New York, United States , Aug. 08, 2024 (GLOBE NEWSWIRE) -- The Global Automotive Ultrasonic Technologies Market Size is to Grow from USD 6.75 Billion in 2023 to USD 14.72 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 8.11% during the projected period.
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Automotive ultrasonic technologies integrate ultrasonic sensors and systems in vehicles to provide a range of safety, convenience, and automation advantages. Ultrasonic technology detects and measures distances using sound waves at frequencies that exceed human hearing. The automotive ultrasonic technologies market is expanding fast due to a rising need for advanced driver assistance systems (ADAS). This enhances driving safety and simplicity. Many ADAS functions rely significantly on ultrasonic technology, including adaptive cruise control, lane-keeping assistance, and automatic parking. Ultrasonic sensors are one of several types of sensors used to improve the safety of modern automobiles. These ultrasonic sensors detect products in the vehicles near environment. Ultrasonic sensors, in particular, are in high demand for use in a variety of safety systems, including parking assistance, blind spot detection, and collision avoidance. This emphasis on safety is a primary driving force for the advancement of ultrasonic technology in the automotive sector. These ultrasonic sensors can detect objects from a short distance, making them perfect for low-speed autonomous tasks including parking and navigating in restricted environments. The high initial implantation cost and design complexity of ultrasonic technology in vehicles hinders its market expansion.
Browse key industry insights spread across 179 pages with 110 Market data tables and figures & charts from the report on the "Global Automotive Ultrasonic Technologies Market Size, Share, and COVID-19 Impact Analysis, By Vehicle Type (ICE, and Electric Vehicle), By Application (Parking Assistance System, Blind Spot Detection, Collision Avoidance System, Adaptive Cruise Control, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The ICE segment accounted for the largest revenue share of the automotive ultrasonic technologies market during the projected timeframe.
Based on the type, the automotive ultrasonic technologies market is divided into ICE, and electric vehicle. Among these, the ICE segment accounted for the largest revenue share of the automotive ultrasonic technologies market during the projected timeframe. ICE vehicles frequently offer lower initial purchase prices than EVs, making them more enticing to budget-conscious consumers. Continuous advancements in ICE technology, such as higher fuel efficiency, fewer emissions, and improved driver assistance systems, have aided its popularity.
The parking assistance system segment is expected to hold a significant market share of the automotive ultrasonic technologies market during the projected timeframe.
Based on the vertical, the automotive ultrasonic technologies market is divided into parking assistance system, blind spot detection, collision avoidance system, adaptive cruise control, and others. Among these, the parking assistance system segment is expected to hold a significant market share of the automotive ultrasonic technologies market during the projected timeframe. Ultrasonic sensors are usually utilized in parking assistance systems, which have become nearly universal in modern passenger vehicles. These sensors help drivers navigate parking spaces by providing proximity alerts, reducing the probability of colliding with obstacles, other vehicles, or persons. Ultrasonic sensor disks are required for ultrasonic parking assistance systems, as they detect and determine the distance to an impediment.
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Asia Pacific is expected to hold the largest share of the automotive ultrasonic technologies market over the forecast period.
Asia Pacific is expected to hold the largest share of the Automotive Ultrasonic Technologies Market over the forecast period. The Asia-Pacific vehicle industry has expanded. The region is one of the most profitable investment areas and contributes significantly to global automobile sales. The major automakers have concentrated on growth in Asia, establishing corporate offices or manufacturing facilities in governments such as China, Japan, and India, which are the region's automotive hubs. The Asia Pacific market is predicted to see an increase in demand for luxury vehicles as a result of the strong economy and increased disposable income.
Europe is predicted to grow at the fastest pace in the automotive ultrasonic technologies market during the projected timeframe. The market for automotive ultrasonic technologies in Europe is rapidly expanding. Technological improvements in the automotive sector, which allow for the effective implementation of safety measures and enhanced driving quality in automobiles, have helped to extend the industry throughout Europe. Supportive laws and affordably priced vehicles encourage the use of safety devices in automobiles to improve safety and comfort. In addition, Germany is home to important technology companies such as Continental AG and Robert Bosch GmbH. To assist the market growth, these companies utilized product releases and other market growth strategies.
North America is expected to grow significantly over the forecast period. The rise of semi-autonomous vehicles in the region, together with technological improvements, has increased the necessity for effective vehicle safety measures. This plays a crucial role in the growth of automotive ultrasonic technologies. Companies including Texas Instruments and Honeywell International have been active throughout the United States. Magna International has resolved to develop efficient automobile ultrasonic technology for firms throughout Canada, therefore contributing to the regional market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the automotive ultrasonic technologies market Continental AG, Texas Instruments Incorporated, AG Electronics, Hyundai Mobis Co. Ltd., Magna International Inc., Murata Manufacturing Co. Ltd, Manufacturing Co. Ltd, Panasonic Holdings Corporation, Elmos Semiconductor SE, Valeo SA., MInpin, Robert Bosch GmbH, TDK Corporation, Texas Instruments Inc., and others.
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Recent Developments
- In April 2024, Micron Technology, Inc. revealed an entire line of vehicle-grade memory and storage solutions for Qualcomm Technologies Inc.'s Snapdragon Digital Chassis, a wide range of cloud-connected platforms developed to support data-rich, intelligent car applications.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the automotive ultrasonic technologies market based on the below-mentioned segments:
Global Automotive Ultrasonic Technologies Market, By Vehicle Type
- ICE
- Passenger Vehicles
- Commercial Vehicles
- Electric Vehicles
Global Automotive Ultrasonic Technologies Market, By Application
- Parking Assistance System
- Blind Spot Detection
- Collision Avoidance System
- Adaptive Cruise Control
- Others
Global Automotive Ultrasonic Technologies Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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