Autonomous vehicle sensors are electronic devices that continuously monitor their surrounding areas and generate information. The information is used for the navigation of the vehicle and other operational tasks. The global autonomous vehicle sensor market is anticipated to grow with a CAGR of about 105% during the forecast period of 2016-2023. Increasing technological advancements in autonomous vehicles is fueling growth in the global autonomous vehicle sensors market. However, system malfunction and high vehicle and infrastructure cost are the factors restraining the growth of the global autonomous vehicle sensor market during the forecast period.
Geographically, North America accounted for the largest market share in terms of revenue for the autonomous vehicle sensors market in 2016. The region is expected to dominate the market during the forecast period owing to high adoption rate of autonomous vehicles in the region. Asia Pacific is expected to be the fastest growing region for autonomous vehicle sensor market during the forecast period.
The growth in global autonomous vehicle sensor market is also influenced by the presence of major players such asContinental AG (Germany), Tele Tracking Technologies Inc. (U.S.), Delphi Automotive (U.K.), Denso (Japan), NXP Semiconductors (Netherlands), Robert Bosch Gmbh (Germany), Valeo (France), Asahi Kasei (Japan) etc. The major players adopt strategies such as mergers & acquisitions, product launches, partnerships etc to gain competitive advantage.
The global autonomous vehicle sensor market is segmented into type, component and applications. Report further covers segmentsof sensor type which includes camera module sensor, digitally controlled brake, throttle, steering sensor, Global Positioning System (GPS) Receiver, Inertial Measurement Unit (IMU) sensor, Light Detection and Ranging (LiDAR) sensors, Radio Detection and Ranging (RADAR) sensors, Ultrasonic sensors and wheel encoder. LiDAR sensors held the largest market revenue share in 2016 for the global autonomous vehicle sensor market. LiDAR sensors are widely used to automate the driving of vehicles by obstacle detection and offers safe navigation through environments. LiDAR sensor market is followed by Ultrasonic sensors. These sensors are widely used in night vision, parking assist, and BSD. Components of autonomous vehicle sensors include capacitive, inductive, magnetic, optical and piezoelectric. Furthermore, the applications of autonomous vehicle sensors include chassis, engine, fuel injection and emission, power train, safety and control, telematics, vehicle security and other applications. Safety and control held the largest market revenue share in 2016 and is expected to dominate the market during the forecast period owing to the increased need for minimization of driving accidents.