Automotive Ultrasonic Sensors Market Will Grow the Fastest in the APAC

The automotive ultrasonic sensors market will power at a compound annual growth rate of 5.1% by the end of this decade, to reach a value of USD 6,096.2 million in 2030. 

 APAC will be the fastest growing in the years to come as well. The region is observing extensive research and development activities in the autonomous vehicle field, driving the requirement for automotive ultrasonic sensors.

The continuing tech innovations in automotive sensors are trending in the years to come. The industry stalwarts are continuously innovating and updating their product offerings, thus catering to the mounting requirement for them in autonomous vehicles. 

For example, in September 2019, TDK Corp. introduced a novel series of ultrasonic sensor disks, on the basis of ceramics, which would help in park assistance, level measurement for fuel or SCR tanks, blind spot monitoring, and interior monitoring for anti-theft systems.

Semi-autonomous vehicles were the larger category in the past. This is for the reason that fully-autonomous automobiles, including level 4 and 5 autonomies, will be introduced in 2023 and 2025, correspondingly; therefore, in the past, only semi-autonomous vehicles were obtainable.

Commercial vehicles will have a faster growth in the years to come, in the automotive ultrasonic sensors market. The rising acceptance of these automobiles in the logistics sector, together with the projected implementation of autonomous features to improve the logistics activities, will drive the category growth.

Europe was the leader if the industry in the past. The increasing disposition of autonomous features in the automobiles, accompanied by the supportive governing policies executed by the government of more than a few countries, is the key contributor to the development of the industry. 

The prosperity of the market in this region is also boosted by the existence of some renowned automotive giants, for example BMW AG, Daimler AG, Chrysler Automobiles NV, Volkswagen AG, Fiat, and the Renault–Nissan– Mitsubishi Alliance.

 It is because of the increasing adoption of ADAS systems all over the world in vehicles, and the supportive regulations of the government for autonomous vehicle development, the demand for automotive ultrasonic sensors is on the rise. This trend will continue to grow in the years to come as well.

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Ultrasonic Sensors Market Outlook and Forecast 2020 due to COVID-19 Impact

The increasing need for ultrasonic sensors from manufacturing industries is one of the biggest factors propelling the demand for these sensors across the world. In manufacturing industries, the ultrasonic sensors are used in a plethora of applications such as diameter measurement of roll, tank water level measurement, loop control, distance measurement, and height measurement. Owing to the soaring industrial production in developing nations, the demand for ultrasonic sensors will rise significantly especially in level measurement applications. For instance, it was recorded in September, 2019 that the industrial production in Turkey registered a year-on-year (YoY) growth rate of 3.4%.

The burgeoning utilization of ultrasonic sensors in automobiles is another factor pushing their demand across the world. These sensors are used in a wide array of applications in automobiles such as in object detection and identification, park assistant systems, and level sensing in fuel tanks. 

Due to the above-mentioned factors, the ultrasonic sensor market is expected to increase its value from $4.1 billion in 2019 to $12.1 billion by 2030, demonstrating a CAGR of 10.2% during the forecast period (2020—2030). Ultrasonic sensors are widely used in industrial, automotive, healthcare, food & beverage, and agricultural sectors. Amongst these, the automotive sector is expected to observe the fastest growth in the adoption of ultrasonic sensors during the forecast period, primarily due to the rising demand for these sensors for use in self-driving cars for obstacle detection.

Global Ultrasonic Sensor Market Segmentation

Market Segmentation by Type

• Range Measurement
  • Through beam sensor
  • Retro-reflective sensor
• Proximity Detection
  • Proximity sensor
  • 2 point proximity switch

Market Segmentation by Application

• Level Measurement
• Distance Measurement
• Object & Pallet Detection
• Loop Control
• Diameter Measurement
• Others (Height Measurement and Web Break Detection)

Market Segmentation by End User

• Food & Beverage
• Automotive
• Healthcare
• Agriculture
• Industrial
• Others (Marine and Aerospace & Defense)

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Globally, the Asia-Pacific (APAC) region recorded the highest usage of ultrasonic sensors in 2019. This region is also expected to witness the fastest growth in the adoption of ultrasonic sensors during the forecast period. This is mainly ascribed to the increasing need for these sensors for automation in industries. Additionally, the increasing population level and rising focus on smart agriculture in India and China, is considerably boosting the demand for ultrasonic sensors in APAC. The expansion of food & beverage, chemicals, and automotive manufacturing industries is also fuelling the rising demand for ultrasonic sensors in APAC.

Hence, it is clear that owing to the surging demand for ultrasonic sensors from the manufacturing industries, growing popularity of premium vehicles, and the increasing need for ultrasonic sensors for use in the advanced automotive systems of these vehicles, the demand for ultrasonic sensors will grow consistently over the next few years.

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Automotive Ultrasonic Sensors Market Growth and Demand Forecast to 2030

The global automotive ultrasonic sensors market is expected to reach revenue of $6,096.2 million by 2030. It was valued at $3,461.9 million in 2019, from where it is predicted to witness a CAGR of 5.1% during 2020–2030 (forecast period). On the basis of vehicle autonomy, the fully-autonomous vehicle bifurcation, due to the increasing adoption of such automobiles in shared mobility services worldwide, is predicted to witness faster growth during the forecast period.

The biggest trend being witnessed in the automotive ultrasonic sensors market is the regular technological innovations taking place in such vehicle components. For instance, the increase in the efforts being undertaken to maintain the accuracy of these sensors at driving speeds above 10 km/ hour are an reflection of such measures.

The rise in the safety concerns, with regard to vehicles, are driving the governments of numerous countries to enact stringent policies for the installation of various safety features, such as blind spot detection (BSD), in vehicles. The biggest example of this is the European Union’s (EU) mandatory policy of equipping all new lorries, since 2007, and older lorries, since 2009, with blind spot mirrors. The dependence of these safety features on ultrasonic sensors for their functioning is driving the growth of the automotive ultrasonic sensors market.

Report Sample

Asia-Pacific (APAC) is predicted to be grow the fastest in the automotive ultrasonic sensors market, over the forecast period. On the basis of country, China is expected to register the highest demand for advanced sensors, such as ultrasonic sensors, in the coming years. This is mainly due to the rapid rise in the technological innovations in autonomous vehicles in the country.

There are no major dominating players in the global automotive ultrasonic sensors market, and as a result, the market has multiple key players, such as Baumer Holding AG, Honeywell International Inc., Magna International Inc., Autoliv Inc., Aptiv PLC, Elmos Semiconductor AG, TE Connectivity Ltd., Valeo SA, Texas Instruments Inc., First Sensor AG, and TDK Corp.

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