Stringent government standards for safety features, technical advantages provided by sensor fusion, and surge in demand for ADAS System drive the global automotive sensor fusion market. Based on region, North America held the largest share in 2021, contributing to more than one-third of the global automotive sensor fusion market share.
Portland, OR, Jan. 13, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global automotive sensor fusion market size garnered $1.1 billion in 2021, and is estimated to generate $6.7 billion by 2031, manifesting a CAGR of 20.9% from 2022 to 2031. The report provides an extensive analysis of changing market dynamics, major segments, value chain, competitive scenario, and regional landscape. This research offers a valuable guidance to leading players, investors, shareholders, and startups in devising strategies for the sustainable growth and gaining competitive edge in the market.
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Automotive Sensor Fusion Industry Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2022–2031 |
| Base Year | 2021 |
| Market Size in 2021 | $1.1 billion |
| Market Size in 2031 | $6.7 billion |
| CAGR | 20.9% |
| No. of Pages in Report | 236 |
| Segments covered | Technology, Vehicle Type, Propulsion Type, and Region. |
| Drivers | Stringent government standards for safety features
Technical advantages provided by sensor fusion, Surge in demand for ADAS System |
| Opportunities | Significant advancements in sensor & communication technology in vehicles and development of autonomous vehicles |
| Restraints | Lack of sensor standardization and malfunctioning of vehicle electronic sensor system in developing countries |
Covid-19 Scenario:
- The outbreak of the COVID-19 pandemic had a negative impact on the growth of the global automotive sensor fusion market, owing to the implementation of global lockdown which resulted in the decreased demand for automotive sensor fusion.
- Supply chain was disrupted due to import & export restrictions. Manufacturers faced shortage of labor and unavailability of raw materials.
- However, the demand for automotive sensors is expected to increase due to the high adoption of the advanced driver-assistance system (ADAS) in vehicles in the second or third quarter of 2022.
The research provides detailed segmentation of the global automotive sensor fusion market based on technology, vehicle type, propulsion type, and region. The report discusses segments and their sub-segments in detail with the help of tables and figures. Market players and investors can strategize according to the highest revenue-generating and fastest-growing segments mentioned in the report.
Based on technology, the IMU segment held the highest share in 2021, accounting for more than one-third of the global automotive sensor fusion market, and is expected to continue its leadership status during the forecast period. However, the Image Sensors segment is expected to register the highest CAGR of 22.3% from 2022 to 2031.
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Based on vehicle type, the Passenger Car segment accounted for the highest share in 2021, contributing to more than three-fourths of the global automotive sensor fusion market, and is expected to maintain its lead in terms of revenue during the forecast period. The same segment is expected to manifest the highest CAGR of 21.5% from 2022 to 2031.
Based on propulsion type, the ICE segment accounted for the highest share in 2021, holding four-fifths of the global automotive sensor fusion market, and is expected to continue its leadership status during the forecast period. However, the BEV segment is estimated to grow at the highest CAGR of 24.5% during the forecast period.
Based on region, North America held the largest share in 2021, contributing to more than one-third of the global automotive sensor fusion market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 22.2% during the forecast period.
Leading market players of the global automotive sensor fusion market analyzed in the research include Robert Bosch GmbH, TE Connectivity, Texas Instruments Inc., ZF Friedrichshafen AG, NXP Semiconductors, Infineon Technologies AG, NVIDIA Corporation, TDK Corporation, Aptiv, Elmos Semiconductor SE, STMicroelectronics, and Mobileye.
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The report provides a detailed analysis of these key players of the global automotive sensor fusion market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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