Autonomous Vehicle Sensor Market

The global autonomous vehicle sensor market is estimated to grow at a significantly high CAGR of 62.1% during the forecast period (2022-2030). The global autonomous vehicle sensor market is primarily driven by an increasing number of road accidents globally coupled with government and private support for the adoption of autonomous vehicles. The global autonomous vehicle sensor market has been segmented based on type, application, and component. The type segment is further segmented into camera module sensor, digitally controlled brake, throttle, steering sensor, Global Positioning System (GPS) Receiver, Inertial Measurement Unit (IMU) sensor, Light Detection, and Ranging (LiDAR) sensors, Radio Detection and Ranging (RADAR) sensors, ultrasonic sensors, wheel encoder.

Increasing Number of Road Accidents Remains as The Key Market Driver:

More than 90% of road accidents throughout the globe are caused primarily due to human errors, as per the International Organization for Road Accident Prevention that can be significantly reduced with the use of autonomous vehicles. According to estimation by National Highway Traffic Safety Association (United States), the use of driverless vehicles could save the life of more than 69 people every year in the U.S. Hence, the ability of autonomous cars to significantly reduce road accidents is expected to foster growth opportunities in the global autonomous vehicle sensor market.

Radar Sensor Lead Currently, However LiDAR Holds Significant Opportunities

Radar sensors lead the type segment in terms of revenue in the global autonomous vehicle sensor market with 22.13% market share in 2020. Radar sensor market is expected to grow with a CAGR of 61.4% over the forecasted period of 2022 to 2030.  According to a report by Georgia Institute of Technology, the long-range radar sensors are ideal for adaptive cruise control systems and small range radar sensors assist parking and blind spot detection. Further, as per Insurance Institute for Highway Safety, one out of three lives can be saved by applying radar system in autonomous cars. The growing safety concerns have led to escalating adoption of radar sensors. Over the forecast period LiDAR market is expected to grow at the highest CAGR of 80.2% in the forecasted period. Increasing interest of the car manufacturers in Lidar sensors is the key driver for the growth of LIDAR sensor market for the forecast period.

North America Leads Yet APAC Presents the Highest CAGR

Geographically, the global autonomous vehicle sensor market has been segmented into North America, Europe, Asia Pacific and Rest of the world (ROW). North America leads the global autonomous vehicle sensor market by capturing largest market share of 34.66% in 2020. North America autonomous vehicle sensor market is anticipated to grow at CAGR of 61% during the forecasted period. North America autonomous vehicle sensor market is primarily driven by proactive government support to autonomous vehicles amid growing interest of North America based vehicle manufacturers in autonomous vehicles. However, over the forecasted period Asia Pacific autonomous vehicle sensor market is expected to grow at the highest CAGR of 64.1 % over the forecast period. Asia Pacific is expected to be the most lucrative region for the autonomous vehicle sensors market as Asia pacific is world leader in terms of production and export of vehicles globally.

Collaborative Efforts to Enhance the Market Share of the Companies

Partnership and collaboration is the primary strategy adopted by companies in global autonomous vehicle sensor market. Strategic partnership allows the companies to share their resources to serve their respective self-interest. Product launch is the secondary strategy adopted by companies in global autonomous vehicle sensor market. New and advanced products help to improve company’s market visibility while competing effectively with key competitors in the market. Top companies in the market include Continental AG, Delphi Automotive PLC, Denso Corporation, Velodyne, and NXP Semiconductors

Historical &Forecast Period

This research report presents the analysis of each segment from 2020 to 2030 considering 2021 as the base year for the research. Compounded annual growth rate (CAGR) for each respective segment are calculated for the forecast period from 2021 to 2030.

Report Methodology

Market revenues andCAGR were derived from primary and secondary research. Both quantitative and qualitative trends were considered for extrapolation of market revenues. The derived market estimates were further validated from top down, bottom strategies and primary research. The scope of the market is limited to the following segments of product categories and region.

By Sensor Type (2020-2030; US$ Mn)

• Camera module sensor
• Digitally Controlled Brake, Throttle, Steering Sensor
• GPS Receiver
• IMU Sensor
• LiDAR Sensor
• Radar Sensor
• Ultrasonic Sensor
• Wheel Encoder

By Component(2020-2030; US$ Mn)

• Capacitive
• Inductive
• Magnetic
• Optical
• Piezoelectric

By Application (2020-2030; US$ Mn)

• Chassis
• Engine
• Fuel Injection and Emission
• Power Train
• Safety and Control
• Telematics
• Vehicle Security
• Others

By Region (2020-2030; US$ Mn)

• North America
• Europe
• Asia Pacific
• Latin America
• Africa

Global Impact of Covid-19 Segment (2020-2021; US$ Mn)

• Pre Covid-19 situation
• Post Covid-19 situation

Key questions answered in this report

• What are the key market segments in current scenario and in the future by product categories?
• What are the key market segments in current scenario and in the future by regions?
• What is the key impact of Covid-19 over market revenues and market determinants in the global autonomous vehicle sensors market?
• What are the primary and secondary macro and micro factors influencing the market growth currently and during the forecast period?
• What are the primary and secondary macro and micro factors deterring the market growth currently and during the forecast period?
• How to overcome the current market challenges and leverage the opportunities in each of the market segments?
• Who are the key players in the operational predictive maintenance market and what are their key product categories and strategies?
• What are the key strategies – mergers/acquisitions/R&D/strategic partnerships, etc. that companies are deploying to enhance market revenues and growth?