PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1394070
PUBLISHER: MarketsandMarkets | PRODUCT CODE: 1394070
Scope of the Report | |
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Years Considered for the Study | 2019-2030 |
Base Year | 2022 |
Forecast Period | 2023-2030 |
Units Considered | Value (USD Million/Billion) |
Segments | Level of Autonomy, Vehicle Type, Electric Vehicle Type, Sensor Platform, Fusion Level, Sensor Type, Algorithm, Data Fusion Type, Technology, Region. |
Regions covered | Asia Pacific, Europe, and North America |
The sensor fusion market for automotive is projected to grow from USD 0.3 billion in 2023 to USD 3.3 billion by 2030, registering a CAGR of 42.4%. The increasing demand for autonomous and semi-autonomous vehicles and the adoption of ADAS systems across a wide range of vehicles to drive the market. Various safety applications including Automatic Emergency Braking (AEB), and Lane Keep Assist harness the power of sensor fusion to create a comprehensive and accurate perception of the vehicle's surroundings, enabling quicker and more reliable responses to potential dangers on the road, ultimately contributing to a safer driving experience. As safety and reliability are paramount in the autonomous vehicle industry, L2 and above ADAS systems have sensor fusion which plays a pivotal role in cross-validating data and improving accuracy, thereby mitigating potential risks and uncertainties on the road. Consequently, the surge in the autonomous vehicle market will fuel the growth and significance of the sensor fusion market for automotive.
"Feature fusion to be the fastest growing market during the forecast period"
Feature fusion is a process in autonomous vehicles (AVs) where information from multiple sensors is combined and processed to extract specific features of the vehicle's environment. There is less data generated and lower need for processing in this kind of sensor fusion. Here, sensor fusion happens after the 2nd layer of information detection and processing by individual sensors. The features can include road markings, traffic signals, lane boundaries, and other objects such as other vehicles and pedestrians. The extracted features are then used by the vehicle's decision-making systems to make real-time driving decisions and navigate the vehicle safely. NXP Semiconductors (India), AutonomouStuff (US), LeddarTech (Canada), Mobileye Global Inc. (Israel), and Velodyne Lidar (US) provide feature fusion for autonomous vehicles. Feature fusion is expected to be the fastest growing sensor fusion application, with a balance of data usage as well as improved safety compared to basic decision level fusion. Most L2+ to L4 vehicles are expected to come with Feature Level Fusion, due to its higher cost-performance compared to data and decision level fusion.
"Battery Electric Vehicle (BEV) to be the fastest growing and largest market during the forecast period"
BEVs use electricity stored in batteries to power the motor. They are fully electric and have no gasoline engine or fuel tank. They are currently the largest and fastest-growing EV type by market share. With growing BEV demand, automakers are providing ADAS or AD features with these vehicles. As per Marklines, of more than 150 L2 ADAS enabled BEV models were available in the market as of 2022. Several BEVs are equipped with sensor fusion systems used for combining inputs from cameras, ultrasonic sensors, radars, and/or Lidar systems. Ford's F-150 Lightning comes with Ford's Blue Cruise ADAS/AD system, which provides sensor fusion capabilities. GM has announced plans for its upcoming Cadillac Celestiq in March 2023, which will come with an Ultra Cruise ADAS/AD system using sensor fusion. GM and Ford use Mobileye's SOCs for their driver assist systems. Mercedes EQS comes with its self-driving platform, which works with NVIDIA SOCs and Bosch Sensors since 2022. Tesla used to provide sensor fusion till early 2022, after which it moved to camera-only ADAS systems. Volvo BEVs include its XC40 Recharge, which comes with NVIDIA and Luminar-powered sensor fusion systems. The Kia Drive Wise ADAS system is used in its EV6, which comes with sensor fusion capabilities with over 10 ADAS features.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
The sensor fusion market for automotive is dominated by established players such as Mobileye Global Inc. (Israel), NVIDIA Corporation (US), Qualcomm Incorporated (US), Tesla Inc. (US), and Huawei Technologies, Co., Ltd. (China) among others.
The report covers the sensor fusion market for automotive based on Level of Autonomy, Vehicle Type, Electric Vehicle Type, Sensor Platform, Fusion Level, Algorithm, Data Fusion Type, Sensor Type, Technology, and region (North America, Europe, and Asia-Pacific). It covers the competitive landscape and company profiles of the major players in the sensor fusion market for automotive ecosystem.
The study also includes an in-depth competitive analysis of the key market players, their company profiles, key observations related to product and solution offerings, recent developments, and key market strategies.
Reasons to buy this report
This report will help market leaders/new entrants in this market with information on the closest approximations of revenue numbers for the overall sensor fusion market ecosystem for automotive and its subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also help stakeholders understand the market's pulse and provide information on key market drivers, restraints, challenges, and opportunities.