Automotive Ultrasonic Technologies Market Expected to Expand at a Steady 2022-2030

Posted on 2022-12-07 by Jatin Dahiya in Advertising // 0 Comments

United State, New York, 2022-DEC-7 — /EPR Network/The global automotive ultrasonic technologies market was valued at USD 1.4 billion in 2020 and is projected to reach USD 2.3 billion by 2027, registering a CAGR of 8.5% during the forecast period 2021-2027. Ultrasonic technologies in automobiles are used to determine obstacles that lie in the path of a vehicle. Automotive ultrasonic technology is widely used in vehicles equipped with the latest advanced driver assistance features such as a parking assistance system, blind-spot detection system, height & pressure monitoring system, and a wider application in automatically opening tailgates. With advancements in technologies followed by the adoption of numerous ADAS features in vehicles, demand for efficient ultrasonic sensors has increased, which has supplemented the growth of the global market. Furthermore, technical advancements in the automotive industry followed by the introduction of smart infrastructure and self-driving vehicles have enabled vehicle manufacturers to develop & introduce advanced technologies, which provides lucrative opportunities for growth of the market.

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Factors such as high demand for safety features, increased parking concerns across the globe, and growth in demand for IoT-based technology provide lucrative opportunities for developing the global automotive ultrasonic technologies market. Moreover, high implementation cost & configuration complexity and low penetration rate in growing regions hamper the market’s growth. However, the rise in investments in building driverless vehicles and technological advancements in advanced driver assistance systems are expected to provide lucrative growth opportunities, which supplement the growth of the global automotive ultrasonic technologies market.

The demand for safety features, such as lane departure warnings, parking assistance, traction control, collision avoidance systems, electronic stability control, airbags, telematics, and tire pressure monitors is in demand due to the increase in the number of road accidents worldwide. Vehicles with installed safety features offered by ADAS (Advanced Driver Assistance Systems) can detect and classify objects on the road and alert drivers according to the road conditions. Furthermore, these systems can also automatically decelerate or stop the vehicle depending on the road conditions. Moreover, it is observed that there is a tremendous increase in the death rates due to road accidents.

COVID-19 Impact on the Global Automotive Ultrasonic Technologies Market

The outbreak of COVID-19 in Wuhan, China, has now turned into a public health emergency of global concern. The traditional public health intervention measures are less effective as there is no available antiviral drug or vaccine. In December 2019, a pneumonia cases group with unknown etiology was found in Wuhan city. It was observed that initial patients visited some wet seafood markets where other kinds of wildlife were also sold.

Molecular analysis and isolation of virus from human patients indicated that this new pathogen was a new coronavirus, first named 2019-nCoV and later named COVID-19 by the World Health Organization. This new virus is now the seventh member of coronavirus, which is known to infect humans. On January 30, 2020, with an exponential increase in the number of confirmed cases, the World Health Organization declared this outbreak a public health emergency of international concern (PHEIC).

CoVs are a class of genetically diverse viruses found in a wide range of host species, including mammals and birds. In addition, CoV first came into the spotlight in 2002-2003, when some clusters of ‘atypical pneumonia’ were found in Guangdong Province and subsequently spread in Hong Kong. Later, this novel CoV virus (SARS-CoV) and the disease were renamed as severe acute respiratory syndrome (SARS). Attributed to international travel, the virus spread from Wuhan to other countries globally, thereby infecting the majority of the people across numerous countries with a maximum fatality rate.

Global Automotive Ultrasonic Technologies Market Dynamics

Drivers: Increased parking concerns across the globe

With the introduction of smart parking infrastructure, there has been an increased inclination toward using different technologies, which supplements the smart parking infrastructure. For instance, the use of sensor-based parking detection followed by the introduction a self-parking system in vehicles has positively impacted the smart technologies used in a vehicle. Also, users find it difficult to park their vehicles at locations with congested parking spaces due to a larger number of vehicles parked at sides followed by lower lightings or other reasons. Hence, vehicle manufacturers are installing a self-parking system in vehicles to overcome this issue, including advanced ultrasonic technologies. These systems installed in a vehicle determine the obstacles as well as blind spots which fall when parking the vehicle and accordingly provide a safety response to the driver of the vehicle. Thus, to manage waste sustainably by using sensor-based services and IoT-based systems, urban and smart cities are anticipated to adopt automotive ultrasonic technologies, which, in turn, would propel the growth of the market.

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Restraints: High implementation cost and configuration complexity

Due to constant technological developments, there is a necessity to frequently upgrade the system & software required to keep them compatible with the external environment. Furthermore, the cost of all components, including sensors, RFID, fuzzy logic, and the necessary assembly in smart vehicles, is higher for the consumer. Many sensors are assembled in a single dielectric plate according to compatibility, which incurs a higher cost. This bulky system takes higher implementation costs as it needs to be connected with the wireless devices installed in vehicles for its proper operation. So, high configuration complexity coupled with higher initial implantation cost hinders the aftermarket adoption of ultrasonic technologies in vehicles.

Opportunities: Increased investment toward building driverless vehicles

Many car manufacturing companies, such as Waymo, Ford, and Tesla, have tested the smart parking assistance function in the autonomous vehicle that shows free parking space. Technological development toward parking or autonomously driving the vehicle using smart technologies is adopted by many countries such as the U.S., the UK, Germany, Canada, and others. Also, the developments carried out by technology-driven companies toward the usage of sensors & ADAS features in vehicles have positively impacted the growth of autonomous vehicles.

In June 2021, Valeo entered into a contract with Navya for technological and industrial collaboration in autonomous shuttles. The aim is to ramp up the R&D program to build level 4 autonomous driving systems that can be brought to market within the next three years, equipped with the latest ADAS features. Also, software companies offer frequent updates to resolve any issues that might hamper the performance of the safety components installed in a vehicle. Hence, the continuous advancements in technology and infrastructure are expected to create lucrative growth opportunities for the automotive ultrasonic technologies market in the near future.

Scope of the Report

The study categorizes the automotive ultrasonic technologies market based on type, application, vehicle type, and application at the regional and global levels.

By Type Outlook (Revenue, USD Million, 2017-2027)

Proximity detection
Range measurement

By Vehicle Type Outlook (Revenue, USD Million, 2017-2027)

Passenger cars
Light commercial vehicles
Heavy commercial vehicles
Electric vehicles

By Application Outlook (Revenue, USD Million, 2017-2027)

Park assist
Blindspot detection
Others

By Region Outlook (Revenue, USD Million, 2017-2027)

North America (US, Canada, Mexico)
South America (Brazil, Argentina, Colombia, Peru, Rest of Latin America)
Europe (Germany, Italy, France, UK, Spain, Poland, Russia, Slovenia, Slovakia, Hungary, Czech Republic, Belgium, the Netherlands, Norway, Sweden, Denmark, Rest of Europe)
Asia Pacific (China, Japan, India, South Korea, Indonesia, Malaysia, Thailand, Vietnam, Myanmar, Cambodia, the Philippines, Singapore, Australia & New Zealand, Rest of Asia Pacific)
The Middle East & Africa (Saudi Arabia, UAE, South Africa, Northern Africa, Rest of MEA)

The proximity detection is projected to account for the largest market share by type

The automotive ultrasonic technologies market report has been segmented into proximity detection and range measurement based on type. The proximity detection segment had a market share of 52.7% in 2020, which was accounted for the highest contributor to the market. Proximity detection is the process of determining any obstacle in the front or rear side of the vehicle. Ultrasonic sensors are used in a vehicle that detects the presence of any object without actually touching it. Ultrasonic sensors emit an electromagnetic field or a beam of electromagnetic radiation (in the form of infrared rays) and look for field changes or return signal changes. Ultrasonic sensor technologies used in a vehicle have gained immense traction due to the features offered by ultrasonic sensors. Ultrasonic sensors can detect metallic and nonmetallic targets and have good stability, making them widely used as proximity detection sensors. Moreover, quick response followed by the negligence of bad weather, long functional life, and high reliability because of the absence of mechanical parts and lack of physical contact between the sensor and the sensed object makes ultrasonic sensors widely used for proximity detection in a vehicle. Such features & advantages offered by the segment supplement its growth in the global market.

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Asia Pacific accounts for the highest CAGR during the forecast period

By region, the global automotive ultrasonic technologies market report has been studied across North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. Globally, Asia Pacific is growing faster with a CAGR of 9.1% during the forecast period. Asia-Pacific includes China, Japan, India, South Korea, and the rest of the Asia-Pacific countries across which the report has been studied. Developments have been carried out by companies such as Aisin Corporation, Hyundai Mobis co ltd, Denso, Murata Manufacturing co ltd, TDK Corp, and others for ultrasonic technologies, which leads to the growth of the market across Asia-Pacific.

The automotive sector in the Asia-Pacific region has evolved in recent years. The region has significantly contributed to global vehicle sales and is one of the lucrative markets for investment. The key players operating in the automotive market have focused on expanding in Asia by establishing their headquarters or manufacturing plants in countries such as Japan, India, and China, which are the automotive hubs of the region. The demand for luxury cars is expected to rise in the Asian region due to the strong economic conditions and continuous rise in disposable income of the population. Emerging economies, such as India, Australia, Japan, China, and others, have the fastest-growing automobiles market. Numerous manufacturers have ventured into the region due to the flexibility of establishing manufacturing facilities.

Key Market Players

The key players operating in the global automotive ultrasonic technologies market include Continental AG, Aisin Corporation, Denso, Magna International, Hyundai Mobis Co. Ltd., Murata Manufacturing co. Ltd., TDK corp., Robert Bosch GMBH, Elmos Semiconductor SE, and Valeo SA.

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