Perception Sensors Market Segmentation by Type (RADAR, LIDAR, Camera, Infrared Radiation (IR), and Inertial Measurement Units (IMUs)); by Vehicle Type (Commercial, and Passenger); by Application (Object Detection, Object Tracking, Collision Avoidance, Parking Assistance, Blind Spot Detection, and Others) – Global Demand Analysis & Opportunity Outlook 2030
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In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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.
The perception sensors market is estimated to garner a sizeable revenue by growing at a CAGR of ~3% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing adoption of advanced technologies, 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 market growth in the future. Furthermore, escalating investments by key market players to develop sophisticated technologies to enhance passenger experience is assessed to provide ample growth opportunities to the market.
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The market is segmented by type into RADAR, LIDAR, camera, infrared radiation (IR), and inertial measurement units (IMUs), out of which, the camera-based segment is anticipated to hold the largest share in the perception sensors market 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 latest pixel architecture. Apart from this, the LIDAR segment is also estimated to occupy a significant market share over the forecast period, which can be credited to the high usage of these sensors in level 1 and level 2 autonomous vehicles. Additionally, on the basis of vehicle type, 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.
The never-ending growth in internet accessibility around the world along with numerous technological advancements comprising 5G, blockchain, cloud services, Internet of Things (IoT), and Artificial Intelligence (AI) among others have significantly boosted the economic growth in the last two decades. As of April 2021, there were more than 4.5 billion users that were actively using the internet globally. Moreover, the growth in ICT sector has significantly contributed towards GDP growth, labor productivity, and R&D spending among other transformations of economies in different nations of the globe. Furthermore, the production of goods and services in the ICT sector is also contributing to the economic growth and development. As per the statistics in the United Nations Conference on Trade and Development’s database, the ICT good exports (% of total good exports) globally grew from 10.816 in 2015 to 11.536 in 2019. In 2019, these exports in Hong Kong SAR, China amounted to 56.65%, 25.23% in East Asia & Pacific, 26.50% in China, 25.77% in Korea, Rep., 8.74% in the United States, and 35.01% in Vietnam. These are some of the important factors that are boosting the growth of the market.
On the basis of geographical analysis, the perception sensors market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is estimated to gather the largest share over the forecast period on the back of lesser automotive production costs, availability of low-cost labor, and increasing disposable income of the population. In addition, growing number of vehicular accidents and escalating emphasis on automobile safety systems are also anticipated to boost market growth in the region. Furthermore, Europe is also projected to occupy a noteworthy market share owing to the implementation of stringent government regulations regarding safety and fuel efficiency norms in the region. Moreover, the market in North America is anticipated to witness the highest growth during the forecast period accounting to the rising adoption of advanced driving systems and increasing sales of electric vehicles. For instance, approximately 300,000 plug-in electric vehicles were sold in the United States in 2020. Out of these, more than 280,000 units belonged to Tesla’s model 3.
The perception sensors market is further classified on the basis of region as follows:
Our in-depth analysis of the perception sensors market includes the following segments:
Ans: The major factors driving the growth of the market are increasing number of car accidents and growing adoption of advanced technologies for automobiles.
Ans: The market is anticipated to attain a CAGR of ~3% over the forecast period, i.e., 2022 – 2030.
Ans: High price of perception sensors is estimated to hamper the market growth.
Ans: High price of perception sensors is estimated to hamper the market growth.
Ans: The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by type, vehicle type, application, and by region.
Ans: The camera segment is anticipated to hold largest market size and is estimated to grow at a notable CAGR over the forecast period and display significant growth opportunities.
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