Autonomous Vehicle Sensors Market Will Display a CAGR of 115% by 2021

Autonomous Vehicle Sensors Market Will Display a CAGR of 115% by 2021

Foto: Fotolia

Technavio analysts forecast the global autonomous vehicle sensors market to grow to 196.07 million units by 2021, at a CAGR of close to 115% over the forecast period, according to their latest report.

Analysis showed that three factors are contributing to the growth of the global autonomous vehicle sensors market, development of an affordable autonomous vehicle sensor, rising need to curb road accidents, and support from the auto insurance sector for the deployment of autonomy.

LiDAR and radar sensors are involved in a price war to introduce the more affordable product. While LiDAR sensors were the most preferred for advanced driver assistance systems, the development of cheaper radar sensors is expected to offset their sales.

“These price wars have led to a high level of R&D efforts, bringing forth the development of affordable and technologically advanced autonomous vehicle sensors. The low cost of these sensors is driving their increased adoption, thereby driving the growth of the market,” says Siddharth Jaiswal, a lead analyst at Technavio for automotive electronics research.

The 2030 Agenda for Sustainable Development published by the United Nations has established a target to reduce the global number of deaths and injuries due to road traffic accidents by half by the year 2020. In an attempt to achieve this, various countries have aligned their laws, which cover the significance of seat belts, drunk-driving, motorcycle helmets, and child restraints. Also, it has been confirmed by various experimental data that autonomous driving significantly reduces the number of road accidents, thereby driving the increased adoption of sensors.

“The higher the percentage of vehicles which adopt advanced driver assistance systems and other autonomous technologies, the fewer the number of on-road vehicle-related fatalities. Since it is advantageous to both the automotive industry and the end-users, the auto sector is pushing for their adoption in a maximum number of vehicles,” says Siddharth.

Insurance companies also benefit from the adoption of these systems, as it can lead to a decrease in the number of claims by up to 40%. These statistics result in the insurance providers lobbying for the increased adoption of these systems, thereby driving the growth of the market.

More from category

PC Shipments Expected to Decline 9.5 Percent in 2022

PC Shipments Expected to Decline 9.5 Percent in 2022

4 Jul 2022 comment

Worldwide PC shipments are on pace to decline 9.5% in 2022, according to the latest forecast from Gartner.

5G to top 570 Million Subscriptions in Southeast Asia and Oceania in 2027

5G to top 570 Million Subscriptions in Southeast Asia and Oceania in 2027

3 Jul 2022 comment

5G subscriptions in Southeast Asia and Oceania are expected to more than double in 2022 from around 15 million at the end of 2021.

Spending on Compute and Storage Infrastructure Grew Strongly in 1Q22

Spending on Compute and Storage Infrastructure Grew Strongly in 1Q22

1 Jul 2022 comment

Spending on compute and storage infrastructure products for cloud deployments, including dedicated and shared environments, increased 17.2% year over year in the first quarter of 2022 (1Q22) to $18.3 billion, according to IDC.