Northbrook, IL -- (SBWIRE) -- 10/01/2021 -- The global Sensor Fusion Market for Automotive for ICE vehicle is estimated to be USD 2.9 billion in 2021 and is projected to reach USD 22.2 billion by 2030, growing at a CAGR of 25.4% from 2021 to 2030. Asia-Pacific is estimated to lead the market during the forecast. Demand of premium and luxury cars globally with enhanced safety and comfort features is expected to boost the demand of the sensor fusion technology. With the rising demand for luxurious vehicles, there has been a substantial increase in the use of technologically advanced ADAS features such as automated emergency braking, adaptive cruise control, lane departure warning. driving the adoption of sensor fusion. Companies such as Robert Bosch (Germany), Denso Corporation (Japan), ZF Friedrichshafen (Germany), Aptiv (Ireland), and NXP Semiconductors N.V. (The Netherlands), STMicroelectronics (Japan), Denso Corporation (Japan) are leading the market.

The rapidly growing automated comfort and safety features in vehicles with advanced ADAS features is the key factor for the growth of sensor fusion for automotive market. Asia Pacific dominating the automotive solenoid industry due to the significant vehicle production volumes in China, India, Japan, and South Korea and demand of premium and luxury vehicles, particularly China. The market penetration of sensor fusion is expected to grow further due to increasing adoption of advanced ADAS features and developments in sensor fusion hardware and software/algorithms. Roll out of various safety standards mandating ADAS features and sensors, is expected to compel automakers to adopt such technology in their vehicle models. For instance, China mandated TPMS in vehicles from 2019. With the implementation of ADAS features, the adoption of sensor fusion is set to increase. The country is also considering mandating automatic emergency braking during the forecast period. Thus, considering the above-mentioned factors, the Sensor Fusion Market for Automotive in China is likely to grow in the coming years.

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LiDAR is expected to be the fastest market during the forecast period

LiDAR offers precise and accurate 3D measurement data from short to long ranges in challenging weather and lighting conditions. This technology can be combined with any other sensory data to provide a reliable representation of both, still as well as moving objects in the vehicle's environment. Thus, LiDAR technology has become a suitable accessible solution to avoid collisions and enable obstacle detection and safe navigation in various environments in different vehicle types. LiDAR is used in critical automotive and mobility applications such as ADAS and autonomous driving. Europe and North America are likely to witness early adoption of LiDAR in their vehicle models. It is expected to be used in passenger cars post 2023 and in heavy commercial vehicles post 2024.

Heavy Commercial Vehicle is expected to be the largest growing market

Currently, heavy commercial vehicles witness no penetration of sensor fusion. They do, however, require more cameras and radar for sensor fusion mainly because of the vehicle height, longer range, and distance. Trucks are expected to adopt sensor fusion before buses due to increasing requests by fleet managers to migrate to advanced safety technology. According to Aptiv, the European Union has mandated automotive manufacturers to fit ADAS, such as lane departure warning systems (LDWS) and autonomous emergency braking systems (AEB) in all heavy commercial vehicles weighing more than 7,000 kilograms. According to MarketsandMarkets analysis, penetration of ADAS features in trucks and buses in countries such as Germany and the US is around ~16% and 8%, respectively.

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Key Market Players:

The sensor fusion market for automotive is dominated by globally established players such as Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), NXP Semiconductors N.V. (Netherlands), Infineon Technologies (Germany), and Denso Corporation (Japan), Aptiv (Ireland), ST Microelectronics (Japan).

Impact of Covid-19 on Sensor fusion market for automotive

The automotive industry plays a crucial role in building the global economy. However, the COVID-19 outbreak disrupted the entire automotive supply chain on a global scale during the second and third quarters of 2020, impacting new vehicle sales in FY 2020. According to OICA and MarketsandMarkets analysis, vehicle production (including LDV and HDV) witnessed a decline of 19.6% in 2020. The pandemic presented an uncertain recovery timeline for the automotive industry due to lockdowns and shutdown of manufacturing facilities in various parts of the world. The automotive industry faced four major challenges amid COVID-19—limited supply of vehicle parts, reduced sales of new vehicles, the shutdown of production facilities, and a decline in working capital. As the sensor fusion market for automotive is dependent on the production of vehicles, this market is expected to be impacted due to the outbreak. However, according to various industry experts, the recovery may regain momentum by the second half of 2021.

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