Sensor Market for Automated Vehicles worth $19.1 billion by 2030 Globally, at a CAGR of 62.6%, says MarketsandMarkets™

Chicago, June 11, 2024 (GLOBE NEWSWIRE) — Sensor Market for Automated Vehicles is projected to grow from USD 0.4 billion in 2022 to USD 19.1 billion by 2030, registering a CAGR of 62.6%, as per the recent study by MarketsandMarkets™.  The growing demand of safer, efficient and fuel-efficient vehicles are expected to increase the demand for automated vehicles around the world. With this, the demand for sensors for automated vehicles such as cameras, radar sensors, lidar sensors, among others, is expected to increase rapidly.

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List of Key Players in Sensor Market for Automated Vehicles:

  • Robert Bosch GmbH (Germany),
  • Continental AG (Germany),
  • ZF Friedrichshafen AG (Germany),
  • DENSO (Japan),
  • NXP Semiconductors (Netherlands)

Drivers, Opportunities and Challenges in Sensor Market for Automated Vehicles:

  1. Driver: Growing penetration of ADAS safety features
  2. Restraint: Insufficient infrastructure for vehicle connectivity
  3. Opportunity: Rising popularity of electric vehicles
  4. Challenge: Hard to trade-off between price and overall quality

Key Findings of the Study:

  1. High-level Fusion is to be the largest market during forecast period.
  2. Feature Level Fusion to be the largest and the fastest growing segment during the forecast period
  3. Asia Pacific to be the largest market by volume during the forecast period

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The global Sensor Market for automated vehicles is projected to grow from USD 0.4 Billion in 2022 to USD 19.1 Billion by 2030, registering a CAGR of 62.6%. Automated vehicles such as passenger cars, and commercial vehicles, were mapped as part of this research. The advantages of using autonomous vehicles are safer transport, higher fuel efficiency, and enhanced driving features. Due to these advantages, several governments are investing in automated driving technologies, which has led to an Increasingly adopting ADAS feature enables vehicles for public transport and building the required infrastructure. Automakers are increasingly equipping cars with sensors to enable features such as lane-keeping, adaptive cruise control, and automated parking. These sensors require semiconductor chips to process the data they collect, making them essential components in the development of autonomous vehicles. The growing demand for such ADAS safety features will drive the sensors market for automated vehicles.

The software segment is expected to register a faster growth rate, whereas the hardware segment is estimated to hold a larger market share during the forecast period. Increasing demand for accurate and faster object recognition will be a major growth driver for the software segment of the sensors market for automated vehicles. Modern vehicles are equipped with high-resolution cameras and long-range radar sensors for driver assistance. More sophisticated ADAS features would demand faster and more accurate software algorithms/platforms for detecting objects with low latency.  The growing demand for ADAS, safety systems, and autonomous vehicles is driving the growth of the automotive sensors sector. Some of the major factors driving the automobile software industry are increased awareness of the safety benefits of ADAS and a greater emphasis on lowering emissions. At present, many automotive OEMs are collaborating with automotive software-providing companies to develop their safety systems and automated driving.

Presently, the radar sensors segment leads the market, by value, as radar is a common and mature technology used in automobiles. Radar is increasingly used in conjunction with cameras, thus increasing its market share. Automated driving leverages LiDAR mostly, therefore the segment is expected to grow significantly in the future due to the increasing development of autonomous vehicles. The chips/semiconductors segment is expected to grow at the highest rate during the forecast period. Radar sensors are used to offer a variety of safety features to drivers, including automatic emergency braking (AEB), blind spot detection (BSD), and adaptive cruise control (ACC). Radar sensors detect the distance, speed, and direction of objects in the vehicle’s vicinity. These sensors detect possible risks by detecting radio waves reflected off objects in the vehicle’s path and alerting the driver to take corrective action. Radar sensors work in tandem with other systems like cameras and ultrasonic sensors to provide a more complete view of the vehicle’s surroundings. These integrated systems can then notify the driver to take appropriate action, such as slowing down or changing lanes.

Middleware is expected to be the largest and fastest-growing software segment in the sensors market for automated vehicles. This is solely due to the ongoing innovations and research in software. North America and Europe are expected to witness rapid technological advancements in the sensors market for automated vehicles. The increasing adoption of advanced ADAS features, such as ACC, AEB, and LDW, is expected to further drive innovations in autonomous vehicles. Middleware facilitates communication across various units. However, as vehicles continue to evolve into mobile computing platforms, the middleware will make it possible to configure cars and enable the installation and upgrades of vehicle software. In the future, middleware is expected to operate with ECU hardware in a car and enable abstraction, virtualization, and distributed computing. Additionally, due to advancements in ADAS features, automakers are moving toward more flexible middleware architectures. For instance, AUTOSTAR’s adaptive platform is a dynamic system that includes middleware and multicore processors.

North America is estimated to be one of the largest markets in the current scenerio. The increase in sales of luxury vehicles in the region and demand for advanced automotive safety features are likely to positively impact the demand for autonomous vehicle sensors in North America. The large customer base and high disposable income levels in the region have fueled the demand for premium passenger cars. The increasing demand for autonomous driving in premium vehicles would boost the market. Government initiatives and collaborations with OEMs to support the testing of autonomous driving will further increase the demand for sensors. Automotive sensor demand in the region is expected to be driven by increasing government regulations mandating the use of advanced safety features in vehicles and the growing awareness and acceptance of the technology among consumers. The development of new technologies such as V2X (vehicle-to-everything) communication, advanced sensors, and machine learning algorithms along with increasing partnerships and collaborations between automotive manufacturers, technology companies, and suppliers to develop and integrate sensor and sensor fusion technologies is expected to drive the demand for sensors in the region. The rising demand for automated vehicles will drive the growth of the market in the coming years. The presence of leading automotive software providers, such as NVIDIA and Qualcomm, in the region will also drive the demand for sensors for automated vehicles. These companies help develop sensing platforms and software, for the sensor fusion process, which is required in autonomous vehicles. The US is expected to be the largest market in the region with high demand in California, where autonomous cars have been tested over the years. Robo-taxis have also been tested in the country over the years. Canada will also have a significant market with a growing demand for luxury vehicles and increased road safety.

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Recent Developments:

  • In January 2023, ZF Friedrichshafen AG launched Smart Camera 4.8. It enables autonomous cars to have a wider field of view, in turn enabling the vehicle to identify pedestrians, cyclists, and other vehicles.
  • In December 2022, Robert Bosch GmbH launched the 6G-ICAS4Mobility project, which is aimed at integrating communication and radar systems into a single 6G system.
  • In October 2022, DENSO launched its new 4mm Wave Radar PCU. According to DENSO’s vision of future mobility, the power device in the power control unit (PCU) is essential. The SiC MOSFET will displace silicon-based power devices, and 4mm Wave radar will be widely used.

Related Reports:

  1. Electric Vehicle Market
  2. Electric Commercial Vehicle Market
  3. ADAS Market
  4. Autonomous / Self-Driving Cars Market
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