Sensor Fusion Market by Technology and Geography - Forecast and Analysis 2022-2026

The sensor fusion market share is expected to increase by USD 5.79 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 19.14%.

This sensor fusion market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. The sensor fusion market report offers information on several market vendors, including Analog Devices Inc., Applied Materials Inc., Asahi Kasei Corp., ASM International, BASELABS GmbH, CEVA Inc., Continental AG, Hitachi Ltd., Infineon Technologies AG, Lam Research Corp., LeddarTech Inc., MEMSIC (Tianjin) Co. Ltd., Nikon Corp., NXP Semiconductors NV, Robert Bosch GmbH, ROHM Co. Ltd., Senion AB, STMicroelectronics International NV, TDK Corp., and Tokyo Electron Ltd. among others.

This report further entails sensor fusion market segmentations, including:

• Technology - MEMS and Non-MEMS
• Geography - APAC, North America, Europe, South America, and Middle East and Africa

What will the Sensor Fusion Market Size be During the Forecast Period?

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Sensor Fusion Market: Key Drivers, Trends, and Challenges

The decline in sensor prices is notably driving the sensor fusion market growth, although factors such as system reliability and uncertainty in user acceptance of autonomous features may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the sensor fusion industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Sensor Fusion Market Driver

• The decline in sensor prices is one of the key drivers fueling the sensor fusion market growth.
• For instance, the price of displays witnessed a significant reduction in the last decade, owing to wide adoption from the consumer electronics and automotive segments, which allowed automotive original equipment manufacturers (OEMs) to reduce the overall price of infotainment systems used in vehicles further gaining penetration in the market.
• Hardware cost remains a primary cost consideration for ADAS manufacturers. However, by keeping a close eye on parallel industries, such as consumer electronics, ADAS manufacturers can cost-effectively adopt new technologies.
• The radar sensor, which is a vital component in ADAS technologies, witnessed a reduction in its price and is currently priced in the range of $50-$200. Thus, the reduction in the price of sensors will drive the sensor fusion market growth during the forecast period.

Key Sensor Fusion Market Trend

• Increasing design complexity is one of the key sensor fusion market trends that is positively impacting market growth.
• Torque sensors are used in a wide range of applications in the automotive industry. Complexity in the design of these sensors is increasing because of the integration of more functions into sensors and the constant and increasing demand from the end-users.
• Vendors must focus more on adding new functionalities to microcontroller design to meet the demand from end-users.
• The increased complexity will increase the cost of the manufacturing process, owing to the installation of sophisticated components within the sensors. This ultimately results in delays in production schedules and adds to the cost of production. 
• Industries prefer the miniaturization of components to reduce power consumption and the proper utilization of installed space. This miniaturization trend poses a challenge for torque sensor manufacturers. This, in turn, increases the demand for sensor fusion and thereby driving the market growth.

Key Sensor Fusion Market Challenge

• System reliability and uncertainty in user acceptance of autonomous features is one of the limitations hampering the sensor fusion market growth.
• Customers must be assured about the reliability of new, advanced technology-enabled systems and sub-systems. Though Level 3 autonomous vehicles use advanced ADAS to prevent accidents and assist drivers, their safety aspects are still unclear.
• Sensors and systems that deliver vehicle automation must be tuned accurately to avoid false positives. The improper tuning of the autonomous vehicle technology system may lead to an unwanted stoppage of the vehicle.
• The purpose of the autonomous vehicle technology system is defeated if the technology is tuned to generate only high-risk alerts. Therefore, electronic system manufacturers need to consider such consequences if they must deliver per the expectations of users. 
• The shortage of talent pool at body shops and dealer sites may emerge as a global concern among first-time users of new technologies. This, in turn, will restrict the growth of the sensor fusion market during the forecast period. 

This sensor fusion market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global sensor fusion market as a part of the global data processing and outsourced services market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the sensor fusion market during the forecast period.

Who are the Major Sensor Fusion Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

• Analog Devices Inc.
• Applied Materials Inc.
• Asahi Kasei Corp.
• ASM International
• BASELABS GmbH
• CEVA Inc.
• Continental AG
• Hitachi Ltd.
• Infineon Technologies AG
• Lam Research Corp.
• LeddarTech Inc.
• MEMSIC (Tianjin) Co. Ltd.
• Nikon Corp.
• NXP Semiconductors NV
• Robert Bosch GmbH
• ROHM Co. Ltd.
• Senion AB
• STMicroelectronics International NV
• TDK Corp.
• Tokyo Electron Ltd.

 

This statistical study of the sensor fusion market encompasses successful business strategies deployed by the key vendors. The sensor fusion market is fragmented and the vendors are deploying organic and inorganic growth strategies to compete in the market.

Product Insights and News

• BASELABS GmbH - The company offers dynamic grid Sensor fusion for dynamic and static objects which have high resolution and semantic sensors applicable in valet parking, L2+ driver assistance and highly automated driving. 
• Continental AG - The company offers sensor data fusion device for driving function required for autonomous vehicles to prevent any sort of traffic accidents. 
• MEMSIC (Tianjin) Co. Ltd. - The company offers INS380 interial measurement system sensing technology which provide inertial measurement units, vertical gyros, attitude and heading reference systems, inertial navigation system and tilt measurement system in a variety of packages suited for system designers to end equipment manufacturers. 

Sensor Fusion Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the sensor fusion market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The sensor fusion market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Which are the Key Regions for Sensor Fusion Market?

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39% of the market's growth will originate from APAC during the forecast period. China and Japan are the key markets for the sensor fusion market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

Developments in autonomous vehicles will facilitate the sensor fusion market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

What are the Revenue-generating Technology Segments in the Sensor Fusion Market?

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The sensor fusion market share growth by the MEMS segment will be significant during the forecast period. MEMS refers to the devices or the components that are very small in size ranging from a few micrometers to millimeters, and combine both electrical and mechanical components. These components are further fabricated utilizing integrated circuit batch processing technologies. MEMS-based smart sensors are crucial components in several disciplines such as automotive electronics, medical equipment, and portable electronics like hard drives, computer peripherals, wireless devices, cell phones, etc. Thus, the growing adoption of MEMS technology in designing and developing smart sensors is expected to propel the growth of the sensor fusion market during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the sensor fusion market size and actionable market insights on post COVID-19 impact on each segment.

 

Sensor Fusion Market Scope
Report Coverage	Details
Page number	120
Base year	2021
Forecast period	2022-2026
Growth momentum & CAGR	Accelerate at a CAGR of 19.14%
Market growth 2022-2026	$ 5.79 billion
Market structure	Fragmented
YoY growth (%)	18.36
Regional analysis	APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution	APAC at 39%
Key consumer countries	US, China, Japan, Germany, and UK
Competitive landscape	Leading companies, Competitive strategies, Consumer engagement scope
Key companies profiled	Analog Devices Inc., Applied Materials Inc., Asahi Kasei Corp., ASM International, BASELABS GmbH, CEVA Inc., Continental AG, Hitachi Ltd., Infineon Technologies AG, Lam Research Corp., LeddarTech Inc., MEMSIC (Tianjin) Co. Ltd., Nikon Corp., NXP Semiconductors NV, Robert Bosch GmbH, ROHM Co. Ltd., Senion AB, STMicroelectronics International NV, TDK Corp., and Tokyo Electron Ltd.
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Sensor Fusion Market Report?

• CAGR of the market during the forecast period 2022-2026
• Detailed information on factors that will drive sensor fusion market growth during the next five years
• Precise estimation of the sensor fusion market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the sensor fusion industry across APAC, North America, Europe, South America, and Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of sensor fusion market vendors

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