Driver-less Cars to Spur the Demand of the Global Autonomous Vehicle Sensor Market Over the Forecast Period of 2018-2026
“According to a new market research report published by Inkwood Research, the Global Autonomous Vehicle Sensor Market is predicted to progress over the forecast period of 2018-2026 by exhibiting a CAGR of 47.40%. The market worth is expected to catapult from $378 million in 2017, and reach $9987 million by the end of this projected period.”
“Browse 43 market data Tables and 51 Figures spread over 285 Pages along with an in-depth TOC for the Global Autonomous Vehicle Sensor Market Forecast 2018-2026.”
An autonomous vehicle can guide itself without human conduction. Such “driver-less” cars have logged thousands of hours on the American roads, but are not yet commercially available on a larger scale. These cars are modelled by integrating a host of modern technologies such as Artificial Intelligence, Virtual Reality, Augmented Reality, etc. A significant aspect of these autonomous vehicles are the sensors. These include digitally controlled brake, throttle, camera module sensor, steering sensor, GPS receiver, LiDAR sensors, IMU sensor, radio detection and ranging (RADAR) sensors, and others. The global autonomous vehicle sensor market refers to the market of sensors that monitor their surrounding areas and generate information for the safe and efficient navigation of the autonomous vehicles.
Rise in the number of road accidents and global increase in vehicle commuters propelling the market growth
As per the WHO, globally, more than 1.25 million people die each year due to road accidents while between 20 and 50 million suffer from non-fatal injuries. Statistics say that 77% of accidents occur due to the driver’s fault. As a result, there is a high demand for autonomous sensors, which can be incorporated in the vehicles to warn the driver about possible collisions or any malfunctions in the vehicle. Also, every year, the vehicle commuting population is increasing significantly. This is positively influencing the demand for shared autonomous vehicles sensors which have potential to make road travel faster, and easier.
Telematics application to gain momentum
Telematics is an integrated use of informatics and telecommunication to provide vehicle control and management. The technology aids to know the location and condition of an autonomous vehicle by facilitating data management. For ex: according to the IEEE (United States), development of smartphone-based vehicle telematics supports traffic research and vehicle safety systems. Such technological advancements and innovations in vehicle telematics are likely to contribute to the growth of the telematics market during the forecast period.
North America is expected to be the global leader in the Global Autonomous vehicle sensor market. High investments made by top-line private organizations, such as Ford, are driving the market growth in countries like the US and Canada. On the other hand, private investments in driverless technology and various technological advancements in the field of autonomous LiDAR sensors are expected to boost the autonomous vehicle sensor market in Europe. However, a substantial CAGR hike is expected from the Asia-Pacific region over the forecast period of 2018-2026.
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Strategic partnership by market players for the development and adoption of advanced technologies in the autonomous vehicles sensors market are expected to see a considerable increase during the projected years. Some of the high-profile market companies in the Global Autonomous Sensor Market are Nxp Semiconductors, Brigade Electronics, Leddar Tech Inc, Robert Bosch Gmbh, Delphi Automotive Plc (Aptive Plc), Continental Ag, Infineon Technologies, and Texas Instruments Incorporated.
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Inkwood Research specializes in syndicated & customized research reports and consulting services. Market intelligence studies with relevant fact-based research are customized across industry verticals including technology, automotive, chemicals, materials, healthcare, and energy; with an objective comprehension acknowledging the business environments. Our geographical analysis comprises of North & South America, CEE, CIS, Middle East, Europe, Asia, and Africa.