Most of the road accidents happen due to human error and to avoid human error, the Automotive Driver Assistance Systems (ADAS) are making use of radar sensors. Radars are used in two applications pertaining to autonomous vehicles i.e. Automatic Emergency Braking System (AEBS) and Adaptive Cruise Control (ACC);these applications use long range radar (LRR) as it improves the accuracy and object resolution.Furthermore, another technology that is flourishing in the automotive sensor market is ‘LIDAR sensor.’LIDAR sensor allows the drivers to have a continuous 360 degrees visibility along with accurate depth information. The LIDAR map can provide an exact idea of the driver’s location, and help in navigating.Moreover, the automotive sensors market is emerging due to the increased demand for hybrid and autonomous vehicles. The automotive manufacturers are investing huge amounts of money in the technology to surge the development in the autonomous and hybrid vehicles. Additionally, the autonomous technology integrates well with the electric engines, owing to this there is a prodigious scope of increase in the demand for autonomous sensors.
The global automotive sensors market revenue is expected to reach $52 billion by the end of 2023, with the demand accumulating at a profitable CAGR of 12.08% during the forecast period 2018-2023.
According to theworld of Steel Association, by 2030 the electric vehicle will be the most sold amongst all other vehicles. With an increase in the number of autonomous and electric vehicle production, the automotive sensors are gaining momentum globally. For instance, Bosch is planning to launch a newly demonstrated Vehicle Motion and Positioning System. It is a combination of correction data, information from inertia sensor and global navigation satellite system (GNSS) along with steering-angle sensor and wheel-speed sensors.Owing to this the automotive sensor market is expected to gain presence in the upcoming years.Furthermore, in May 2019, OmniVision Technologies launched its next-generation 1MP image sensor for automotive viewing application. This is a dual conversion gain technology (DCG) along with split-pixel, high resolution up to 120db and LED flicker mitigation. This technology is helping the drivers to be safe, as it can capture minute details of the scene andhasa powerful,small, and efficient viewing camera. Owing to such technological advancement, the automotive industry is revolutionizing, therefore, the automotive sensor market is growing in the recent times.
North America was leading the automotive sensors market with regional market revenue of $9.4 billion in 2017 and is estimated to grow at a CAGR of 12.62% during the forecast period.Automotive manufacturers in North America are integrating driver assistance features such as lane departure in the new vehicles. Moreover, the integration of sensors such as RADAR, LIDARS, and ultra-sonic sensors need to be manufactured with high precision such that all the mechanism takes place in fraction of seconds.U.S. and Canada are taking efforts to increase the safety of the automotive occupants and maintain a green and safe environment. Furthermore, Brazil, Argentina, and Mexico are a few other countries that are flourishing rapidly in the automotive sector due to the adoption and development of technologies such as digitization of sensing technologies and adoption of anti-lock braking systems. Additionally, in North America the light trucks and SUVs embedded with sensors are gaining huge traction.Thus, the demand for truck sensors is poised to grow at a CAGR of 14.22% through to 2023. Therefore, the automotive sensors market is anticipated to grow at a significant rate in the coming years.
Automotive Sensors Market: Market Trends and Growth Drivers
- RADAR, and LIDAR Safety Systems
The latest developments in the technologies such as RADAR, and LIDAR vision sensors have boosted the automotive sensor market growth. The automotive manufacturers are trying to improve the safety of the vehicle occupants.Companies such as Hella, Denso, Continental, and Robert Bosch, all apply RADAR modules. There are high-resolution imaging that is developing RADAR technology, with a wavelength of 79GHz. This is comparatively lighter than other sensor technologies which are effective in any environment.
Furthermore, LIDARLIDARis one of the best advancements made in the automotive sensors market. LIDAR technology enables the autonomous cars to operate safely, as it provides 3D information of the surrounding and high resolution.Another factor due to which LIDARLIDARis gaining traction is its ability to detect low reflectivity objects from a distance. Hence, these two technologies have increased the opportunities for the growth of the automotive sensors market.
- Incorporation of Sensors Increasing the Electric Vehicle Efficiency
Electric vehicles are gaining prominence amongst people as it is a substitute for fuel engine vehicles. According to the International Renewable Energy Agency, the number of electric passenger cars is expected to reach 200 million by 2030. Additionally, two and three-wheeled electric vehicles are poised to reach a count of 900 million by the end of 2030. Furthermore, batteries such as NiMH and lithium-ion are being developed in order to avoid the failure of cells used in electric vehicles. Thus, the batteries sensors help with the status of the batteries.
The Major Players in the Market:
The major players in the global automotive sensor market are Analog Devices Inc., Asahi Kasei Corporation, Autoliv Inc., Continental AG, Delphi Automotive Systems LLC., Denso Corporation, Ficosa International, Image next CO. LTD., Robert Bosch, Schott AG, and Voxx International Corporation.These companies have been continuously focusing on R&D investments, acquisitions and partnership strategies to strengthen their portfolio of products.For instance, in March 2018, Analog Devices Inc. acquired Symeo for RF and sensor technologies enable real-time position detection. Now ADI will leverage the processing algorithms to offer customers a radar platform.
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