Automotive Perception Sensor Market: Introduction
- The automotive perception sensor market is currently expanding at a steady pace, owing to the development of new driverless features coupled with mounting autonomous vehicle production that boosts the demand for automotive perception sensors
- Autonomous vehicle perception sensing involves the collection of data from vehicle sensors and processing of this data into an understanding of the world around the vehicle
Key Drivers of Automotive Perception Sensor Market
- Currently, there are no legally operating, fully-autonomous vehicles in the world. There are, however, an increasing number of partially-autonomous vehicles cars and trucks with varying amounts of self-automation features, such as adaptive cruise control, automatic braking, blind spot detection, collision avoidance systems, and lane keeping assistance, which is driving the perception sensor market.
- Safety is a major factor boosting the automotive perception sensors market. Currently, customers are preferring vehicle safety features and advanced driver assistance systems, such as lane departure warning and automatic emergency brakes, which have already contributed to road safety and mitigated vehicle collisions.
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Challenges in Automotive Perception Sensor Market
- Fully autonomous vehicles are anticipated to take time to run on roads and are likely to be expensive. Development of cost-effective sensors and making these sensors available to low-end model vehicles are currently the challenges before OEMs of automotive perception sensors.
- The recent outbreak of COVID-19 pandemic has affected national as well as international automotive supply chains, manufacturing and R&D operations, thereby hampering the global perception sensor market. Post first wave of COVID-19, global economies have started opening up and automotive operations have begun to normalize; however, resurgence of COVID-19 cases in several countries across Europe have prompted governments to opt for a second round of lockdown restrictions and therefore, currently, uncertainty in the automotive industry still continues.
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Opportunities in Automotive Perception Sensor Market
- In December 2018, The European Union passed a resolution in the European parliament to respond much more proactively to rapid developments in the automated mobility sector, encourage initiatives, and to promote stringent safety requirements for all traffic participants. The Commission expects the new market for automated and connected vehicles to expand exponentially, with revenues for the automotive industry in the EU estimated to exceed US$ 9.5 billion and US$ 2.75 billion for the electronics sector by 2025. Therefore, the European Union’s intent to promote autonomous vehicles is likely to offer significant opportunity to the automotive perception sensor market.
- Automotive perception sensors have potential applications in the agricultural sector. For instance, integration of perception sensors in automated tractors and farm equipment is estimated to enable farmers to track multiple vehicles, monitor field operations remotely, and deploy herbicides only when weeds are detected. Thus, agricultural equipment is likely to offer considerable opportunity for the perception sensors market.
Automotive Perception Sensor Market in North America to Expand Considerably
- The market in North America is anticipated to expand at a high growth rate, as the U.S. Government is actively funding R&D of autonomous vehicles (AVs) and investing in the development of technologies to enable and complement an efficient transition toward a transportation system in which AVs and conventional surface vehicles operate seamlessly and safely. These investment areas include safety, mobility, security and cybersecurity, infrastructure, and connectivity. In the U.S., conventional cars are well-equipped with perception sensors. For instance, 70% of U.S. car models presently offer blind spot detection as optional and 10% as standard equipment. Thus, implementation of the active autonomous vehicle policy by the U.S government and adoption of technology by the public is likely to contribute to North America to account for a leading position in the global market during the forecast period.
Key Players Operating in Automotive Perception Sensor Market
The global automotive perception sensor market is moderately consolidated. A few of the key players operating in the global automotive perception sensor market are:
- Analog Devices, Inc
- Robert Bosch GmbH
- DENSO CORPORATION.
- AEye, Inc.
- NVIDIA Corporation
- LeddarTech Inc.
- Velodyne Lidar
- Quanergy Systems, Inc.
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Global Automotive Perception Sensor Mark: Research Scope
Global Automotive Perception Sensor Market, by Technology
- Inertial measurement units (IMUs)
Global Automotive Perception Sensor Market, by Application
- Object Detection
- Object Tracking
- Collision Avoidance
- Parking Assistance
- Blind Spot Detection
- Dynamic Suspension Control
- Adaptive Cruise Control
- Door Open Assist
Global Automotive Perception Sensor Market, by Vehicle Type
Global Automotive Perception Sensor Market, by Vehicle Fuel Type
- Electric Vehicle
- Non Electric Vehicle
Global Automotive Perception Sensor Market, by Sales Channel
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers’ or customers’ journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
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