Ultrasonic sensors have emerged as vital components for nondestructive assessment in various industries such as automotive, healthcare, and industrial. They offer accurate dimensional measurements, detection of flaws, and quality inspection testing. Ultrasonic sensors play a vital role in automobile safety by enabling advanced driver-assistance systems. The rising demand for advanced driver-assistance systems, accident prevention systems, and autonomous vehicles is propelling the adoption of ultrasonic sensors in the automotive industry.
Market key trends:
The increasing adoption of ultrasonic sensors in the automotive industry for driver-assistance systems remains a key trend propelling the growth of the ultrasonic sensors market. Ultrasonic sensors are increasingly being used in parking assistance systems, blind-spot detection, crossover warning, lane departure warning, and adaptive cruise control. They provide accurate detection of obstacles within close range to the vehicle. The rising demand for safety features is encouraging automotive OEMs to incorporate ultrasonic sensors into driver-assistance and accident prevention systems. This growing adoption is expected to drive the ultrasonic sensors market size during the forecast period.
Segment Analysis
The global ultrasonic sensors market is dominated by the automotive sub-segment. This sub-segment accounts for more than 35% of the overall market share owing to increasing adoption of ultrasonic sensors in automobiles for applications such as parking assistance system and collision avoidance system. The strong demand for ultrasonic sensors from the automotive industry is expected to drive the growth of this sub-segment during the forecast period.
Key Takeaways
The Global Ultrasonic Sensors Market Demand is expected to witness high growth during the forecast period from 2024 to 2031. The global Ultrasonic Sensors Market is estimated to be valued at US$ 6876.21 Mn in 2023 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031.
Regional analysis: The Asia Pacific region currently dominates the global ultrasonic sensors market and is expected to maintain its dominance during the forecast period. This can be attributed to presence of key players and strong growth of automotive industry in countries such as China and India. North America region is expected to exhibit the highest growth rate owing to increasing adoption of advanced driver-assistance systems in vehicles.
Key players: Key players operating in the Ultrasonic Sensors market are DOW Company, Wacker Chemie AG, Sherwin-Williams, Company, PPG Industries, BASF SE, RPM International Inc., Akzo Nobel N.V., Sika AG, Kansai Paint Co., Hempel A/S. These players are focusing on new product launches and partnerships with automotive OEMs to strengthen their market position.
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