Automotive Ultrasonic Technology Market To Reach $ 2.70 Billion, Globally By 2028 At 8.5% CAGR: Allied Market Research
PORTLAND, Ore, July 21, 2021 / PRNewswire / – Allied Market Research published a report titled, “Automotive Ultrasonic Technologies Market by type (proximity detection and range measurement), application (parking aid, blind spot detection and others) and vehicle type (passenger cars, light commercial vehicles, heavy commercial vehicles and electric vehicles): analysis of opportunities global and industry forecasts, 2021–2028. ” According to the report, the global automotive ultrasonic technology industry has been estimated to be $ 1.41 billion in 2020, and is expected to reach $ 2.70 billion by 2028, registering a CAGR of 8.5% from 2021 to 2028.
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Drivers, constraints and opportunities-
Rising parking concerns across the globe, increasing demand for Internet of Things (IoT), and increasing need for security features in automotive are propelling the growth of the global technology market automotive ultrasound. However, high implementation costs and configuration complexities and low penetration rate in developing countries hamper the market growth. However, increased investment in the construction of driverless vehicles and technological advances in advanced driver assistance systems (ADAS) pave the way for new opportunities in the years to come.
- The outbreak of the pandemic has disrupted the supply chain across the globe and the global automotive ultrasonic technology market has been negatively affected.
- The production activities of different types of vehicles such as passenger cars, electric vehicles and others have also been halted, especially during the initial phase of the lockdown. This has given way to a reduced implementation of ultrasound technologies.
- However, most companies have now started to integrate strategies such as agreements, extensions, product developments and product launches to continue the development of advanced technologies and deal with disruption.
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The proximity detection segment to dominate by 2028-
On the basis of type, the proximity sensing segment contributed the highest share in 2020, generating more than half of the total share, and is expected to dominate during the forecast period. Moreover, this segment is also expected to quote the fastest CAGR of 8.9% from 2021 to 2028, due to the fact that ultrasonic sensors can detect both metallic and non-metallic targets and also have good stability.
Help in the park segment maintain the dominant share –
On the basis of applications, the parking aids segment won the major part in 2020, generating almost half of the automotive ultrasound technologies market, because the system uses many sensors to determine the approximate distance between two parked vehicles. At the same time, the blind spot detection segment is expected to show the fastest CAGR of 10.1% from 2021 to 2028. This is because a blind spot detection system uses sensors to detect objects not visible to the driver. driver.
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Europe, followed by Asia Pacific and North America, won most of it in 2020-
Depending on the region, Europe contributed the highest share in 2020, garnering nearly a third of the total market, and is expected to retain its revenue dominance by the end of 2028. Simultaneously, the market through LAMEA is expected to register the CAGR on faster by 11.0% throughout the forecast period, due to the increase in the incomes of individuals followed by an increasing demand for luxury vehicles in this province.
Key players in the industry
- Continental SA
- Magna International
- Murata Manufacturing co. ltd.
- Robert Bosch GMBH
- TDK corp.
- Aisin Company
- Elmos Semiconductor SE
- Valeo SA
- Hyundai Mobis co. ltd.
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