Global Automotive Ultrasonic Technologies Market 2021-2027

Ultrasonic sensing is usually used for short-distance applications at low speeds, such as park assist, self-parking, and blind-spot detection. According to market research study published by Publisher, the global automotive ultrasonic technologies market stood at around USD 1,108 million in 2020 and is projected to rise to a worth of USD 1,862 million by 2027 end, thereby garnering a CAGR of 7.7% during 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 that are equipped with latest advanced driver assistance features such as parking assistance system, blind spot detection system, height & pressure monitoring system as well as have a wider application in automatically opening tailgates. With advancements in technologies followed by adoption of numerous ADAS features in vehicles, demand for efficient ultrasonic sensors has increased, which has supplemented growth of the global market. Moreover, technical advancements in the automotive industry followed by introduction of self-driving vehicles and smart infrastructure has enabled vehicle manufacturers to develop & introduce advanced technologies, which provides lucrative opportunities for growth of the market.Factors such as increased parking concerns across the globe, growth in demand for internet of things (IoT)-based technology, and high demand for safety features provide lucrative opportunities for growth of the global automotive ultrasonic technologies market. Moreover, factors such as high implementation cost & configuration complexity and low rate of penetration in developing regions hamper growth of the market. However, rise in investments on building driverless vehicles and technological advancements in advanced driver assistance system are factors that are expected to provide lucrative growth opportunities, which supplements growth of the global automotive ultrasonic technologies market.

With introduction of smart parking infrastructure, there has been inclination toward use of different technologies, which supplements smart parking infrastructure. For instance, use of sensor-based parking detection followed by introduction of self-parking system in vehicles has created a positive impact on smart technologies used in a vehicle. In addition, users find it difficult to park their vehicles at locations, which have congested parking space, owing to larger number of vehicles parked at sides followed by lower lightings or other reasons. Hence, to overcome this issue, vehicle manufacturers are installing self-parking system in vehicles that includes advanced ultrasonic technologies installed in them. These systems installed in a vehicle determines obstacles as well as blind spots that falls when parking vehicles and accordingly provides a safety response to driver of vehicles. 

Many car manufacturing companies such as Tesla, Waymo, and Ford have tested smart parking assistance functions in autonomous vehicles that shows free parking space. Technological developments toward parking or autonomously driving vehicles using smart technologies is adopted by many countries such as Canada, the U.S., Germany, the UK. In addition, developments carried out by technology driven companies toward usage of sensors & ADAS features in vehicles has created a positive impact on growth of autonomous vehicles. For instance, in June 2021, Valeo entered into an agreement with Navya for technological and industrial collaboration in the field of autonomous shuttles. The aim is to ramp up R&D program to build level 4 autonomous driving systems that can be brought to market within the next three years, which will be equipped with latest ADAS features. Furthermore, software companies offer frequent updates to resolve any issues that might hamper performance of safety components installed in vehicles. Hence, continuous advancements, in terms of technology and infrastructure are expected to create lucrative growth opportunities for the automotive ultrasonic technologies market in the future. 

COVID-19 has presented the world with an unprecedented economic, humanitarian, and healthcare challenge. Moreover, owing to the pandemic and its rapid spread across the globe, demand & supply chain for numerous products came to a halt due to unavailability of transportation medium. Numerous companies, which are inclined toward production of advanced technologies to be used in vehicles have carried out numerous developmental strategies such as agreements, expansions, product developments, and product launches. Same was the case with the Automotive Ultrasonic technologies, which was further affected by the declining demand of Automobile sector.

Companies have been developing such systems to be installed in vehicles, which provides lucrative opportunities for growth of the automotive ultrasonic technologies market. For instance, in November 2020, Hyundai Mobis developed & introduced collision alert system preventing accidents in blind spots by using ultra-short range radar. The product enhances performance of rear emergency braking technology. Such developments & product launches carried out by technology driven companies support parking concerns across the globe, which effectively leads to growth of the global automotive ultrasonic technologies market.

The industry insights report of the Global Automotive Ultrasonic Technologies Market 2021-2027 helps with the successful launch of a new product. This market report efficiently collects, analyses, and evaluates information about a product or service to be offered for sale in that market. This market research report makes it easy to attain customer demographics which form the core of any business. This report studies Potential clients for the product or service and their characteristics, spending habits, location, and needs of its target market.

The report provides in-depth analysis and insights regarding the current global market scenario, latest trends and drivers into global automotive ultrasonic technologies market. It offers an exclusive insight into various details such as market size, key trends, competitive landscape, growth rate and market segments. This study also provides an analysis of the impact of the COVID-19 crisis on the automotive ultrasonic technologies industry.

The automotive ultrasonic technologies market is segmented on the basis of type, application, vehicle type, and region. The automotive ultrasonic technologies market is segmented as below:

By type:
- proximity sensing
- distance measurement

By application:
- parking assist
- blind spot detection
- others

By vehicle type:
- passenger cars
- commercial vehicles
- electric vehicles

By region:
- region
- Asia Pacific
- Europe
- North America
- Rest of the World (RoW)

The report has also analysed the competitive landscape of the global automotive ultrasonic technologies market with some of the key players being Aisin Corporation, Continental AG, DENSO Corporation, Elmos Semiconductor SE, Hyundai Mobis Co., Ltd., Magna International Inc., Murata Manufacturing Co., Ltd., Robert Bosch GmbH, TDK Corporation, Valeo S.A., among others.
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Historical & Forecast Period
This research report provides analysis for each segment from 2017 to 2027 considering 2020 to be the base year.

Scope of the Report
- To analyze and forecast the market size of the global automotive ultrasonic technologies market.
- To classify and forecast the global automotive ultrasonic technologies market based on type, application, vehicle type, and region.
- To identify drivers and challenges for the global automotive ultrasonic technologies market.
- To examine competitive developments such as mergers & acquisitions, agreements, collaborations and partnerships, etc., in the global automotive ultrasonic technologies market.
- To identify and analyze the profile of leading players operating in the global automotive ultrasonic technologies market.

Why Choose This Report
- Gain a reliable outlook of the global automotive ultrasonic technologies market forecasts from 2021 to 2027 across scenarios.
- Identify growth segments for investment.
- Stay ahead of competitors through company profiles and market data.
- The market estimate for ease of analysis across scenarios in Excel format.
- Strategy consulting and research support for three months.
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