The global automotive sensor fusion market for ICE vehicle is estimated to be USD 2.9 billion in 2021 and is projected to reach USD 22.2 billion by 2030, growing at a CAGR of 25.4% from 2021 to 2030. Asia-Pacific is estimated to lead the market during the forecast. Demand of premium and luxury cars globally with enhanced safety and comfort features is expected to boost the demand of the sensor fusion technology. With the rising demand for luxurious vehicles, there has been a substantial increase in the use of technologically advanced ADAS features such as automated emergency braking, adaptive cruise control, lane departure warning. driving the adoption of sensor fusion. Companies such as Robert Bosch (Germany), Denso Corporation (Japan), ZF Friedrichshafen (Germany), Aptiv (Ireland), and NXP Semiconductors N.V. (The Netherlands), STMicroelectronics (Japan), Denso Corporation (Japan) are leading the market.
The rapidly growing automated comfort and safety features in vehicles with advanced ADAS features is the key factor for the growth of sensor fusion for automotive market. Asia Pacific dominating the automotive solenoid industry due to the significant vehicle production volumes in China, India, Japan, and South Korea and demand of premium and luxury vehicles, particularly China. The market penetration of sensor fusion is expected to grow further due to increasing adoption of advanced ADAS features and developments in sensor fusion hardware and software/algorithms. Roll out of various safety standards mandating ADAS features and sensors, is expected to compel automakers to adopt such technology in their vehicle models. For instance, China mandated TPMS in vehicles from 2019. With the implementation of ADAS features, the adoption of sensor fusion is set to increase. The country is also considering mandating automatic emergency braking during the forecast period. Thus, considering the above-mentioned factors, the automotive sensor fusion market in China is likely to grow in the coming years.
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Passenger cars are estimated to constitute the largest market segment of the global sensor fusion market for automotive, by vehicle type. The growing demand of premium models from brands such as BMW, Audi, Mercedes-Benz is expected to drive adoption of sensor fusion technology. Also, due to the stringent safety standards, the adoption of advanced ADAS features is on the rise, ensuring the momentum of sensor fusion in the future.
Autonomous vehicles are expected to be a major market for sensor fusion in the coming years with L5 vehicles registering the fastest growth. Autonomous vehicles are touted to be the future of mobility, and intensive R&D is ongoing in the segment. For these vehicles to be a reality, sensor fusion is a prerequisite as these vehicles are equipped with advanced ADAS features. According to MarketsandMarkets analysis, L4 and L5 vehicles are expected to be commercially launched post 2024 and 2028, respectively. Also, automakers such as Audi (Germany), BMW (Germany), Volvo (Sweden), Ford (US), GM (US), etc., are working on developing autonomous driving technologies. This is not only restricted to automakers but also to service providers such as Apple, Aptiv, DiDi, Amazon, Huawei, etc., who are investing in automated driving technology. Thus, continuous ongoing developments are expected to make automated driving technology a reality in the coming years. Some challenges it faces include lack of infrastructure, reliability issues, government regulations, etc.
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The sensor fusion market for automotive is projected to witness significant growth during the forecast period. The growing demand for luxury/premium ICE vehicles, as well as autonomous vehicles and the stringent safety standards implemented globally, are expected to drive market growth. The various market developments, product launches, and collaborations between sensor fusion software developers, hardware suppliers, and OEMs are expected to create lucrative growth opportunities in the sensor fusion ecosystem during the forecast period.
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