Automotive Ultrasonic Technologies Market worth USD 2.3 billion by 2027

The Market Statsville Group (MSG) publishes the new report on the "Automotive Ultrasonic Technologies Market by Type (Range Measurement and Proximity detection), by Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Electric Vehicles), by Application (Park Assist, Blindspot Detection, and Others), by Region - Global Share and Forecast To 2027". The global automotive ultrasonic technologies market size is expected to grow USD 2.3 billion by 2027 from USD 1.4 billion in 2020, at a CAGR of 8.5% during the forecast period. The Internet of Things (IoT) is a system of interrelated computing devices connected to the internet to perform a specified task by exchanging data without requiring human-to-human or human-to-computer interaction. Globally, the time spent searching for parking slots is more. The University of Kansas solves such related issues in many countries by developing a project on smart parking solutions with the use of IoT & several other technologies. Moreover, the ultrasonic technology-based smart parking system helps manage better parking and reduces driver's time, thereby providing exact information about the rear side of the vehicle.

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Global Automotive Ultrasonic Technologies Market Segmentation
The overall automotive ultrasonic technologies market has been segmented into type, vehicle, application, and region.

By Type (Range Measurement and Proximity detection)
By Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Electric Vehicles)
By Application (Park Assist, Blindspot Detection, and Others)
By Region (U.S., Mexico, Canada, Germany, France, UK, Italy, Spain, China, India, South Korea, Japan, Southeast Asia, Australia, Saudi Arabia, Peru, South Africa, Qatar, U.K., Nigeria, Israel, Brazil, Argentina)
Park assist, by application, is estimated to hold the largest market share during the forecast period

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By application, the global automotive ultrasonic technologies market has been segmented into park assist, blind-spot detection, and others. The park assist segment generated the highest revenue of 47.9% of the global automotive ultrasonic technologies market in 2020, and it is expected to register a significant CAGR from 2021 to 2027. Park assist system is an intelligent parking assistance system developed by Toyota Motor Corporation in 1999 to be installed in Toyota models in the U.S. This system consists of a screen attached to the car's dashboard and helps the driver park the vehicle in the parking space. The system uses numerous sensors to determine the approximate distance between two parked vehicles.

Ultrasonic technology is used in the park assist system to measure the distance between the vehicles and walls. Earlier, the parking and lighting systems segment accounted for the majority of the automotive industry's market share. In recent years, the park assist segment has witnessed a considerable growth rate, owing to the higher adoption of such systems in vehicles. Moreover, the infrastructure development supporting the concept of smart parking has also provided lucrative opportunities for the growth of park assistance, leading to the growth of the ultrasonic technologies market. Moreover, technological advancements in the camera are expected to boost the development of this segment in the future.

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Europe accounts for the largest market share in the automotive ultrasonic technologies market 2020

Based on the regions, the global automotive ultrasonic technologies market has segmented North America, Asia-Pacific, Europe, South America, and the Middle East & Africa. In 2020, Europe was the highest revenue contributor, having a market share of 32.0%. Europe includes Germany, France, the U.K., Italy, Spain, and the rest of the European countries across which the automotive ultrasonic technologies market report has been studied. Companies such as Continental AG, Elmos Semiconductor SE, Robert Bosch GmbH, Valeo S.A., and others have operated across European countries. They are offering their products to different vehicle manufacturers, which supplements the market's growth across the region.

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Technical developments in the automotive sector for efficient enforcement of safety features and better drive quality in-vehicle leads toward the growth of the automotive industry across Europe. Moreover, with the rise in popularity of autonomous driving, the adoption of ADAS has increased the safety systems of automobiles. Also, supportive legislation and cost-effective vehicles fuel the use of safety systems in cars to improve safety and comfort. Furthermore, the introduction of smart parking infrastructure across the region has also increased the demand for ultrasonic technologies to be used in vehicles for smoother parking & obstacle avoidance which leads to the growth of the market across the region.

This research report includes a study on the development and marketing strategies, along with a study on the product portfolios and winning strategies of the leading companies operating in the automotive ultrasonic technologies market. It also consists of the profiles of leading companies such as Aisin Corporation, Denso, Continental AG, Hyundai Mobis Co. Ltd., Murata Manufacturing co. Ltd., TDK corp., Magna International, Robert Bosch GMBH, Elmos Semiconductor S.E., and Valeo SA. These market players have focused on acquisitions and expansion to gain a larger market share in the automotive ultrasonic technologies market.

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