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Autonomous Vehicle Sensors Market to Grow by 45.3 Million Units during 2020-2024

Strategic Insights

— 2 min read

The global autonomous vehicle sensors market is expected to grow significantly, with a projected increase of 45.3 million units during the period 2020-2024. The market is currently driven by the use of LiDAR sensors in road asset management, and the need to reduce road accidents is a major factor contributing to its growth. The market is highly competitive, with companies like Aptiv PLC, Asahi Kasei Corp., Continental AG, and DENSO Corp. among the key players.

Key Takeaways:

  • The market is expected to grow at a CAGR of 24.36% during 2020-2024, with the incremental growth anticipated to be 45.3 million units.
  • The use of LiDAR sensors in road asset management is a major trend driving the growth of the market.
  • The increased need to reduce road accidents is one of the major factors driving the market, with the global average annual fatalities from road accidents estimated to be around 1.35 million.
  • The North America region will contribute 42% of the market share, with the market size projected to grow at a CAGR of 25.11%.
  • Aptiv PLC, Asahi Kasei Corp., Continental AG, DENSO Corp., and HELLA GmbH & Co. KGaA are some of the major market participants.
  • The market is fragmented, and the degree of fragmentation will decelerate during the forecast period.
  • The market has a significant growth potential, with the use of autonomous vehicle sensors expected to increase in various industries such as automotive, aviation, and agriculture.
  • The market is expected to witness the introduction of new technologies such as solid-state LiDAR, which is expected to replace the existing LiDAR sensors.
  • The market size of autonomous vehicle sensors in 2018 was estimated to be 12.1 million, with a projected increase to 57.4 million by 2024.
  • The global automotive industry is expected to witness significant growth, with the market size projected to reach 134.6 million units by 2025.

Statistics:

  • The global average annual fatalities from road accidents is estimated to be around 1.35 million (Source: WHO).
  • The market size of autonomous vehicle sensors in 2018 was estimated to be 12.1 million (Source: Technavio).
  • The market size of autonomous vehicle sensors is projected to reach 57.4 million by 2024 (Source: Technavio).
  • The global automotive industry is projected to grow, with the market size expected to reach 134.6 million units by 2025 (Source: International Organization of Motor Vehicle Manufacturers).
  • The market is expected to grow at a CAGR of 24.36% during 2020-2024 (Source: Technavio).
  • The incremental growth anticipated to be 45.3 million units (Source: Technavio).

Sources:

  • Businesswire: "Technavio Announces Its Latest Market Research Report on the Global Autonomous Vehicle Sensors Market 2020-2024"
  • Technavio: "Autonomous Vehicle Sensors Market 2020-2024: Global Trends, Predictions, and Market Forecast"
  • WHO: "Global Status Report on Road Safety 2018"

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