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Automotive Ultrasonic Technologies Market : Blind Spot Detection Application to Grow at CAGR 10.1% From 2021 to 2028 | AMR

03-17-2023 01:16 PM CET | Advertising, Media Consulting, Marketing Research

Press release from: Allied Market Research

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% from 2021 to 2028.

Drivers, restraints, and opportunities-

Increase in concerns related to parking across the globe, rise in demand for internet of things (IoT), and surge in need for safety features in automotive propel the growth of the global automotive ultrasonic technologies market. However, high implementation cost & configuration complexities and low rate of penetration in developing countries impede the market growth. However, rise in investments in building driverless vehicles and technological advancements in advanced driver assistance systems (ADAS) pave the way for new opportunities in the coming years.

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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.

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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.

Europe, followed by Asia-Pacific and North America, garnered the major share in 2020 -

Based on region, Europe contributed to the highest share in 2020, garnering nearly one-third of the total market, and is expected to retain its dominance in terms of revenue by the end of 2028. Simultaneously, the market across LAMEA is expected to register the fastest CAGR of 11.0% throughout the forecast period, due to increased income of the individuals followed by rising demand for luxury vehicles in this province.

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Key players in the industry-

Continental AG
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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About Us

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 domain.

We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.

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