis developed & introduced collision alert system preventing accidents in blind spots by using ultra-short range radar. The product enhances performance of rear emergency braking technology. Such developments & product launches carried out by technology driven companies support parking concerns across the globe, which effectively leads to growth of the global automotive ultrasonic technologies market.
Demand for safety features, such as parking assistance, collision avoidance systems, lane departure warnings, traction control, electronic stability control, tire pressure monitors, airbags, and telematics is in demand due to increase in number of road accidents worldwide. Vehicles with installed safety features offered by advanced driver assistance system (ADAS) can detect and classify certain objects on road and alert drivers according to road conditions. In addition, these systems can also automatically decelerate or stop vehicles depending on road conditions. Furthermore, it is observed that there is a tremendous increase in death rates due to road accidents.
For instance, according to the World Health Organization’s report, around 1.25 million people die in road accidents each year. Moreover, road traffic injuries leading to death are higher among teenagers. These factors lead to rise in demand for safety features in vehicles. Automobile companies are developing and introducing safety features to meet needs of customers. Thus, high demand for safety features in vehicles drives growth of the automotive ultrasonic technologies market during the forecast period.
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Key Benefits For Stakeholders
• This study presents analytical depiction of the global automotive ultrasonic technologies market analysis along with current trends and future estimations to depict imminent investment pockets.
• The overall automotive ultrasonic technologies market opportunity is determined by understanding profitable trends to gain a stronger foothold.
• The report presents information related to the key drivers, restraints, and opportunities of the global automotive ultrasonic technologies market with a detailed impact analysis.
• The current Automotive Ultrasonic Technologies market is quantitatively analyzed from 2020 to 2028 to benchmark the financial competency.
• Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
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