LONDON--(BUSINESS WIRE)--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.
The market research study by Technavio on the global autonomous vehicle sensors market for 2017-2021 provides a detailed industry analysis based on sensor type (LiDAR sensor, radar sensor, camera module sensor, GPS receivers, IMU sensors, wheel encoders, ultrasonic sensors, and digitally controlled brake, throttle, and steering sensors) and geography (the Americas, EMEA, and APAC).
Autonomous vehicle sensors are sensors that periodically monitor their surrounding areas to generate information, which can be used for the vehicle's navigation and other pertinent operational tasks. Ultrasonic sensors, which are used to detect any obstacles in close proximity, are the most widely adopted sensors in the autonomous vehicle sensors market.
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Technavio analysts highlight the following three factors that 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
- Support from the auto insurance sector for the deployment of autonomy
Development of an affordable autonomous vehicle sensor
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.
Rising need to curb road accidents
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.
Support from the auto sector for the deployment of autonomy
“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.
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