Market Size of Automotive Inertial Systems Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.01 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Automotive Inertial Systems Market Analysis
The Automotive Inertial Systems Market was valued at USD 1871.1 million in 2020 and expected to reach USD 2361.31 million by 2026 and grow at a CAGR of 4.01% over the forecast period (2021 - 2026). Inertial systems comprise IMUs in combination with high-performance sensors (gyroscopes, magnetometers, and accelerometers), to provide high-accuracy information about the surrounding environment, through relative movement. The powerful combination of IMUs with other onboard sensors produces critical data increasing the reliability of the vehicles and leading to new automation breakthroughs in automotive applications.
- The emergence of micro-electromechanical systems (MEMS) technology resulted in the miniaturization of mechanical and electro-mechanical elements in the field of sensors and semiconductors, with the help of micro-fabrication and micro-machining techniques. Hence, MEMS has now become an important part of several automation components in Level 1, 2, and 3 autonomous cars, boosting demand for inertial systems from the automotive sector significantly.
- The growing demand for safety in automobiles is boosting the market's growth positively. According to the World Health Organization, globally, approximately 1.35 million people are killed in road accidents every year. Moreover, between 20 and 50 million more people suffer non-fatal injuries, with many incurring a disability as the result of their injury. MEMS accelerometers play an important role in improving the safety features of vehicles.
- The current generation of automobiles highly relies on the collection of data from various sensors used in the vehicle. Gyroscopes and accelerometers provide essential measurements for improving the control and stability of the vehicle. Both these sensors are liable to make significant noise at low frequency, resulting in low accuracy of the measurements, especially under the low-dynamic conditions, thereby accelerating the market demand during the forecast period.
