NEW YORK, March 04, 2020 (GLOBE NEWSWIRE) -- According to the market research report published by P&S Intelligence, the global automotive ultrasonic sensors market share is expected to reach revenue of $6,096.2 million by 2030. It was valued at $3,461.9 million in 2019, from where it is predicted to witness a CAGR of 5.1% during 2020–2030 (forecast period). On the basis of vehicle autonomy, the fully-autonomous vehicle bifurcation, due to the increasing adoption of such automobiles in shared mobility services worldwide, is predicted to witness faster growth during the forecast period.
The biggest trend being witnessed in the automotive ultrasonic sensors market is the regular technological innovations taking place in such vehicle components. For instance, the increase in the efforts being undertaken to maintain the accuracy of these sensors at driving speeds above 10 km/ hour are a reflection of such measures.
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The rise in the safety concerns, with regard to vehicles, are driving the governments of numerous countries to enact stringent policies for the installation of various safety features, such as blind spot detection (BSD), in vehicles. The biggest example of this is the European Union’s (EU) mandatory policy of equipping all new lorries, since 2007, and older lorries, since 2009, with blind spot mirrors. The dependence of these safety features on ultrasonic sensors for their functioning is driving the growth of the automotive ultrasonic sensors market.
Owing to the higher dependency of fully-autonomous vehicles on advanced driver-assistance system (ADAS), these vehicles are forecast to register faster growth during the forecast period than semi-autonomous vehicles. The passenger car category, due to the rapid rise in technical innovations in the automotive industry and the resultant increase in the demand for superior ADAS sensors, including ultrasonic sensors, dominated the automotive ultrasonic sensors market during 2014–2019.
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The implementation of ultrasonic sensors in the automotive sector is expected to result in the fastest growth of the self-parking application category, in the automotive ultrasonic sensors market, during the forecast period. On the basis of the parking zone and the location information received, these sensors allow the vehicle to exercise greater automatic control on steering, acceleration, and braking.
Asia-Pacific (APAC) is predicted to be grow the fastest in the automotive ultrasonic sensors market over the forecast period. On the basis of country, China is expected to register the highest demand for advanced sensors, such as ultrasonic sensors, in the coming years. This is mainly due to the rapid rise in the technological innovations in autonomous vehicles in the country.
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The announcement of the launch of a new line of ceramic-based ultrasonic sensor disks, by TDK Corp, in September 2019, has been one of the strategic measures taken by the major players in the automotive ultrasonic sensors market. These disks will help in blind spot monitoring, interior monitoring for anti-theft systems, park assistance, and measurement of the level in selective catalytic reduction (SCR) and fuel tanks.
There are no major dominating players in the global automotive ultrasonic sensors market, and as a result, the market has multiple key players, such as Baumer Holding AG, Honeywell International Inc., Magna International Inc., Autoliv Inc., Aptiv PLC, Elmos Semiconductor AG, TE Connectivity Ltd., Valeo SA, Texas Instruments Inc., First Sensor AG, and TDK Corp.
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