Automotive Ultrasonic Technologies Market: Current Analysis and Forecast (2022-2028)

Global Automotive Ultrasonic Technologies Market is expected to grow at a significant rate of around 7% during the forecast period. In the automotive industry, ultrasonic technologies are utilized to identify obstacles in the route of the vehicle. Furthermore, modern driver assistance features including parking aid systems, blind spot detection systems, and height and pressure monitoring systems with ADAS capabilities are frequently equipped with automotive ultrasonic technology. Therefore, these are the causes causing the industry to rise. The ADAS system assists drivers in recognizing and avoiding obstacles in their way, which helps to decrease the number of traffic accidents. In addition, some of the market players are working towards the advancement of technology to boost up the growth of the market. For instance, in 2022 Launch Tech USA has released its third-generation professional ADAS system calibration stand for passenger cars, the X-431 ADAS Pro Plus

Magna International Inc, Murata Manufacturing Co. Ltd., Robert Bosch GmbH, TDK Corporation, Valeo, Texas Instruments Incorporated, Panasonic Holdings Corporation, Hella KGaA Hueck & Co, Denso Corporation, Autoliv Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst application, Park assist category to witness robust CAGR during the forecast period"

Based on application, the market is segmented into park assist, self-parking, and blind spot detection. Park assist category to witness higher CAGR during the forecast period owing to the growing number of vehicles and the congested spaces in the parking areas. Moreover, the sensors and the advanced technology of the ADAS are adopted in the vehicles for increasing the safety of the car and reducing the rate of theft ratio.

"Amongst vehicle type, the passenger car to hold a significant share in the market in 2020"

Based on vehicle type, the market is categorized into passenger cars, heavy commercial vehicles, light commercial vehicles, and electric vehicles. Among these, passenger cars to hold a significant share in the market in 2020. This is mainly due to the growing advancement in the safety of passengers. Moreover, the increase in tourism has boosted the adoption of passenger vehicles worldwide. In addition, to detect obstacles, control speed, and the Hi-tech ADAS system is driving the growth of the market.

"Europe to hold a significant share in the market"

In 2020, Europe held a significant share of the global automotive ultrasonic technologies market. This is mainly due to the increasing advancement in technology, growing disposable income, and surging per capita spending of individuals in the emerging economies of the region is driving the growth of the market. Moreover, the growing deployment of autonomous features in the vehicles, along with the supportive regulatory policies implemented by the government of different countries, is the major contributor to the growth of the regional market. In addition, the market's key players are working on the advancement of technology to boost the growth of the market.

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The study includes market sizing and forecasting analysis validated by authenticated key industry experts.

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The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.

Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

The study comprehensively covers the market across different segments.

Deep dive regional level analysis of the industry.

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