Pune, India, Dec. 12, 2023 (GLOBE NEWSWIRE) -- Market Overview:
The global sensor fusion market size was USD 3.73 billion in 2022. The market is projected to grow from USD 4.47 billion in 2023 to USD 16.59 billion by 2030, exhibiting a CAGR of 20.6% during the forecast period.
Sensor fusion technology plays a pivotal role in the integration of data from multiple sources, facilitating the provision of accurate and reliable information for diverse applications such as autonomous vehicles, consumer electronics, and robotics. This significantly enhances visual perception capabilities, augments situational awareness, and empowers precise real-time decision-making processes. Fortune Business Insights presents this information in their report titled "Global Sensor Fusion Market, 2023–2030."
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Report Highlights:
| Report Coverage | Details | |
| Forecast Period | 2023-2030 | |
| Forecast Period 2023 to 2030 CAGR | 20.6% | |
| 2030 Value Projection | USD 16.59 billion | |
| Base Year | 2022 | |
| Market Size in 2022 | USD 3.73 billion | |
| Historical Data for | 2019-2021 | |
| No. of Pages | 180 | |
Drivers & Restraints-
Advancements in Technology Revolutionize the Market in Autonomous Driving
The market is driven by advancements in technology and algorithm development, enabling robust data fusion and reliable results. Cameras and LiDAR are particularly gaining traction in the autonomous driving industry, improving driving safety and assisting vehicle assistance systems.
However, the sensor fusion market growth may face challenges due to constraints in sensor availability and price fluctuations.
COVID-19 Impact-
The Pandemic Affected the Market with Slow Demand and Revenue for Sensor Manufacturing Companies
The global market experienced a notable impact from the pandemic, as it resulted in a low demand for vehicle production and usage. Consequently, this led to a decline in revenue for sensor manufacturing companies. Moreover, concerns related to virus transmission risk further hampered the widespread adoption of sensor fusion technologies, particularly in the context of vehicle transportation safety.
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Segments:
Rising Demand from Electric and Gasoline Vehicles Propel Passenger Vehicles Segment
By vehicle type, the market is segmented into passenger vehicles and commercial vehicles. The passenger vehicles segment, propelled by the adoption of sensor fusion systems in electric and gasoline vehicles, dominated the market in 2022, driven by stringent emission standards and safety regulations.
Increasing Focus on Safety Augments Adoption of Advanced Parking Assistance Solutions
By technology, the market is categorized into ADAS, autonomous driving, driver monitoring system, parking assistance system, and V2X. The rising focus on advanced safety features has spurred the demand for parking assistance systems, contributing to the growth of the segment.
Boosting Vehicle Safety and Advanced Features Dominates Camera Segment
By sensor, the market is classified into camera, radar, LiDAR, ultrasonic sensor, and others. The camera segment holds a substantial market share, driven by its ability to enhance vehicle safety through the provision of visual information, aligning with the increasing demand for advanced safety features in the market.
From the regional ground, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Report Coverage-
The report offers a comprehensive analysis of the market, with a specific focus on leading companies, services, and product applications. Moreover, it provides valuable insights into the latest market trends and highlights significant industry developments. Additionally, the report takes into account various factors that have played a pivotal role in driving the market's growth in recent years, beyond the aspects mentioned previously.
Regional Insights
Asia Pacific Market Growth Driven by Increasing Vehicle Ownership in the Region
The Asia Pacific sensor fusion market share is fueled by the rapid growth of the automotive industry and high vehicle ownership rates, particularly in China and India. The region's strong demand for sensors, especially in passenger vehicles including EVs and BEVs, is driving the adoption of these systems.
The European market is experiencing growth due to government initiatives and policies promoting cleaner and more efficient vehicle technologies.
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Competitive Landscape-
Advanced Features and Consumer-Centric Solutions Position Bosch as a Trusted Industry Leader
Companies are constantly seeking a competitive edge by making innovative solutions with the necessary tools to assess and cater to consumer needs. Bosch's strategic focus on prioritizing driver safety and well-being through the provision of advanced features positions the company as a prominent player in the market. With its commitment to delivering innovative solutions, Bosch aims to establish itself as a trusted industry leader, meeting the demands and expectations of consumers.
List of Key Players Covered in Sensor Fusion Market:-
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- ZF Friedrichshafen AG (Germany)
- NXP Semiconductors (Netherlands)
- Allegro MicroSystems, Inc (U.S.)
- Valeo SA (France)
- Aptiv PLC (Ireland)
- DENSO CORPORATION (Japan)
- PANASONIC CORPORATION (Japan)
- Magna International (Canada)
Sensor Fusion Market Segmentation:-
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Technology
- ADAS
- Autonomous Driving
- Driver Monitoring System
- Parking Assistance System
- V2X
By Sensor
- Camera
- Radar
- LiDAR
- Ultrasonic Sensor
- Others
Key Industry Development:
June 2022 - Bosch's Ride Care device enables rideshare or taxi drivers to assess accidents and request assistance when necessary. Equipped with a camera, wireless SOS button, and cloud-based data services, the device enhances the drivers' ability to monitor their surroundings and access emergency support in critical situations.
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Table of Content:-
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Market Trends
- Key Insights
- Key Industry Developments – Mergers, Acquisitions and Partnerships
- Porter’s Five Forces Analysis
- Impact of COVID-19 on Sensor Fusion Market
- Key Industry Developments
- Global Sensor Fusion Market Analysis, Insights, and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights, and Forecast – By Sensor
- Camera
- Radar
- LiDAR
- Ultrasonic Sensor
- Others
- Market Analysis, Insights, and Forecast – By Technology
- ADAS
- Autonomous Driving
- Driving Monitoring System
- Parking Assistance System
- V2X
- Market Analysis, Insights, and Forecast – By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
- Market Analysis, Insights, and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of World
Toc Continued…..
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