February 21, 2024
Ultrasonic Sensors Market

The Rising Adoption Of Automated Vehicles Drive The Global Ultrasonic Sensors Market

Ultrasonic sensors are utilized for distance measurement applications in a wide range of industries including automotive, industrial manufacturing, and medical. Used for object detection and range finding, ultrasonic sensors emit high frequency sound waves and calculate the distance of nearby objects based on the time required for the echo signal to return. The automotive industry has particularly adopted ultrasonic sensors for driver assistance features such as automated parking systems, blind spot detection and collision avoidance systems. As autonomous vehicles require sensing capabilities to understand the surrounding environment and navigate with minimal human input, the installation of ultrasonic sensors in vehicles has increased significantly.

The global Ultrasonic Sensors Market is estimated to be valued at US$ 6876.21 Mn in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

One of the key trends driving the ultrasonic sensors market growth is the increasing demand for self-parking systems in vehicles. Ultrasonic sensors facilitate automated parking by enabling parking guidance and detecting nearby vehicles and objects. With parking space availability reducing in urban areas, self-parking features add much needed driver convenience. Additionally, regulations mandating parking sensors for safety are also propelling the need for ultrasonic sensors in new vehicle models. As autonomous driving progresses, ultrasonic sensors will remain crucial for understanding the surrounding environment at close range through object detection. Furthermore, emergence of new applications such as ultrasonic Cleaning is expected to present lucrative opportunities. However, limited ranges and interference posed by certain materials remains a challenge for wider adoption of ultrasonic sensing technology. Ongoing R&D aimed at improving sensor ranges and detection capabilities will augment the application potential of ultrasonic sensors.

Porter’s Analysis

Threat of new entrants: Low capital requirements and technology has lowered the threat from new entrants. However, established players have strong brand equity and supply chain advantages.

Bargaining power of buyers: Buyers have moderate bargaining power due to availability of substitute products. However, differentiated products limit switching to alternatives.

Bargaining power of suppliers: Suppliers of raw materials have moderate bargaining power due to the demand for specialized raw materials and suppliers. However, industry concentration is also moderate.

Threat of new substitutes: Introduction of new materials poses threat. Substitute products like LEDs are becoming attractive substitutes in some applications.

Competitive rivalry: Industry concentration is moderate with few large players and many small regional players. Competition on price and quality results in competitive pressures.

Key Takeaways

The Global Ultrasonic Sensors Market Demand is expected to witness high growth. The global Ultrasonic Sensors Market is estimated to be valued at US$ 6876.21 Mn in 2024 and is expected to exhibit a CAGR of 3.4% over the forecast period 2024 to 2031.

North America is expected to dominate the market during the forecast period, owing to the high adoption across various industries. The increasing use of ultrasonic sensors in robotic applications, heavy machinery, and autonomous vehicles will boost the regional market growth. The ultrasonic sensors market in Asia Pacific is expected to grow at the fastest rate during the forecast period. The rapid industrialization and growing manufacturing industry are the major factors contributing to the market growth. China, Japan, and India are the major countries witnessing increased adoption of ultrasonic sensors across industries.

Key players operating in the Ultrasonic Sensors market are DOW Company, Wacker Chemie AG, Sherwin-Williams, Company, PPG Industries, BASF SE. DOW Company is one of the largest producers of polyurethane raw materials globally. The company offers a wide range of ultrasonic sensor solutions for various end-use industries like automotive, industrial, and consumer electronics.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it