Chicago, Aug. 21, 2023 (GLOBE NEWSWIRE) — Sensor Fusion Market for Automotive is projected to reach USD 22.2 billion by 2030 from an estimated USD 2.9 billion in 2021, at a CAGR of 25.4% during the forecast period, according to a new report by MarketsandMarkets™.
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|Market size value in 2021:||USD 2.9 billion|
|Projected to reach 2030:||USD 22.2 billion|
|Base Year Considered:||2020|
|Largest Market:||Asia Pacific|
|Region Covered:||Asia Pacific, North America, Europe, and RoW|
|Segments Covered:||By technology, data fusion type, data fusion level, vehicle type, EV type, autonomous vehicle, sensor type, application, sensor fusion environment, and region|
|Companies Covered:||Robert Bosch GmbH (Germany), ZF Friedrichshafen AG (Germany), Continental AG (Germany), NXP Semiconductors N.V. (Netherlands), Infineon Technologies (Germany), Denso Corporation (Japan), Aptiv (Ireland), ST Microelectronics (Japan), and Allergo Microsystems (US), Elmos Semiconductor SE (Germany).|
The growth of the Sensor Fusion Market for Automotive is influenced by a major factor such as the stringency in safety standards in countries such as China, India, Brazil, European Union, US, Canada, etc. In addition, the anticipated increase in demand for premium and luxury cars is expected to boost the demand for sensor fusion technology. Also, the growing adoption of advanced ADAS features in automobiles due to enhanced safety and comfort is expected to drive adoption of sensors such as cameras, radars and LiDARs. Therefore, the Sensor Fusion Market for Automotive is expected to witness significant growth in the coming years.
Heavy Commercial Vehicle is expected to be the largest growing market