Automotive Sensor Fusion Market
OREGAON, PORTLAND, UNITED STATES, May 15, 2023 /EINPresswire.com/ -- According to a new report published by Allied Market Research, titled, โAutomotive Sensor Fusion Market," The automotive sensor fusion market was valued at $1.1 billion in 2021, and is estimated to reach $6.7 billion by 2031, growing at a CAGR of 20.9% from 2022 to 2031.
The strong automotive sector in the North America region supports the demand for sensor fusion technology in vehicles. Numerous automotive companies in the region invest in the use of artificial intelligence in their sensor fusion products to help increase the safety and performance of vehicles, which is expected to drive the growth of the market. Autonomous vehicles reduce the number of accidents on the road and reduce the chances of accidents.
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Therefore, there is an increase in demand for autonomous vehicles owing to the luxury, quality, safety, and convenience of self-driving cars. Moreover, technological improvements such as adaptive algorithms, sensor processing, high-definition mapping, and infrastructure improvements are leading various companies to ramp up the production of self-driving cars. Self-driving cars consist of a large number of sensors, such as LiDAR and RADAR systems, which work together to perform maneuvers automatically without the assistance of the driver. Therefore, an increase in the adoption of autonomous vehicles is expected to drive the growth of the market. Moreover, the rise in the development of research facilities to develop and launch solutions based on sensor fusion is expected to propel the growth of the market. For instance, in September 2021, VERSES Technologies Inc., a provider of contextual computing platforms dedicated to next-generation artificial intelligence solutions announced the opening of its sensor fusion lab and research facility in Culver City, California.
On the basis of technology, the global automotive sensor fusion market has been segmented into Radar Sensors, Image Sensors, IMU, and Others. The IMU segment is expected to experience significant growth during the forecast period. An inertial measurement unit (IMU) sensor is a device that directly measures the vehicle's three linear acceleration components and three angular velocity components (six degrees of freedom). IMUs are unique among sensors commonly found in autonomous vehicles (Avs). The inertial measurement unit (IMU) is an important dynamic sensor for dynamically steering the vehicle and maintaining accuracy better than 30 cm for short periods of time when other sensors turn offline. Inertial measurement unit (IMU)s is also used in algorithms that can compare positions/locations and assign certainty to an overall position estimate.
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The rise in the development of inertial measurement unit sensors for commercial vehicles is expected to drive the growth of the segment in the market. For instance, in June 2019, Sensor manufacturer ACEINNA announced a new open-source inertial measurement unit sensor targeted for autonomous off-road, construction, and agricultural vehicle applications. Therefore, the rise in the integration of inertial measurement units (IMU) in autonomous vehicles to optimize the navigation system is expected to boost the growth of the segment in the market.
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By technology, the image sensors segment is anticipated to exhibit significant growth in the near future.
By vehicle type, the passenger car segment is anticipated to exhibit significant growth in the near future.
By propulsion type, the BEV segment is anticipated to exhibit significant growth in the near future.
By region, Asia-Pacific is anticipated to register the highest CAGR during the forecast period.
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Key players operating in the global automotive sensor fusion market include Aptiv, Elmos Semiconductor SE, Infineon Technologies AG, Mobileye, NVIDIA Corporation, NXP Semiconductors, Robert Bosch GmbH, STMicroelectronics, TDK Corporation, TE Connectivity, Texas Instruments, and ZF Friedrichshafen AG.
David Correa
Allied Analytics LLP
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