According to a recent report published by Allied Market Research, titled, “automotive ultrasonic technologies market by type, application and vehicle type: global opportunity analysis and industry forecast, 2021–2028,” 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%.
Europe dominates the market in terms of revenue, followed by Asia-Pacific, North America, and LAMEA. Germany dominated the global automotive ultrasonic technologies market share in 2020. Italy is expected to grow at a significant rate during the forecast period, owing to increase in demand for vehicles equipped with advanced features across the region.
Ultrasonic technology designed for automobiles are used to provide numerous safety features such as blind spot detection, parking assistance, lane departure warning system as well as several other features, which are offered by advanced driver assistance system (ADAS). With increased technological development related to the automotive industry, there has been an increased demand for vehicles, which are equipped with numerous safety features that support growth of the global automotive ultrasonic technologies market.
Numerous developments that are carried out by top manufacturers such as Aisin Corporation, Valeo SA and Honda Mobis toward introduction of numerous safety & security features in vehicles has also created a wider space for growth of the automotive ultrasonic technologies market. Moreover, with launch of autonomous vehicles, demand for different safety technologies is expected to increase, which is expected to create numerous opportunities for operating companies to develop advanced products that leads to the growth of the market.
The global automotive ultrasonic technologies market report has been segmented into type, application, vehicle type, and region. Moreover, by type, the global market has been bifurcated into proximity detection and range measurement. By application, it is segmented into park assist and blind spot detection. 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.
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.
KEY FINDINGS OF THE STUDY
- By application, the blind spot detection segment is expected to register a significant growth during the forecast period.
- Depending on vehicle type, the electric vehicle segment is anticipated to exhibit significant growth in the near future.
- LAMEA is anticipated to register the highest CAGR.
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.
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.