Automotive Ultrasonic Technologies Market to Reach $2.70 Billion, Globally, by 2028 at 8.5% CAGR: Allied Market Research
PORTLAND, Ore, July 21, 2021 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive Ultrasonic Technologies Market by Type (Proximity Detection and Range Measurement), Application (Park Assist, Blind Spot Detection, and Others) and Vehicle Type (Passengers Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Electric Vehicles): Global Opportunity Analysis and Industry Forecast, 2021–2028." According to the report, the global automotive ultrasonic technologies industry was estimated at $1.41 billion in 2020, and is anticipated to hit $2.70 billion by 2028, registering a CAGR of 8.5% from 2021 to 2028.
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Drivers, restraints, and opportunities-
Increase in concerns related to parking across the globe, rise in demand for internet of things (IoT), and surge in need for safety features in automotive propel the growth of the global automotive ultrasonic technologies market. However, high implementation cost & configuration complexities and low rate of penetration in developing countries impede the market growth. However, rise in investments in building driverless vehicles and technological advancements in advanced driver assistance systems (ADAS) pave the way for new opportunities in the coming years.
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The proximity detection segment to dominate by 2028-
Based on type, the proximity detection segment contributed to the highest share in 2020, generating more than half of the total share, and is estimated to dominate during the forecast period. Moreover, this segment is also projected to cite the fastest CAGR of 8.9% from 2021 to 2028, due to the fact that ultrasonic sensors can detect both metallic and nonmetallic targets and has good stability too.
The park assist segment to maintain the dominant share-
Based on application, the park assist segment garnered the major share in 2020, generating nearly half of the global automotive ultrasonic technologies market, owing to the fact that the system uses numerous sensors to determine the approximate distance between two parked vehicles. At the same time, the blind spot detection segment is projected to manifest the fastest CAGR of 10.1% from 2021 to 2028. This is because a blind spot detection system uses sensors to detect the objects not visible to the driver.
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Europe, followed by Asia-Pacific and North America, garnered the major share in 2020-
Based on region, Europe contributed to the highest share in 2020, garnering nearly one-third of the total market, and is expected to retain its dominance in terms of revenue by the end of 2028. Simultaneously, the market across LAMEA is expected to register the fastest CAGR of 11.0% throughout the forecast period, due to increased income of the individuals followed by rising demand for luxury vehicles in this province.
Key players in the industry-
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