LONDON--(BUSINESS WIRE)--Technavio market research analysts forecast the global automotive inertial measurement unit (IMU) sensors market to grow at a CAGR of close to 29% during the period 2018-2022, according to their latest report.
This market research report segments the global automotive inertial measurement unit sensors market into the following applications (passenger cars and commercial vehicles), product (MEMS gyroscope-based IMUs and fiber-optic gyroscope-based IMUs), and key regions (the Americas, APAC, and EMEA).
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In this report, Technavio analysts highlight the reduced IMU sensors cost because of economies of scale as a key factor contributing to the growth of the global automotive inertial measurement unit sensors market:
Reduced IMU sensors cost because of economies of scale
In recent year, the prime factor has started dictating the adoption of newer technologies. Through economies of scale, suppliers also try to offer low-cost solutions. For instance, in the last decade, the cost of sensors reduced due to their wider adoption in various segments such as smart home and automation. Automotive OEMs can offer modern vehicles equipped with several sensors used in various applications due to the cost reduction.
Moreover, the advances in the autonomous vehicle technology are expected to foster the demand for automotive IMU sensors. Automotive IMU sensors are used in conjunction with LiDAR, cameras, and other radar-like sensors to provide the navigational intelligence needed for autonomous cars to function on the road alongside human-driven vehicles. Automotive IMU sensors provide precise azimuthal measurements that are essential in autonomous cars to function accurately in the curvilinear motion. Additionally, automotive IMU sensors also provide six degrees of freedom, angular velocity and acceleration data for the car to calculate its own position offline in the absence of GPS signals in areas with low connectivity.
According to a senior analyst at Technavio for automotive electronics, “Earlier, MEMS gyroscope-based IMUs were heavily used in automobiles as they were heavy but cost-effective. However, the demand for FOG-based IMUs has increased, especially in the autonomous vehicle segment because of their inability to provide precise data. FOG-based IMUs are more precise and weigh less than MEMS-based IMUs. These sensors are costlier, but they are best suited for the autonomous vehicles. Thus, the growing adoption of FOG-based IMUs will boost market growth.”
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Global automotive inertial measurement unit sensors market segmentation
Of the two major applications, the passenger cars segment held the largest market share in 2017, accounting for nearly 83% of the market. The market share for this application is expected to decrease nearly 6% by 2022. The fastest growing application is commercial vehicles, which will account for nearly 23% of the total market share by 2022.
APAC was the leading region for the global automotive inertial measurement unit sensors market in 2017, accounting for a market share of nearly 39%. By 2022, APAC is expected to continue dominating the market and register a market growth of nearly 5%.
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