Automotive Ultrasonic Technologies Market : Proximity Detection and Range Measurement Industry Forecast, 2021-2028

According to a recent report published by Allied Market Research, titled, "automotive ultrasonic technologies market by type, application and vehicle type: global opportunity analysis and industry forecast, 2021-2028," the global automotive ultrasonic technologies market was valued at $1.41 billion in 2020, and is projected to reach $2.70 billion by 2028, registering a CAGR of 8.5%.

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Covid-19 scenario-

The outbreak of the pandemic led to disrupted supply chain across the world, and the global automotive ultrasonic technologies market was impacted negatively.
Production activities of different types of vehicles such as passenger cars, electric vehicles, and others were also interrupted, especially during the initial phase of the lockdown. This gave way to reduced implementation of ultrasonic technologies.
However, most companies have now started incorporating strategies such as agreements, expansions, product developments, and product launches to continue the development of advanced technologies and cope up with the disruptions.

The proximity detection segment to dominate by 2028-

Based on type, the proximity detection segment contributed to the highest share in 2020, generating more than half of the total share, and is estimated to dominate during the forecast period. Moreover, this segment is also projected to cite the fastest CAGR of 8.9% from 2021 to 2028, due to the fact that ultrasonic sensors can detect both metallic and nonmetallic targets and has good stability too.

The park assist segment to maintain the dominant share-

Based on application, the park assist segment garnered the major share in 2020, generating nearly half of the global automotive ultrasonic technologies market, owing to the fact that the system uses numerous sensors to determine the approximate distance between two parked vehicles. At the same time, the blind spot detection segment is projected to manifest the fastest CAGR of 10.1% from 2021 to 2028. This is because a blind spot detection system uses sensors to detect the objects not visible to the driver.

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Key players in the industry-

Continental AG
Denso
Magna International
Murata Manufacturing co. ltd.
Robert Bosch GMBH
TDK corp.
Aisin Corporation
Elmos Semiconductor SE
Valeo SA
Hyundai Mobis co. ltd.

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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.

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