The global automotive ultrasonic technologies market size was US$ 1.5 billion in 2021. The global automotive ultrasonic technologies market is forecast to grow to US$ 2.8 billion by 2030 by growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period from 2022 to 2030.

Factors Influencing the Market

Ultrasonic technologies determine barriers that may lie in the path of automotive. Thus, such benefits are forecast to fuel the growth of the automotive ultrasonic technologies market. In addition to that, surging demand for extra-ordinary safety features, such as collision avoidance systems, lane departure warnings, traction control, parking assistance, electronic stability control, tire pressure monitors, airbags, telematics, etc., will benefit the global automotive ultrasonic technologies market.

IoT-based technologies are gaining significant traction in the automotive industry. In addition, the rising demand for electric vehicles will upsurge the demand for ultrasonic technologies in the coming years.

The high cost of implementation and maintenance of ultrasonic technologies may limit the growth of the global ultrasonic technologies market. On the contrary, growing investments in building driverless vehicles and technological advancements in advanced driver assistance systems will benefit the global ultrasonic technologies market. For instance, in June 2021, Valeo signed a contract with Navya for technological and industrial collaboration in autonomous shuttles. The aim of this collaboration was to ramp up the development of level 4 autonomous driving systems. Thus, such advancements in automotive ultrasonic technologies will benefit the overall market.

The growing number of road accidents, rising demand for luxury vehicles, and growing disposable income will escalate the growth of the global ultrasonic technologies market.

COVID-19 Impact Analysis

The wake of the COVID-19 drastically impacted the overall automotive production. Due to the pandemic, manufacturing companies witnessed various challenges, such as reduced demand for vehicles, shortage of raw material and workforce, etc. As a result, it significantly hampered the growth of the global automotive ultrasonic technologies market. In addition to that, the R&D activities were also postponed for a significant time, which ultimately impacted the global automotive ultrasonic technologies market.

Regional Analysis

The Asia-Pacific automotive ultrasonic technologies market is forecast to grow at the fastest rate. It is due to the growing number of innovations by prominent industry players like Aisin Corporation, Denso, Murata Manufacturing Co Ltd, TDK Corp, and others. In addition, Asia-Pacific holds one of the largest automotive markets, which will drive the automotive ultrasonic technologies market forward. Furthermore, growing disposable income and rising demand for better safety features than conventional technology will contribute to the growth of the Asia-Pacific automotive ultrasonic technologies market during the study period.

Competitors in the Market

Continental AG
Aisin Corporation
Denso
Magna International
Hyundai Mobis Co. Ltd.
Murata Manufacturing co. Ltd.
TDK Corp.
Robert Bosch GMBH
Elmos Semiconductor SE
Valeo SA
Other Prominent Players
Market Segmentation

The global automotive ultrasonic technologies market segmentation focuses on Type, Vehicle, Application, and Region.

By Type Outlook

Proximity detection
Range measurement
By Vehicle Type Outlook

Passenger cars
Light commercial vehicles
Heavy commercial vehicles
Electric vehicles
By Application Outlook

Park assist
Blindspot detection
Others
By Regional Outlook

North America
The U.S.
Canada
Mexico
Europe
Western Europe
The UK
Germany
France
Italy
Spain
Rest of Western Europe
Eastern Europe
Poland
Russia
Rest of Eastern Europe
Asia Pacific
China
India
Japan
Australia & New Zealand
ASEAN
Rest of Asia Pacific
Middle East & Africa (MEA)
UAE
Saudi Arabia
South Africa
Rest of MEA
South America
Brazil
Argentina
Rest of South America