PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606398
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1606398
The market for Automotive Sensor Fusion was projected to reach USD 315.2 million in 2023 and expand at a CAGR of 43.50% between 2024 - 2032.
The technique of merging data from several sensors within a car to create a more accurate and comprehensive picture of the surroundings is known as automotive sensor fusion. In order to detect and identify items like other cars, pedestrians, and roadblocks, sensor fusion systems can combine data from cameras, radar, lidar, and other sensors. Advanced driving assistance systems (ADAS) on the car, like lane departure warning, adaptive cruise control, and collision avoidance, use this data to improve performance and safety. Autonomous cars also use automotive sensor fusion systems to help them navigate their surroundings and make decisions.
Automotive Sensor Fusion Market- Market Dynamics
Strict Government Regulations for Safety Features
In order to reduce accidents and enhance traffic safety, automakers have expedited the use of technology. Additionally, by requiring these technologies in cars, the government takes action to reduce traffic fatalities. The rise in road traffic accidents has prompted the government to enact stringent laws pertaining to car safety measures. In India in 2021, about 1.55 million individuals lost their lives in traffic accidents, as per the National Crime Records Bureau (NCRB). Because of this, the governments of many nations mandate that cars have safety features to lower the chance of accidents and increase the security of both drivers and passengers. For instance, in September 2022, the Central Motor Vehicle Regulations (CMVR) were set to be amended by the Ministry of Road Transport and Highways (MoRTH) to include safety elements that will enhance the safety of vehicle occupants in crashes. The General Safety Regulation of the European Union (EU) specifies all of the legal criteria for safety that European automakers must follow. The advanced emergency braking system installation, accident data recording, crash test-approved seat belt sensors, reversing sensors, and speed assistance in cars are among the standards. As a result, the market is expected to grow significantly as a result of increased government regulations, which include the adoption of various car safety measures.
Automotive Sensor Fusion Market- Key Insights
According to our research analyst's analysis, the global market is predicted to grow at a CAGR of approximately 43.50% during the forecast period of 2024-2032.
The LiDAR category was predicted to hold the largest market share in 2023 based on sensor type.
In 2023, the level 4 (High Automation) category was predicted to hold the largest market share based on the level of automation.
In 2023, the Adaptive Cruise Control category emerged as the top segment based on application.
In 2023, the OEM category emerged as the top segment based on end-user.
North America held the largest revenue share by region in 2023.
The Global Automotive Sensor Fusion Market is segmented into Sensor Type, Level of Automation, Application, Vehicle Type, End-user, and Region.
Based on the level of automation, the is categorized into Level 1 (Driver Assistance), Level 2 (Partial Automation), Level 3 (Conditional Automation), Level 4 (High Automation), and Level 5 (Full Automation). The future market revenue share leader will be L4 automated vehicles. Due to a number of difficulties, such as a lack of supporting infrastructure, strict government regulations, and other comparable considerations, L4 automobiles have not yet been introduced to the general public for commercial sale. By 2024 or 2025, it is predicted that these cars will go on sale. The introduction of L4 automobiles, which are all outfitted with sensor fusion, is expected to present a number of opportunities for sensor fusion-related software development businesses and component manufacturers.
Based on vehicle type, the automotive sensor fusion market is segmented into Passenger Cars, Light Commercial Vehicles (LCV), and Heavy Commercial Vehicles (HCV). The heavy commercial vehicle (HCV) segment accounted for the largest share. For large commercial automobiles, safety and adherence to rules are essential since any poor choice can result in significant losses for cargo, other cars, and pedestrians. By providing data-driven decision-making with real-time data from various sensors, sensor fusion technology enhances safety.
Automotive Sensor Fusion Market- Geographical Insights
The Automotive Sensor Fusion market is widely distributed geographically in North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. These areas are further separated based on the countries that provide business.
In the automotive sensor fusion market, North America was expected to hold a significant revenue share in 2023. The region's automotive sensor fusion market is expanding due to the growing use of advanced driver assistance systems (ADAS) and the development of autonomous vehicle technologies in both passenger and commercial vehicles. Strict government regulations intended to improve road safety have aided in the development of fully and partially autonomous vehicles. Therefore, it is expected that the market for automotive sensor fusion will gain a great deal from the increase in the usage of autonomous vehicles.
In addition, due to the region's increasing use of electric vehicles, the Asia Pacific area is anticipated to develop at the quickest rate with a robust CAGR during the anticipated period. The growing governmental incentives to encourage the transition of transportation towards e-mobility and the environmental sustainability of electric vehicles are driving higher demand for them. China sold 8 billion electric cars in 2023, according to data from the International Energy Agency. In the upcoming years, there will be a greater need for automotive sensor fusion due to the swift growth of electric vehicles, which is pushing manufacturers to offer sophisticated driving capabilities like autonomous driving.
With multiple major manufacturers fighting for market dominance, the automotive sensor fusion industry is extremely competitive. Aptiv, Robert Bosch GmbH, DENSO Corporation, Continental AG, Delphi Technologies (Phinia Inc.), ZF Friedrichshafen AG, and Valeo, among others, are some of the prominent players in the industry. To invent and introduce cutting-edge sensor fusion solutions, these companies concentrate on research and development activities. Along with these tactics, they also use acquisitions, joint ventures, and strategic alliances to improve their market share and diversify their product lines.
May 2024: To hasten the development of sophisticated autonomous applications, the American semiconductor manufacturer Lattice Semiconductor has introduced a new 3D sensor fusion reference design. The reference design combines Lumotive's Light Control Metasurface (LCM) programmable optical beamforming technology with low power, low latency, deterministic Lattice Avant-E FPGA to enable improved perception, reliable operation, and easier autonomous decision-making in challenging environments like industrial robotics, automotive, and smart city infrastructure.
January 2023: VinFast, a well-known electric vehicle manufacturer in Vietnam, and NXP Semiconductors worked together. Through this partnership, both businesses were able to support the latest VinFast automotive projects throughout their early development phases. They took advantage of NXP's array of system solutions for sophisticated applications.
May 2022: Bosch Sensortec GmbH partnered with Qeexo, the company behind Qeexo AutoML. This partnership would see the deployment of Qeexo's automated machine learning (ML) platform, AutoML, on an Arduino Nicla Sense ME equipped with Bosch BHI260AP and BME688 sensors. Additionally, this would enable machine learning algorithms to be created and implemented by application developers on Bosch's AI-integrated sensors.