Autonomous Vehicle Sensor Market Set to Rise by $6.28Bn from 2024-28

CIOTechOutlook Team | Thursday, 07 November 2024, 02:26 IST

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The worldwide market for sensors in autonomous vehicles will increase by USD 6.28 billion between 2024 and 2028. The market is projected to increase at a compound annual growth rate of more than 57.2% throughout the estimated time frame. The advancement of self-driving vehicle technology is spurring market expansion, as CMOS image sensors in camera-based ADAS systems gain increasing popularity.

Nevertheless, the challenge lies in the reliability of the system and the uncertainty surrounding user acceptance of autonomous features. The market for autonomous vehicle sensors has seen a notable transition from costly CCD technology to CMOS image sensors in automotive camera modules. OEMs have embraced CMOS sensors because of their noise-correction technologies, charge-to-voltage conversion technologies, digitized circuits, and amplifiers.

Advanced sensors are crucial in transforming the automotive industry through autonomous vehicles. These sensors oversee temperature, pressure levels, pollution, and other factors to improve safety and performance. Technologies such as LiDAR, Radar, Ultrasonic Sensors, and High-Resolution Cameras facilitate obstacle detection, collision prevention, and autonomous parking.

Original equipment manufacturers combine artificial intelligence and system-on-a-chip for immediate data processing and analysis. Electric cars also use these sensors for safety functions such as automatic emergency braking, detecting blind spots, adaptive cruise control, and assisting with lane keeping. Managing road assets and connecting vehicles (V2V, V2X) improve the autonomous driving experience even more.

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