Global Automotive Ultrasonic Technologies Market
Global Automotive Ultrasonic Technologies Market Size Set to Reach USD 2.91 Billion by 2029
Published | 29 March 2023
Global automotive ultrasonic technologies market is flourishing because of growing requirement for efficient parking assistance systems in crowded urban areas, a surging demand for electric and autonomous vehicles, and high adoption of advanced driver assistance systems.
BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated global automotive ultrasonic technologies market size at USD 1.63 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects global automotive ultrasonic technologies market size to grow at a significant CAGR of 8.71% reaching a value of USD 2.91 billion by 2029. Major growth factors of global automotive ultrasonic technologies market include the rising demand for safety features in vehicles such as advanced driver assistance systems (ADAS) and increased consumer awareness about road safety, particularly in developing countries where road accidents are more common. Advancements in automotive ultrasonic technology, such as high-frequency ultrasonic sensors, artificial intelligence (AI), and the internet of things (IoT), are also contributing to market growth.
The trend towards vehicle electrification and the increasing popularity of electric vehicles (EVs) due to efforts to reduce vehicular emissions are additional drivers of market expansion. Additionally, there is a growing demand for parking assistance and obstacle detection systems that provide accurate range measurement in automobiles, creating new opportunities for growth. The adoption of luxury autonomous vehicles, government regulations mandating the installation of safety features in vehicles, and extensive research and development (R&D) activities are also expected to further fuel the growth of the global automotive ultrasonic technologies market in the forecast period. However, availability of alternative technologies such as LiDAR and radar is anticipated to restrain the overall market growth.
Global Automotive Ultrasonic Technologies Market – Overview
Automotive ultrasonic technologies involve using ultrasonic waves that have a frequency greater than 20 kHz to detect or measure objects near a vehicle. These techniques rely on automotive ultrasonic sensors that use sound waves to gauge the distance between an object and the sensor, which can be placed on different vehicle parts like the front or rear bumper to facilitate parking and maneuvering. The primary application of automotive ultrasonic technologies is in parking assist systems that offer audio or visual instructions to the driver by sensing the proximity of objects. They are also used in collision avoidance systems to reduce speed to avoid crashes and blind spot monitoring systems to detect vehicles or objects in the driver's blind spot. The advantage of automotive ultrasonic technologies over other sensors such as cameras or radar is that they can detect soft or oddly shaped objects and provide accurate measurements even in unfavorable weather conditions. They are also affordable and require minimal maintenance.
Impact of COVID-19 on Global Automotive Ultrasonic Technologies Market
COVID-19 pandemic had a detrimental impact on the global automotive ultrasonic technologies market, as the pandemic and resultant stringent lockdown measures caused supply chain disruptions worldwide. The production of various vehicles, including passenger cars and electric vehicles, was also hindered, particularly during the initial lockdown phase, resulting in a decrease in the adoption of ultrasonic technologies. However, most companies have now begun to incorporate various strategies, such as agreements, expansions, product developments, and product launches, to continue the advancement of their technologies and cope with the disruptions caused by the pandemic.
Global Automotive Ultrasonic Technologies Market – By Distribution Channel
Based on distribution channel, global automotive ultrasonic technologies market is bifurcated into OEMs and Aftermarket segments. The OEMs segment is expected to hold a higher market share during the forecast period. OEMs have a high level of integration in the automotive industry. They work closely with automakers to develop customized ultrasonic sensors and systems for different models and applications. This integration allows them to provide a complete solution that is optimized for the specific requirements of the automaker. Also, the high level of integration, strong R&D capabilities, established relationships with automakers, regulatory compliance, and brand reputation all contribute to OEMs segment’s higher growth in the global automotive ultrasonic technologies market.
Major players operating in global automotive ultrasonic technologies market include Bosch, Continental AG, Delphi Technologies, DENSO Corporation, Murata Manufacturing Co., Ltd., NXP Semiconductors N.V., Omnivision Technologies, Inc., Panasonic Corporation, Qualcomm Technologies, Inc., Robert Bosch GmbH, Texas Instruments Incorporated, Valeo SA, Visteon Corporation, Xilinx, Inc., and ZF Friedrichshafen AG. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Automotive Ultrasonic Technologies Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Automotive Ultrasonic Technologies Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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- Automotive Ultrasonic Technologies Market - Global Size, Share, Trend Analysis, Opportunity and Forecast Report, 2019–2029, Segmented By Type (Ultrasonic Sensors, Ultrasonic Transceivers, Ultrasonic Proximity Sensors); By Vehicle Type (Passenger Cars, Commercial Vehicles, Electric Vehicles, Autonomous Vehicles); By Frequency Range (High Frequency, Low Frequency, Mid Frequency); By Distribution Channel (OEMs (Original Equipment Manufacturers), Aftermarket); By Application (Park Assist Systems, Adaptive Cruise Control Systems, Blind Spot Detection Systems, Collision Avoidance Systems); By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa)
Publish Date: March 2023
An increasing demand for advanced driver assistance systems (ADAS), a growing need for efficient parking assistance systems in crowded urban areas, and a spurring demand for electric and autonomous vehicles are projected to propel the expansion of Global Automotive Ultrasonic Technologies Market during the forecast period between 2023 and 2029.
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