Global Market Size, Forecast, and Trend Highlights Over 2025-2037
Perception Sensors Market size was over USD 25.84 billion in 2024 and is projected to reach USD 38.43 billion by 2037, growing at around 3.1% CAGR during the forecast period i.e., between 2025-2037. In the year 2025, the industry size of perception sensors is evaluated at USD 26.52 billion.
The growth of the market can be attributed to the rising number of car accidents, and growing demand for passenger safety around the world. According to the Centers for Disease Control and Prevention, 1.35 million people are killed on the road every year. Almost 3,700 people are killed each day in crashes involving cars, buses, motorcycles, bicycles, trucks, or pedestrians.
Along with these, as a result of stringent government regulations, the autonomous capabilities of vehicles are projected to rise in the forthcoming years. This is another factor expected to drive perception sensors market growth in the future. Stringent regulations around vehicle safety are prompting automakers to adopt advanced ADAS features, further driving the market for perception sensors.
Perception Sensors Sector: Growth Driver and Challenges
Growth Driver
- Growing Investment by Key Players - Escalating investments by key market players to develop sophisticated technologies to enhance passenger experience is assessed to provide ample growth opportunities to the perception sensors market.
- Growing Demand for Electric Vehicles - Due to continued technological advances and increasing public awareness of their benefits, the use of electric vehicles is expected to increase in the coming years. The transition to electric vehicles will increase demand for self-driving cars. Self-driving electric vehicles offer a variety of benefits such as improved safety, increased mobility, reduced environmental impact, and increased efficiency. Autonomous electric vehicles can reduce dependence on non-renewable energy sources such as fossil fuels. These two technologies will grow together, as demand for electric vehicles rapidly increases in many countries around the world, with the goal of greener and safer transportation options. Countries such as China, Germany, and the United States, among others, have enacted strict safety and environmental regulations. In three years, the share of electric cars in overall vehicle sales jumped from about 4% to 14% between 2020 and 2022. It is expected that sales of electric vehicles will continue to grow strongly in the coming years.
- Growing Technological Advancement - The increasing accessibility of these sensors to a wider range of vehicles is facilitated by developments in sensor technology, such as their greater precision and extended range with reduced costs. The perception sensors market is expected to grow over the next few years due to this trend.
Challenges
- Accuracy and Reliability Issues - Perception sensors need to be highly accurate and reliable, especially in safety-critical applications like autonomous vehicles. Environmental factors such as rain, snow, and low light can affect sensor performance, posing accuracy challenges.
- Data Processing and Integration Problem with perception sensors is Predicted to Hamper the Market Growth in the Upcoming Period
- High Cost of perception sensors is Anticipated to Pose Limitations in the Perception Sensors Market Expansion During the Forecast Period
Perception Sensors Market: Key Insights
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
3.1% |
|
Base Year Market Size (2024) |
USD 25.84 billion |
|
Forecast Year Market Size (2037) |
USD 38.43 billion |
|
Regional Scope |
|
Perception Sensors Segmentation
Type (RADAR, LIDAR, Camera, Infrared Radiation (IR), Inertial Measurement Units (IMUs))
In terms of type, the camera segment is predicted to hold the highest CAGR of 25% by the end of 2036. This is predicted to grow on account of the abilities of this perception sensor to reduce the complexity of the circuit, consume very low static power, and offer higher sensitivity owing to the presence of the latest pixel architecture. Furthermore, increased resolution is going to provide even more detailed information for accurate object recognition and identification. Smaller and more compact cameras will enable integration into smaller devices and robots. Additionally, AI-powered algorithms are going to enhance the ability of cameras to handle challenging environmental conditions and extract meaningful information from the data.
Vehicle Type (Commercial, Passenger)
In terms of vehicle type, the passenger vehicle segment is predicted to dominate the perception sensors market growth with a growth rate of 60% during the estimated period. The segment for passenger vehicles is estimated to lead the market, in terms of share, ascribing to the rising need for the optimization of fuel consumption and growing demand for environment-friendly and safety-oriented vehicles. From 2017 to 2025, an analysis shows the number of green vehicle models sold by Hyundai Motor and Kia Motors in South Korea. By the year 2025, it is expected that approximately 38 eco-vehicle models will be produced by the Hyundai Motor Group. Features such as lane departure warning, blind spot detection, and automatic emergency braking rely heavily on sensors such as cameras, radar, and ultrasonic sensors, driving the demand and thus driving the segment growth in the estimated timeframe.
Our in-depth analysis of the global perception sensors market includes the following segments:
|
Type |
|
|
Vehicle Type |
|
|
Application |
|
Want to customize this research report as per your requirements? Our research team will cover the information you require to help you take effective business decisions.
Customize this ReportPerception Sensors Industry - Regional Synopsis
APAC Market Forecasts
Asia Pacific industry is expected to dominate majority revenue share of 33% by 2037. The growth can be attributed to the back of lesser automotive production costs, availability of low-cost labor, and increasing disposable income of the population. In addition, the growing number of vehicular accidents and escalating emphasis on automobile safety systems are also anticipated to boost market growth in the region. Well-known automakers like Hyundai, Toyota, and Honda are based in the Asia-Pacific area and are investing in autonomous car technology. In order to build autonomous vehicles, these OEMs have partnered with numerous international software and hardware companies. In the upcoming years, they also intend to make significant investments in the advancement of sensor technologies for driverless vehicles. The region's nations are also setting up the necessary infrastructure to use electric vehicles, which may contribute to the emergence of autonomous vehicles. For example, in October 2021, Honda and Cruise, a General Motors company, inked a deal whereby Honda will invest USD 2 billion over a 12-year period in the development of autonomous car technologies.
North American Market Statistics
The North America perception sensors market is set to grow significantly during the time period between 2024-2036. The growth can be attributed to the rising adoption of advanced driving systems and increasing sales of electric vehicles. The increasing integration of smart devices in homes and wearables is also fuelling demand for miniature, low-power perception sensors for features like gesture recognition and environmental monitoring. This is predicted to drive the growth of the perception sensors market in the region during the prediction period.
Companies Dominating the Perception Sensors Market
- Robert Bosch GmbH
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- Analog Devices, Inc
- NVIDIA Corporation
- LeddarTech Inc.
- Quanergy Systems, Inc.
- ZF Friedrichshafen AG
- Velodyne Lidar, Inc.
- EMBARCADERO INC.
- AEye, Inc.
- Mobileye Technologies Limited
In the News
- January 2020: Bosch debuted its long-range LIDAR sensor LRR4 for autonomous vehicles. The product features a detection range of 250 meters and is capable of recognizing up to 24 objects simultaneously. It is targeted for medium and close ranges in cities and on highways.
- DENSO developed the Global Safety Package 3, an active security system designed to improve the environment-sensing capabilities of automobiles and raise vehicle safety in January 2022. The Global Safety Package combines the capabilities of a vision sensor and a millimeter-wave radar sensor to assist the driver in operating the vehicle safely. The millimeter-wave radar sensor uses radar to identify the shapes of road items, such as cars and guardrails, while the vision sensor uses a camera to identify the area in front of the vehicle.
Author Credits: Saima Khursheed
- Report ID: 3210
- Published Date: Jan 03, 2025
- Report Format: PDF, PPT
