According to a new market report published by Lucintel, the future of the global automotive ultrasonic sensor market looks promising with opportunities in park assist, self parking, and blind spot detection applications. The global automotive ultrasonic sensor market is expected to decline in 2020 due to the global economic recession led by the COVID-19 pandemic. However, the market will witness recovery in the year 2021, and it is expected to grow 6% from 2021 to 2026. The major drivers for this market are rise in customer demand for safety and comfort in cars, research and development (R&D) activities in the field of autonomous vehicles, and rise in demand for advanced driver-assistance systems (ADAS) in semi-autonomous vehicles.
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In this market, passenger cars and commercial vehicles are the major vehicle types that use automotive ultrasonic sensors. On the basis of comprehensive research, Lucintel forecasts that passenger cars will remain the largest segment, and it is also expected to witness the highest growth over the forecast period because of rising demand for safety features in passenger cars and increasing production of passenger cars globally.
Within the global automotive ultrasonic sensor market, the self parking segment is expected to witness the highest growth over the forecast period due to increase in expenditure on fully autonomous vehicles for Advanced Driver Assistance System (ADAS).
APAC is expected to remain the largest market and witness the highest growth over the forecast period. China is expected to register the highest demand for advanced sensors and Advanced Driver Assistance System (ADAS) in the coming years. This is mainly due to the rapid increase in the technological innovations in autonomous vehicles in the country.
Aptiv PLC, Autoliv Inc., Elmos Semiconductor AG, Honeywell International Inc., Texas Instruments Inc., First Sensor AG, Baumer Holding AG, Magna International Inc., TE Connectivity Ltd., Valeo SA, and TDK Corp. are among the major suppliers of automotive ultrasonic sensors.
Lucintel, a leading global strategic consulting and market research firm, has analyzed growth opportunities in the global automotive ultrasonic sensor market by vehicle autonomy, type, vehicle type, application, and region, and has compiled a comprehensive research report titled “Growth Opportunities in the Global Automotive Ultrasonic Sensor Market 2021-2026: Trends, Forecast, and Opportunity Analysis.” The Lucintel report serves as a catalyst for growth strategy by providing comprehensive data and analysis on trends, key drivers, and directions. The study includes trends and forecast for the global automotive ultrasonic sensor market by vehicle autonomy, type, vehicle type, application, and region, as follows: