DUBLIN — The Sensor Market for Automated Vehicles by Component (Hardware, Software), Offering, Software, Level of Autonomy (L2+, L3, L4), Propulsion (ICE, Electric), Vehicle Type, Sensor Platform Approach, Sensor Fusion Process and Region – Global Forecast to 2030 report has been added to ResearchAndMarkets.com’s offerings.
According to the report, the sensor market for automated vehicles is projected to grow from $0.4 billion in 2022 to $19.1 billion by 2030, registering a compound annual growth rate (CAGR) of 62.6 percent.
Passenger Cars to be the largest segment in market during the forecast period
The passenger cars segment is estimated to lead the market during the forecast period due to the higher profitability of using SAE L3 and L4 technology in luxury-segment passenger vehicles in the initial years of autonomous vehicle technology development.
The demand for autonomy in commercial vehicles is also expected to grow rapidly in the coming years, with an increasing demand for road safety and regulations by countries to prevent accidents from commercial vehicles.
Autonomy in the commercial vehicle segment can be seen post-2024, mainly in Europe and North America. Companies such as Stellantis are planning to launch autonomous vans in 2024. Bus manufacturers are already working on autonomous shuttles across Europe.
However, trucks are expected to skip L3 and go straight for L4 autonomous driving, as mentioned by leading players such as Daimler and Volvo. Several automakers, such as Nissan, Tesla, BMW, Mercedes-Benz, Hyundai, and Audi, have already started the development of advanced autonomous applications for their passenger cars.
For instance, in December 2021, Mercedes-Benz started offering automated driving technology called DRIVE PILOT in its EQS models in the first half of 2022 and on its S Class Model in select countries.
The German company claimed that these cars can commute at a speed of 60 kmph (37 mph) in heavy traffic or congested situations or stretches.
Similarly, Hyundai Group announced its plan to launch two passenger car models with L3 autonomy level. Hyundai Motor’s Genesis G90 sedan and Kia’s EV9 will be launched with an L3 autonomy level in 2023.
Mid-level Fusion to lead demand for sensor market for automated vehicles during the forecast period
Mid-level fusion segment is expected to grow at the highest rate during the forecast period. The rise in traffic congestion, the development of roadway infrastructure, and the increasing government regulations for vehicle safety have resulted in the increased installation of sensors and sensing fusion platforms in vehicles by original equipment manufacturers (OEMs).
In addition, the increasing focus by urban municipal authorities to develop intelligent transportation systems where vehicles are more connected will be a major boost in the development of real-time safety features.
Mid-level sensor fusion in autonomous vehicles refers to the integration of multiple sensors and algorithms that aim to provide a comprehensive and accurate understanding of the vehicle’s surroundings. This includes data from cameras, LiDAR, radars, GPS, and other sensors, which are then processed and combined to produce a high-fidelity representation of the environment.
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