Automotive Ultrasonic Technologies Market Size Worth $11.76 Billion by 2030 | Fortune Business Insights

Automotive Ultrasonic Technologies Market to Grow Gradually; Surging Need for Ultrasonic Sensors in Parking Assistance Systems and Obstacle Detection to Fuel Market Progress: Fortune Business Insights™

Pune, India, Dec. 20, 2023 (GLOBE NEWSWIRE) — The global automotive ultrasonic technologies market size stood at USD 6.34 billion in 2022. The market is predicted to rise from USD 6.80 billion in 2023 to USD 11.76 billion by 2030, registering a CAGR of 8.1% from 2023 to 2030. Increasing consumer adoption of vehicles equipped with Advanced Driver Assistance Systems (ADAS) that improve driving safety and convenience is driving the demand for automotive ultrasonic technologies. The surging need for ultrasonic sensors in parking assistance systems, blind spot detection systems, and obstacle detection is also contributing to increased adoption of automotive ultrasonic technologies. Fortune Business Insights™ shares this information in its report titled “Automotive Ultrasonic Technologies Market, 2023-2030.

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Report Highlights:

Report Coverage Details
Forecast Period 2023-2030
Forecast Period 2023 to 2030 CAGR 8.1%
2030 Value Projection USD 11.76 billion
Base Year 2022
Market Size in 2022 USD 6.34 billion
Historical Data for 2019-2021
No. of Pages 200

Drivers & Restraints-

Increase in Integration of ADAS Features in Vehicles is Accelerating Market Growth

Rapid integration of ADAS features, including lane-keeping assistance, adaptive cruise control, and traffic jam assist in vehicles, is expected to boost the demand for automotive ultrasonic technologies in the coming years. Increasing integration of ultrasonic sensors with ADAS improves vehicle safety and driving convenience. Advanced driver assistance systems are used to support drivers in their vehicles’ operation and avoid accidents. Ultrasonic sensors are an integral part of several ADAS features. Market growth is attributed to increasing investments in automotive ultrasonic technologies by several automakers to create more advanced products to provide safety and reliability to their customers.However, the availability of alternative technologies is hampering market expansion.
COVID-19 Impact-

Decreased Production and Distribution of Semiconductor Materials and Components amid the Pandemic Impeded Market Growth

The COVID-19 pandemic had a negative impact on the automotive ultrasonic technologies market growth. Decreased consumer spending and reduced sales of new vehicles during the pandemic hampered the market expansion. Supply chain disruptions due to trade restrictions and sanctions on specific countries affected the production and distribution of semiconductor materials and components.

On the other hand, in post-pandemic, the emergence of safety measures to reopen production units is supporting the demand for automotive ultrasonic technologies.

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Segments-

Increasing Installations of Ultrasonic Sensors in Passenger ICE Vehicles to Augment the Segment Expansion
In terms of vehicle type, the market is classified into ICE and electric vehicle. ICE is further divided into passenger vehicles and commercial vehicles. The ICE vehicle segment is expected to command the global market during the forecast period owing to continuous demand for these vehicles. The segment growth is driven by increasing government policies and rules concentrating on passenger and vehicle safety. Increasing installations of ultrasonic sensors in passenger cars are driving segment growth.
Rapid Integration of Ultrasonic Sensors in Parking Assistance Systems Bolstered the Segment Growth
By application, the market is classified into parking assistance system, blind spot detection, collision avoidance system, adaptive cruise control, and others.The parking assistance system segment accounted for the largest automotive ultrasonic technologies market share. Rapid integration of ultrasonic sensors in parking assistance systems is driving the segment expansion. These sensors assist drivers in navigating parking spaces by indicating proximity alerts and avoiding the risk of collisions with obstacles.
Report Coverage-

The report provides a detailed analysis of the top segments and the latest trends in the market. It comprehensively discusses the driving and restraining factors and the impact of COVID-19 on the market. Additionally, it examines the regional developments and the strategies undertaken by the market’s key players.

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Regional Insights
Growing Consumer Demand for Ultrasonic Sensors to Propel Market Growth in Europe

Europe is anticipated to lead the global market over the projected period. Market growth in the region is driven by the growing consumer demand for advanced driver assistance systems. Rapid adoption of ultrasonic sensors by European automotive manufacturers is projected to fuel market growth during the forecast period. North America is expected to rise significantly over the forecast timeframe. Growing sales of vehicles equipped with ADAS are fostering the market development in the region.

Competitive Landscape-

Continental AG Focuses on Ultrasonic Sensor Innovation for Vehicles

Continental AG, a top mobility solution provider, is focusing on ultrasonic sensor innovation for vehicles. Its sensors offer accurate distance measurements, improving safety, and comfort.

List of Key Players Covered in Automotive Ultrasonic Technologies Market:-

  • Continental AG (Germany)
  • Texas Instruments Incorporated (U.S.)
  • Murata Manufacturing Co., Ltd (Japan)
  • AG Electronics (India)
  • Robert Bosch GmbH (Germany)
  • Magna International Inc. (Canada)
  • Elmos Semiconductor SE (Germany)
  • TDK Electronics (Germany)
  • VALEO (France)
  • MInpin (China)

Automotive Ultrasonic Technologies Market Segmentation:-

By Vehicle Type

  • ICE
  • Passenger Vehicles
  • Commercial Vehicles
  • Electric Vehicle

By Application

  • Parking Assistance System
  • Blind Spot Detection
  • Collision Avoidance System
  • Adaptive Cruise Control
  • Others

Key Industry Development:

May 2023: Japan’s initial transportation service using ‘level 4’ autonomous driving is launched by Fukui, representing the country’s first step toward fully automated driving for transportation services.

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Table of Content:-

  • Introduction
    • Research Scope
    • Market Segmentation
    • Research Methodology
    • Definitions and Assumptions
  • Executive Summary
  • Market Dynamics
    • Market Drivers
    • Market Restraints
    • Market Opportunities
  • Key Insights
    •  Key Industry Developments – Mergers, Acquisitions and Partnerships
    •  Porter’s Five Forces Analysis
    •  Impact of COVID-19 on Automotive Ultrasonic Technologies Market
    •  Key Industry Developments
  • Global Automotive Ultrasonic Technologies Market Analysis, Insights, and Forecast, 2019-2030
    • Key Findings / Definitions
    • Market Analysis, Insights, and Forecast – By Vehicle Type
      •  ICE
        •  Passenger Vehicles
        •  Commercial Vehicles
      •  Electric Vehicles
    • Market Analysis, Insights, and Forecast – By Application
      •  Parking Assistance System
      •  Blind Spot Detection
      •  Collision Avoidance System
      •  Adaptive Cruise Control
      •  Others
    • Market Analysis, Insights, and Forecast – By Region
      •  North America
      •  Europe
      •  Asia Pacific
      •  Rest of World

Toc Continued…

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