
Market Analysis
The automotive ultrasonic sensors market will grow at 6% CAGR in the forecast period (2020 2027), states the latest Market Research Future (MRFR) report.
Drivers
Ongoing Technological Innovations in Automotive Sensors to Boost Market Growth
The ongoing technological innovations in automotive sensors will boost the automotive ultrasonic sensors market value over the forecast period. The market players are constantly updating and innovating their product offerings thus sufficing to the burgeoning need for these in autonomous vehicles. TDK Corp. for instance launched a new type of ultrasonic sensor disks that are based on ceramics and will help in blind spot monitoring, park assistance, interior monitoring of anti-theft systems, and level measurement for fuel/selective catalytic reduction (SCR) tanks.
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Opportunities
Increasing Adoption of ADAS in Semi-Autonomous Vehicles to Offer Robust Opportunities
The surging adoption of advanced driver assistance systems (ADAS) in semi-autonomous vehicles with level 1, 2, and 3 autonomies will offer robust opportunities for the market in the forecast period. These sensors allow different ADAS to function which includes self-parking and blind-spot detection that aids in the transition towards autonomous vehicles and also eases concerns over probable issues with the detection of different objects around vehicles. Thus, the growing adoption of autonomous vehicles will boost the demand for ultrasonic sensors in the coming years.
Restraints
Low Preference for Diesel Cars to act as Market Restraint
The low preference for diesel cars coupled with an underdeveloped aftermarket will act as a market restraint over the forecast period.
Challenges
High Competition from Other Sensors to act as Market Challenge
High competition from other sensors such as accuracy and lower response speed over optical sensors coupled with lack of manufacturing excellence will act as market challenge over the forecast period.
Market Segmentation
The global automotive ultrasonic sensors market has been segmented based on application, vehicle type, vehicle autonomy, and type.
By type, the proximity detection segment will lead the market over the forecast period at a high CAGR.
By vehicle autonomy, the semi-autonomous segment will dominate the market over the forecast period at a favorable CAGR.
By vehicle type, passenger cars will spearhead the market over the forecast period at a significant CAGR.
By application, the self-parking segment will have the lions share in the market over the forecast period at a healthy CAGR.
COVID-19 Analysis
The COVID-19 outbreak had a negative impact on the automotive ultrasonic sensors market growth. The implementation of a series of regulations by different governments to handle the crisis like complete shutdown of manufacturing units had a direct impact on the development of the market.
Key Players
Key players profiled in the global automotive ultrasonic sensors industry report include Texas Instruments Inc, Magna International Inc, Elmos Semiconductor AG, TE Connectivity Ltd, Baumer Holding AG, Honeywell International Inc, TDK Corp, and Autoliv Inc, among others.
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