Global Autonomous Vehicle Sensors Market to Grow at a Strong CAGR of 62.1% During the Forecast Period 2022-2030


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 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. 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.

Radar sensors leads the sensor 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. As per Insurance Institute for Highway Safety, one out of three lives can be saved by applying radar system in the autonomous cars. 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.

Safety and control market dominates the application segment of the global autonomous vehicle sensor market by capturing largest market share of ~23% in 2020. Safety and control application market is anticipated to grow at a CAGR of 62% during the forecast period of 2022-2030. According to the NHTSA (United States), the use of autonomous vehicle sensors helps the vehicle to identify safety risks, avoid drifting into adjacent lanes and prevents crash by warning the driver. Increasing road traffic accidents majorly contributes to the growth of global safety and control market during the forecast period. According to the World Health Organization (WHO), global mortality rate due to road traffic accidents accounts for more than 1.25 million deaths annually. This accounts for about 3,200 deaths each day across the globe.

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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. However, Asia Pacific autonomous vehicle sensor market presents significant opportunities is expected to grow at a highest CAGR of 64.1% in 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.

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.

KEY MARKET MOVEMENTS

  • 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 increasing number of road accidents globally coupled with government and private support for the adoption of autonomous vehicles.
  • Radar sensors leads the sensor 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.
  • LiDAR market is expected to grow at the highest CAGR of 80.2% in the forecasted period.
  • Safety and control market dominates the application segment of the global autonomous vehicle sensor market by capturing largest market share of ~23% in 2020 with the CAGR of 62% during the forecast period of 2022-2030.
  • North America leads the global autonomous vehicle sensor market by capturing largest market share of 34.66% in 2020.
  • Asia Pacific is expected to grow at a highest CAGR of 64.1% in the forecast period.
  • Partnership and collaboration is the primary strategy adopted by companies in global autonomous vehicle sensor market.
  • Top companies in the market include Continental AG, Delphi Automotive PLC, Denso Corporation, Velodyne, and NXP Semiconductors.

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