Automotive Ultrasonic Technologies Market: Current Analysis and Forecast (2022-2028)

Report Description

Global Automotive Ultrasonic Technologies Market is expected to grow at a significant rate of around 7% during the forecast period. In the automotive industry, ultrasonic technologies are utilized to identify obstacles in the route of the vehicle. Furthermore, modern driver assistance features including parking aid systems, blind spot detection systems, and height and pressure monitoring systems with ADAS capabilities are frequently equipped with automotive ultrasonic technology. Therefore, these are the causes causing the industry to rise. The ADAS system assists drivers in recognizing and avoiding obstacles in their way, which helps to decrease the number of traffic accidents. In addition, some of the market players are working towards the advancement of technology to boost up the growth of the market. For instance, in 2022 Launch Tech USA has released its third-generation professional ADAS system calibration stand for passenger cars, the X-431 ADAS Pro Plus

Magna International Inc, Murata Manufacturing Co. Ltd., Robert Bosch GmbH, TDK Corporation, Valeo, Texas Instruments Incorporated, Panasonic Holdings Corporation, Hella KGaA Hueck & Co, Denso Corporation, Autoliv Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst application, Park assist category to witness robust CAGR during the forecast period”

Based on application, the market is segmented into park assist, self-parking, and blind spot detection. Park assist category to witness higher CAGR during the forecast period owing to the growing number of vehicles and the congested spaces in the parking areas. Moreover, the sensors and the advanced technology of the ADAS are adopted in the vehicles for increasing the safety of the car and reducing the rate of theft ratio.

“Amongst vehicle type, the passenger car to hold a significant share in the market in 2020”

Based on vehicle type, the market is categorized into passenger cars, heavy commercial vehicles, light commercial vehicles, and electric vehicles. Among these, passenger cars to hold a significant share in the market in 2020. This is mainly due to the growing advancement in the safety of passengers. Moreover, the increase in tourism has boosted the adoption of passenger vehicles worldwide. In addition, to detect obstacles, control speed, and the Hi-tech ADAS system is driving the growth of the market.

“Europe to hold a significant share in the market”

In 2020, Europe held a significant share of the global automotive ultrasonic technologies market. This is mainly due to the increasing advancement in technology, growing disposable income, and surging per capita spending of individuals in the emerging economies of the region is driving the growth of the market. Moreover, the growing deployment of autonomous features in the vehicles, along with the supportive regulatory policies implemented by the government of different countries, is the major contributor to the growth of the regional market. In addition, the market’s key players are working on the advancement of technology to boost the growth of the market.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global automotive ultrasonic technologies market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team

Research Methodology

Research Methodology for the Automotive Ultrasonic Technologies Market Analysis (2022-2028)

Analyzing the historical market, estimating the current market, and forecasting the future market of the global Automotive Ultrasonic Technologies market were the three major steps undertaken to create and analyze the adoption of Automotive Ultrasonic Technologies in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global Automotive Ultrasonic Technologies market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the automotive ultrasonic technologies market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the automotive ultrasonic technologies market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as type, application, and vehicle type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the Automotive Ultrasonic Technologies market. Further, we conducted factor analysis using dependent and independent variables such as various type, application, and vehicle type of automotive ultrasonic technologies. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the automotive ultrasonic technologies market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global automotive ultrasonic technologies market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the automotive ultrasonic technologies market across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the global automotive ultrasonic technologies market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global automotive ultrasonic technologies market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of type, application, and vehicle type in the global automotive ultrasonic technologies market.

The main objective of the Global Automotive Ultrasonic Technologies Market Study

The current & future market trends of the global automotive ultrasonic technologies market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the automotive ultrasonic technologies market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of type, application, and vehicle type.
• Define and analysis of the regulatory framework for the automotive ultrasonic technologies industry.
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the automotive ultrasonic technologies market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
• Company profiles of the Automotive Ultrasonic Technologies market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team