Market Trends of Sensor Fusion Industry
This section covers the major market trends shaping the Sensor Fusion Market according to our research experts:
Growing Technological Trends in Automotive Sector to Boost the Market Growth
- The growing development in ADAS and increasing utilization of the principle of GPS-IMU (Inertial Measurement Unit) fusion is helping in solving accumulated errors of dead reckoning in intervals with absolute position readings. Tesla's Autopilot automated driving feature is an example of an ADAS that can perform functions such as keeping the vehicle center in a highway lane by determining the vehicle's precise position from data collected from a forward-facing camera and controlling the steering.
- Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), and Forward Collision Warning (FCW) are some of the most targeted applications in the studied market.For instance, Honda, the leading automobile manufacturer in 2022, announced their plans to launch the City Hybrid in the Indian market with Honda Sensing Tech, consisting of active and passive safety features. According to the company, it will also include features such as emergency braking, adaptive cruise control, lane departure warning system, which come with features like emergency braking, adaptive cruise control auto high beam assist, lane departure warning system, lane keep assist, and front collision warning system.
- The growing demand for electric vehicles also favors the studied market's growth as these vehicles contain a higher number of sensors and advanced features. According to IEA estimates, about 13% of a new cars sold in 2022 were expected to be electric. Furthermore, according to data provided by ACEA, the quarterly sales of battery electric vehicles in Europe were about 562.28 and 560.27 thousand units in Q1 and Q2 2022, respectively.
- Furthermore, the emergence of 5G is expected to be a game changer for the automobile industry as the fast connectivity, and higher coverage density offered by 5G will accelerate the growth of autonomous vehicles, creating a favorable scenario for the growth of the studied market.
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Asia Pacific Region is Expected to Witness Significant Growth
- The Asia Pacific is one of the major regions for sensor fusion in autonomous applications, owing to the growing adoption of autonomous vehicles, stringent government regulation, and increasing dominance in the global semiconductor industry. Also, the region's massive investment in 5G, along with promoting C-V2X, is further expanding the scope of automotive applications such as autonomous driving, the Vehicle-to-Everything (V2X), and the MaaS market.
- China is one of the largest automotive manufacturing hubs in the world. The economic growth of the region has posed an impact on the sale of passenger cars and commercial vehicles. For instance, according to the China Association of Automobile Manufacturers (CAAM), in April 2022, about 996 thousand passenger vehicles and 210 thousand commercial vehicles were produced in China.
- China also leads the world in electric and autonomous vehicle development and adoption. For instance, in December 2022, Baidu, a Chinese automobile manufacturer, and Pony.ai, a startup company backed by Toyota motors, announced that they were granted their first license to test fully autonomous vehicles in Beijing.
- The regional government is also playing a significant role in market development. For instance, the Union Minister for Road and Highway Transport India announced that the country is planning to mandate ADAS in all cars by 2022. Several automobile manufacturers have already started to launch automobiles with ADAS. For instance, in January 2023, MG Motor India unveiled the next generation of SUVs, Hector, with ADAS technology. According to the company, the SUV will also include features such as Traffic Jam Assist (TJA) and auto turn indicators. Such trends are creating a favorable scenario for the studied market's growth in the Asia Pacific region.
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