Automotive Ultrasonic Technologies Market

Automotive Ultrasonic Technologies Market Statistics 2028 -

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. 

COVID-19 has presented the world with an unprecedented economic, humanitarian, and healthcare challenge. Moreover, owing to the pandemic and its rapid spread across the globe, demand & supply chain for numerous products came to a halt due to unavailability of transportation medium. Numerous companies, which are inclined toward production of advanced technologies to be used in vehicles have carried out numerous developmental strategies such as agreements, expansions, product developments, and product launches.

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.

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. 

The key players operating in the global automotive ultrasonic technologies market includes Aisin Corporation, Continental AG, Denso, Hyundai Mobis co. ltd., Magna International, Murata Manufacturing co. ltd., Robert Bosch GMBH, TDK corp., Elmos Semiconductor SE and Valeo SA. 

Increase in parking concern across the globe

With introduction of smart parking infrastructure, there has been inclination toward use of different technologies, which supplements smart parking infrastructure. For instance, use of sensor-based parking detection followed by introduction of self-parking system in vehicles has created a positive impact on smart technologies used in a vehicle. In addition, users find it difficult to park their vehicles at locations, which have congested parking space, owing to larger number of vehicles parked at sides followed by lower lightings or other reasons. Hence, to overcome this issue, vehicle manufacturers are installing self-parking system in vehicles that includes advanced ultrasonic technologies installed in them. These systems installed in a vehicle determines obstacles as well as blind spots that falls when parking vehicles and accordingly provides a safety response to driver of vehicles. 

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.

High demand for safety features in vehicles

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. 

Low rate of penetration in developing regions

Generally, smart mobility requires better and efficient service providers to offer better services to its customers. All processes such as keeping a record of available parking space at different locations and suitable infrastructure for advanced vehicles such as autonomous cars creates an impact on the market. Some countries, such as Eritrea, Burundi, Chad, and Somalia have low internet penetration as well as have less or no infrastructure that supports the concept of smart parking & autonomous driving. Moreover, to avail such smart services, drivers must have GPS equipped smartphones with active internet connection, which is a major problem in most developing countries, owing to lack of suitable infrastructure, which creates a negative impact on adoption of such advanced services. Hence, this low penetration of internet & suitable infrastructure hampers growth of the automotive ultrasonic technologies market across the globe.

Increase in investments toward building driverless vehicles

Many car manufacturing companies such as Tesla, Waymo, and Ford have tested smart parking assistance functions in autonomous vehicles that shows free parking space. Technological developments toward parking or autonomously driving vehicles using smart technologies is adopted by many countries such as Canada, the U.S., Germany, the UK. In addition, developments carried out by technology driven companies toward usage of sensors & ADAS features in vehicles has created a positive impact on growth of autonomous vehicles. For instance, in June 2021, Valeo entered into an agreement with Navya for technological and industrial collaboration in the field of autonomous shuttles. The aim is to ramp up R&D program to build level 4 autonomous driving systems that can be brought to market within the next three years, which will be equipped with latest ADAS features. Furthermore, software companies offer frequent updates to resolve any issues that might hamper performance of safety components installed in vehicles. Hence, continuous advancements, in terms of technology and infrastructure are expected to create lucrative growth opportunities for the automotive ultrasonic technologies market in the future. 

Covid-19 Impact Analysis

•  COVID-19 has presented the world with an unprecedented economic, humanitarian, and healthcare challenge.
•  It has also affected general lifestyle and behavior pertaining to travel, consumption of goods, and services as well as working style of individuals.
•  Moreover, owing to the pandemic and its rapid spread across the globe, demand & supply chain for numerous products came to a halt due to unavailability of transportation medium.
•  This has increased demand for electric vehicles and resulted in the electric vehicle industry to witness lucrative growth at the end of 2020.
•  Moreover, numerous companies, which are inclined toward production of advanced technologies to be used in vehicles have carried out numerous developmental strategies such as agreements, expansions, product developments, and product launches.

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.

Key Market Segments

By Type

•  Proximity Detection
•  Range Measurement

By Application

•  Park Assist
•  Blind Spot Detection
•  Others

By Vehicle Type

•  Passenger Cars
•  Light Commercial Vehicles
•  Heavy Commercial Vehicles
•  Electric Vehicles

By Region

•  North America
  •  U.S.
  •  Canada
  •  Mexico
•  Europe
  •  UK
  •  Germany 
  •  France 
  •  Italy
  •  Spain
  •  Rest of Europe
•  Asia-Pacific
  •  China
  •  Japan 
  •  India
  •  South Korea
  •  Rest of Asia-Pacific
•  LAMEA
  •  Latin America
  •  Middle East
  •  Africa 

KEY PLAYERS

•  Aisin Corporation
•  Continental AG
•  Denso
•  Hyundai Mobis Co. Ltd.
•  Magna International
•  Murata Manufacturing Co. Ltd.
•  Robert Bosch GMBH
•  TDK Corp. 
•  Elmos Semiconductor SE
•  Valeo SA.

 Automotive Ultrasonic Technologies Market Report Highlights