Automotive Ultrasonic Technologies Market: Current Analysis and Forecast (2022-2028)

Automotive Ultrasonic Technologies Market: Current Analysis and Forecast (2022-2028)

Ultrasonic technologies in the automotive are used to detect the obstacle that lies in the path of the vehicle. Moreover, automotive ultrasonic technology is widely in vehicles having advanced driver assistance features such as parking assistance systems, blind spot detection systems, and height and pressure monitoring systems followed by the ADAS features, which improve driving assistance quality, reduce crashes, provide better sensing of temperature, infrastructure and etc. Hence, these are the factors driving the growth of the market. For instance, according to the World Health Organization, approximately 1.3 million people die each year because of road traffic crashes.

• Based on type, the market is segmented into proximity detection and range measurement. The proximity detection category witnessed a higher CAGR during the forecast period. The technology has the ability to detect the presence or proximity of an object. A proximity sensor is a non-contact sensor that detects the presence of an object when the target enters the sensor's field. Moreover, the factors like reduction rate of accidents, detection of both metallic and non-metallic objects, low cost, and working in harsh environments are driving the growth of the market.
• On the basis of application, the market is categorized into park assist, self-parking, and blind spot detection. Among these, park assist to hold a significant share in the market in 2020. As the user finds it difficult to park their vehicle at the location due to the congested spaces. In addition, vehicle manufacturers are installing self-parking systems in vehicles that include advanced ultrasonic technologies installed in them.
• Based on vehicle type, the Automotive Ultrasonic Technologies market has been classified into passenger cars, heavy commercial vehicles, light commercial vehicles, and electric vehicles. The passenger vehicles category is to witness higher adoption during the forecast period. This is mainly due to the rising concern about the safety of passengers and the inclination of the population toward the advanced features of the vehicle is driving the growth of the market.
• For a better understanding of the market adoption of the Automotive Ultrasonic Technologies industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the increasing advancement in technology, growing disposable income, and surging per capita spending of individuals in the emerging economies of the region is driving the growth of the market. Moreover, the growing deployment of autonomous features in vehicles, along with the supportive regulatory policies implemented by the government of different countries, is the major contributor to the growth of the regional market. In addition, the market’s key players are working on the advancement of technology to boost the growth of the market. For instance, in September 2019, TDK Corp. launched a new series of ultrasonic sensor disks, based on ceramics, which would aid in park assistance, blind spot monitoring, level measurement for fuel or selective catalytic reduction (SCR) tanks, and interior monitoring for anti-theft systems
• Some of the major players operating in the market include Magna International Inc, Murata Manufacturing Co. Ltd., Robert Bosch GmbH, TDK Corporation, Valeo, Texas Instruments Incorporated, Panasonic Holdings Corporation, Hella KGaA Hueck & Co, Denso Corporation, Autoliv Inc.