Automotive Ultrasonic Technology Market Growth Driven by Safety Features and Technology Advancements

Noida, India – BlueWeave Consulting, a strategic consulting and market research firm, forecasts in a recent study that the global automotive ultrasonic technologies market will grow considerably, with a projected CAGR of 8.71 percent between 2023 and 2029, reaching a value of US$2.91 billion by 2029.

It also claims that the Asia Pacific (APAC) region has the largest market share in the global automotive ultrasonic technologies market, owing to factors such as increasing demand for ultrasonic sensors in the automotive industry, the region’s strong presence of prominent automotive players, and the growing emphasis on improving vehicle safety features. Furthermore, the report suggests that rising demand for vehicle safety features such as advanced driver assistance systems (ADAS), increased consumer awareness about road safety, and advancements in automotive ultrasonic technology such as high-frequency ultrasonic sensors, artificial intelligence (AI), and the internet of things (IoT) are all contributing to market growth.

The trend toward vehicle electrification, the rising popularity of electric vehicles (EVs), the increasing demand for parking assistance and obstacle detection systems, the adoption of luxury autonomous vehicles, government regulations mandating the installation of safety features in vehicles, and extensive research and development (R&D) activities are also expected to fuel the growth of the global automotive ultrasonic technologies market during the forecast period. However, alternative technologies, such as LiDAR and radar, may limit market development.

The report also discusses the global automotive ultrasonic technologies market, the effect of the COVID-19 pandemic on the market, and the strategies used by companies to deal with disruptions caused by the pandemic. It also discusses how the global automotive ultrasonic technologies market (by distribution channel) is divided into OEMs and aftermarket segments, with OEMs anticipated to hold a larger market share during the forecast period. The report highlights the competitive landscape and major market players, including Bosch, Continental AG, Delphi Technologies, DENSO Corporation, Murata Manufacturing Co, Ltd, Omnivision Technologies, Inc, Panasonic Corporation, Qualcomm Technologies, Inc, Texas Instruments Incorporated, and ZF Friedrichshafen AG.

Image Source: Magic Wand Media

---

---