Automotive Sensor Fusion Market worth $6.7 billion by 2031 Globally, at a CAGR of 20.9% | says Allied Market Research
Automotive Sensor Fusion Industry Size
WILMINGTON, NEW CASTLE, DE, UNITED STATES, October 1, 2024 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, โAutomotive Sensor Fusion Market," The automotive sensor fusion market was valued at $1.1 billion in 2021, and is estimated to reach $6.7 billion by 2031, growing at a CAGR of 20.9% from 2022 to 2031.
๐ฐ ๐๐จ๐ฐ๐ง๐ฅ๐จ๐๐ ๐๐๐ฆ๐ฉ๐ฅ๐ ๐๐๐ ๐๐ฌ - https://www.alliedmarketresearch.com/request-sample/A13883
The strong automotive sector in the North America region supports the demand for sensor fusion technology in vehicles. Numerous automotive companies in the region invest in the use of artificial intelligence in their sensor fusion products to help increase the safety and performance of vehicles, which is expected to drive the growth of the market. Autonomous vehicles reduce the number of accidents on the road and reduce the chances of accidents. Therefore, there is an increase in demand for autonomous vehicles owing to the luxury, quality, safety, and convenience of self-driving cars.
Moreover, technological improvements such as adaptive algorithms, sensor processing, high-definition mapping, and infrastructure improvements are leading various companies to ramp up the production of self-driving cars. Self-driving cars consist of a large number of sensors, such as LiDAR and RADAR systems, which work together to perform maneuvers automatically without the assistance of the driver. Therefore, an increase in the adoption of autonomous vehicles is expected to drive the growth of the market. Moreover, the rise in the development of research facilities to develop and launch solutions based on sensor fusion is expected to propel the growth of the market. For instance, in September 2021, VERSES Technologies Inc., a provider of contextual computing platforms dedicated to next-generation artificial intelligence solutions announced the opening of its sensor fusion lab and research facility in Culver City, California.
๐ฐ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐๐จ๐ฆ๐ฉ๐ฅ๐๐ญ๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ ๐๐จ๐ฐ: https://www.alliedmarketresearch.com/automotive-sensor-fusion-market/purchase-options
๐๐๐ฌ๐๐ ๐จ๐ง ๐ญ๐๐๐ก๐ง๐จ๐ฅ๐จ๐ ๐ฒ, the IMU segment held the highest share in 2021, accounting for more than one-third of the global automotive sensor fusion market, and is expected to continue its leadership status during the forecast period. However, the Image Sensors segment is expected to register the highest CAGR of 22.3% from 2022 to 2031.
๐๐๐ฌ๐๐ ๐จ๐ง ๐ฏ๐๐ก๐ข๐๐ฅ๐ ๐ญ๐ฒ๐ฉ๐, the Passenger Car segment accounted for the highest share in 2021, contributing to more than three-fourths of the global automotive sensor fusion market, and is expected to maintain its lead in terms of revenue during the forecast period. The same segment is expected to manifest the highest CAGR of 21.5% from 2022 to 2031.
๐๐๐ฌ๐๐ ๐จ๐ง ๐ฉ๐ซ๐จ๐ฉ๐ฎ๐ฅ๐ฌ๐ข๐จ๐ง ๐ญ๐ฒ๐ฉ๐, the ICE segment accounted for the highest share in 2021, holding four-fifths of the global automotive sensor fusion market, and is expected to continue its leadership status during the forecast period. However, the BEV segment is estimated to grow at the highest CAGR of 24.5% during the forecast period.
๐๐๐ฌ๐๐ ๐จ๐ง ๐ซ๐๐ ๐ข๐จ๐ง, North America held the largest share in 2021, contributing to more than one-third of the global automotive sensor fusion market share, and is projected to maintain its dominant share in terms of revenue in 2031. In addition, the Asia-Pacific region is expected to manifest the fastest CAGR of 22.2% during the forecast period.
๐ฐ ๐๐ง๐ญ๐๐ซ๐๐ฌ๐ญ๐๐ ๐ญ๐จ ๐๐ซ๐จ๐๐ฎ๐ซ๐ ๐ญ๐ก๐ ๐๐๐ฌ๐๐๐ซ๐๐ก ๐๐๐ฉ๐จ๐ซ๐ญ? ๐๐ง๐ช๐ฎ๐ข๐ซ๐ ๐๐๐๐จ๐ซ๐ ๐๐ฎ๐ฒ๐ข๐ง๐ - https://www.alliedmarketresearch.com/purchase-enquiry/A13883
๐๐ข๐ฌ๐ญ ๐จ๐ ๐๐๐ฒ ๐๐ฅ๐๐ฒ๐๐ซ๐ฌ ๐ข๐ง ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐๐ง๐ฌ๐จ๐ซ ๐ ๐ฎ๐ฌ๐ข๐จ๐ง ๐๐๐ซ๐ค๐๐ญ:
Robert Bosch GmbH, (Germany)
TE Connectivity, (US)
Texas Instruments Inc., (US)
ZF Friedrichshafen AG, (Germany)
NXP Semiconductors, (Netherlands)
Infineon Technologies AG, (Germany)
NVIDIA Corporation, (US)
TDK Corporation, (Japan)
Aptiv, (Ireland)
Elmos Semiconductor SE, (Germany)
STMicroelectronics, (Switzerland)
Mobileye. (Israel)
The report provides a detailed analysis of these key players of the global automotive sensor fusion market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
๐๐ข๐ฆ๐ข๐ฅ๐๐ซ ๐๐๐ฉ๐จ๐ซ๐ญ๐ฌ ๐๐ ๐๐๐ฏ๐ ๐จ๐ง ๐๐ฎ๐ญ๐จ๐ฆ๐จ๐ญ๐ข๐ฏ๐ ๐๐ง๐๐ฎ๐ฌ๐ญ๐ซ๐ฒ:
https://www.alliedmarketresearch.com/automotive-wheel-speed-sensor-market - Global Opportunity Analysis and Industry Forecast, 2018 - 2025
https://www.alliedmarketresearch.com/vehicle-radar-test-system-market-A10764 - Global Opportunity Analysis and Industry Forecast, 2023-2035
https://www.alliedmarketresearch.com/automotive-knock-sensor-market-A10069 - Global Opportunity Analysis and Industry Forecast, 2023-2035
David Correa
Allied Market Research
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