Automotive Sensor Fusion Market Share, Size, Trends, Industry Analysis Report, Technology (Radar Sensors, Image Sensors, IMU, Others); By Vehicle Type; By Propulsion Type; By Region; Segment Forecast, 2024 - 2032
- Published Date:Jan-2024
- Pages: 117
- Format: PDF
- Report ID: PM4458
- Base Year: 2023
- Historical Data: 2019-2022
Report Outlook
The global automotive sensor fusion market was valued at USD 8.76 billion in 2023 and is expected to grow at a CAGR of 22.2% during the forecast period.
Nowadays, most vehicle manufacturers are producing vehicles with advanced driver assistance systems (ADAS) and autonomous vehicles (AV) due to consumer willingness to spend additional costs for advanced features, driving innovations in the automotive sensor fusion market. These vehicles have a wide range of sensors, including camaras, lidars, radars, and ultrasonic sensors, which are capable of understanding traffic, weather conditions, people, and objects around them.
Sensors are vital in making intelligent decisions in automotive vehicles, like changing directions, controlling speed, and more. This sensor fusion is known to promote the capability of automotive vehicles. There are numerous fusion techniques that exist on the market, but which one to use highly depends on the features in the vehicle's operation design domain. Strategic and collaborative initiatives to solve societal transportation problems are showcasing the growth of the market.
To Understand More About this Research: Request a Free Sample Report
- For instance, in December 2023, Adastec entered into a partnership with AECOM to promote the deployment of global automated buses to tackle traffic congestion, reduce carbon emissions, and improve the accessibility of public transportation.
Moreover, the rising investment to tackle urban traffic issues is likely to support the advancements in the automobile industry, in a way, in the automotive sensor fusion field. The growing technological innovations in ADAS systems are driving the need for automotive sensor fusion as they enhance perception and sensing capabilities.
However, the suboptimal detection of information from sensors is leading to partial and contradictory data, and driving autonomous vehicles in incorrect directions is obstructing the growth of the market.
Growth Drivers
The growing research activities to improve autonomous vehicle driving capability
The rising adoption of electric vehicles in the global market to tackle greenhouse gas emissions and the existence of limited oil reserves are providing significant growth opportunities for the automotive sensor fusion market. Sensor fusion assists autonomous vehicles in deploying a 3D model depicting the surrounding environment to the control unit of the vehicle. The ongoing research initiatives to enhance sensor fusion technologies for automotive vehicles are captivating. For instance, researchers at North Carolina State University showcased their new method, MonoXiver, which can convert 2D images into 3D, at the International Conference on Computer Vision in 2023.
The growing initiatives to develop driverless vehicles among the major companies are likely to stimulate advancements in automotive sensor fusion. Companies such as General Motors and Apple announced that by 2026, fully automotive vehicles will be in production. Furthermore, in September 2023, Sim4camsens received a grant from the Centre for Connected and Autonomous Vehicles in the UK for advancing autonomous vehicle perception sensors with $2.49 million. As the government assists researchers to continue their research and development activities with funding, there will be a higher chance for advancements in the market during the forecast period.
Report Segmentation
The market is primarily segmented based on technology, vehicle type, propulsion type and region.
|
By Technology |
By Vehicle Type |
By Propulsion Type |
By Region |
|
|
|
|
To Understand the Scope of this Report: Speak to Analyst
By Technology Analysis
IMU (Inertial Measurement Unit) segment is expected to witness the highest growth during the forecast period
The IMU segment will grow with substantial pace, due to reduced dependency on GPS and its cost effectiveness. It has two sensors, such as an accelerator and a gyroscope. The accelerator measures linear acceleration, while the gyroscope measures angular velocity in automotive vehicles. It plays a significant role in understanding the dynamics and controls of vehicles by tracking acceleration and deceleration. The perception of vehicles is improved with the integration of data from sensors like camara, radar, and lidar, leading to higher accuracy and reliability in decision-making
Radar and image are expected to experience significant growth owing to the need for capturing visual information and knowing the position of objects and people. All of these technologies are required for automotive vehicles to make crucial decisions.
By Vehicle Type Analysis
Heavy commercial vehicle segment accounted for the largest market share in 2023
The heavy commercial vehicle segment accounted for the largest share. Safety and meeting government regulations are vital for heavy commercial automotive vehicles, as every incorrect decision can lead to huge losses in terms of goods, other vehicles, and pedestrians on the road. Sensor fusion technology promotes safety by enabling data-driven decision-making with real-time data from multiple sensors.
The passenger car segment is expected to grow at the fastest rate over the next few years on account of the rapid increase in demand for cars with advanced safety features among consumers.
By Propulsion Type Analysis
Battery Electric Vehicles (BEV) segment held the significant market revenue share in 2023
The BEV segment held a significant share, due to the continuous rise in the incorporation of driving assistant systems and autonomous driving features in electric vehicles with batteries as propulsion systems.
Regional Insights
North America region registered the largest share of the global market in 2023
The North America dominated the market. The growth of the segment market can be largely attributed to the rising domestic demand for automobiles and rising production to meet supply targets. The rising developments in autonomous driving technology in this region is one of the major factors contributing to the larger market share in the market.
The Asia Pacific region is expected to be the fastest growing region with a healthy CAGR during the projected period, owing to the growing consumption of electric vehicles in the region. The increasing demand for electric vehicles is gaining traction due to their environmental sustainability and rising government incentives to support transportation towards e-mobility. According to International Energy Agency statistics, China registered 8 billion electric car sales in 2023. The rapid surge in electric cars is driving companies to provide advanced driving features like autonomous driving, contributing to the demand for automotive sensor fusion in the coming years.
Key Market Players & Competitive Insights
The automotive sensor fusion market is fragmented and is projected to witness competition due to the existence of several market players. The increasing research and development activities, along with the expansion activities, including mergers and acquisitions, are driving the growth of the market. For instance, Intrepid Control Systems announced its plan to unveil its vehicle connectivity service at the CES 2024, designed to enable automakers to connect vehicles with the cloud in an efficient manner and capture real-time data from software-based vehicles & ADAS/autonomous systems.
Some of the major players operating in the global market include:
- Aptiv
- Elmos Semiconductor SE
- Infineon Technologies AG
- Mobileye
- NVIDIA Corporation
- NXP Semiconductors
- Robert Bosch GmbH
- STMicroelectronics
- TDK Corporation
- TE Connectivity
- Texas Instruments Inc.
- ZF Friedrichshafen AG
Recent Developments
- In December 2023, Applied EV and NXP entered a collaboration initiative to work on the development of software-defined vehicles and safer autonomous electric mobility.
- In December 2023, LeddarTech joined forces with TTTech Auto, a technology giant in automotive safety software, to develop architecture safety solutions compatible with autonomous driving beyond SAE Level 3.
- In December 2023, Xylon unveiled customizable AI-driver monitoring systems, named ARTIEYE, to ensure users get more control over their driver monitoring systems by avoiding years of development.
Automotive Sensor Fusion Market Report Scope
|
Report Attributes |
Details |
|
Market size value in 2024 |
USD 10.66 billion |
|
Revenue forecast in 2032 |
USD 53.17 billion |
|
CAGR |
22.2% from 2024 – 2032 |
|
Base year |
2023 |
|
Historical data |
2019 – 2022 |
|
Forecast period |
2024 – 2032 |
|
Quantitative units |
Revenue in USD million/billion and CAGR from 2024 to 2032 |
|
Segments covered |
By Technology, By Vehicle Type, By Propulsion Type e, By Region |
|
Regional scope |
North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
|
Customization |
Report customization as per your requirements with respect to countries, region and segmentation. |
Explore the market dynamics of the 2024 Automotive Sensor Fusion Market share, size, and revenue growth rate, meticulously examined in the insightful reports crafted by Polaris Market Rersearch Industry Reports. The analysis of Automotive Sensor Fusion Market extends to a comprehensive market forecast up to 2032, coupled with a retrospective examination. Avail yourself of a complimentary PDF download to sample this in-depth industry analysis.
Browse Our Top Selling Reports
Temperature Sensors Market Size, Share 2024 Research Report
Field Programmable Gate Array (FPGA) Market Size, Share 2024 Research Report
Drylab Photo Printing Market Size, Share 2024 Research Report
Infectious Disease Diagnostics Market Size, Share 2024 Research Report
Dental Implants and Prosthetics Market Size, Share 2024 Research Report
FAQ's
Aptiv, Elmos Semiconductor, Infineon Technologies, Mobileye, NVIDIA Corporation are the key companies in Automotive Sensor Fusion Market
The global automotive sensor fusion market is expected to grow at a CAGR of 22.2% during the forecast period
Technology, vehicle type, propulsion type and region are the key segments covered
Growing Connectivity and IoT Integration are the key driving factors in Automotive Sensor Fusion Market
The global automotive sensor fusion market size is expected to reach USD 53.17 billion by 2032
© 2024 Polaris Market Research and Consulting. All rights reserved
