Automotive Key Self-driving Sensors Market: Size To Expand Significantly By The End Of 2021 - 2031

Automotive Key Self-driving Sensors Market: Introduction

• Technological advancements in the automotive industry, in terms of artificial intelligence coupled together with a rise in incorporation of information technology in vehicles, are paving the road for the future of autonomous vehicles. Several major automakers have announced their plans to launch autonomous vehicles in the near future. Automakers use numerous microcontrollers, sensors, ECUs, data chips among other components to enhance capabilities of autonomous vehicles. This, in turn, offers lucrative opportunity for major players engaged in the automotive key self-driving sensors market.

Key Drivers of Automotive Key Self-driving Sensors Market

• Rise in consumer demand for vehicle safety is boosting the global automotive key self-driving sensors market. According to an online survey conducted by HERE Global B.V. across the U.S. and Germany, several consumers are willing to pay extra money toward vehicles delivering advanced technologies such as predictive capabilities pertaining to safety and customized entertainment features that help manage daily activities. Autonomous vehicles can predict a probable vehicle collision and take appropriate actions such as lane change or emergency braking on their own. The aforementioned features (predictions) are enabled through data computing technology and input data fed by autonomous vehicle environment sensors installed in autonomous vehicles. Therefore, a rise in the adoption of advanced safety technologies in autonomous vehicles is expected to drive the global automotive key self-driving sensors market.

• Increase in trends toward vehicle electrification is projected to drive the global automotive key self-driving sensors market. Major players are anticipated to increase investments toward R&D of advanced vehicle systems such as Artificial Intelligence (AI), connected vehicle technology, and increase computing capabilities of vehicles in order to support upcoming trends in automobiles. Vehicles are increasingly becoming dependent on automotive sensors for operation. This, in turn, offers lucrative opportunity for players engaged in the automotive key self-driving sensors market.

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• Major automakers and tier-1 suppliers in the automotive supply chain, technology suppliers/ providers, and companies that are not traditionally engaged in production of automobile or related component and technology are all racing to develop and invest in autonomous vehicle technologies. For instance, Apple Inc., which primarily is a well-known smartphone company, is planning to enter in the automotive industry by introducing an autonomous vehicle in the near future. Additionally, major strategies adopted by automakers, such as investments & expansions, contracts & agreements, and new product launches, and mergers & acquisitions, have emerged as a key strategy among key players, as companies look to strengthen their service offerings in terms of electric vehicles and expand geographic market reach by offering their products.

North America and Europe cumulatively to account for prominent share of global automotive key self-driving sensors market

• In terms of region, the global automotive key self-driving sensors market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa

• North America and Europe have presence of economically stable countries. These regions are also home to technologically advanced research institutes catering to the development of electric vehicles. Additionally, major players have established their technological centers and manufacturing facilities in various countries including the U.S., Germany, the U.K., and France.

• Several new players emerging from these regions are focused on the development of electric vehicle technologies and autonomous vehicle technologies and have dedicated research centers pertaining to the same. All the factors mentioned above contributed to the major share held by these regions in the global automotive key self-driving sensors market.

Key Players Operating in Automotive Key Self-driving Sensors Market

The global automotive key self-driving sensors market is highly concentrated owing to the presence of top manufacturers. A few key players operating in the global automotive key self-driving sensors market are:

• BorgWarner Inc.

• Continental AG

• Denso Corporation

• Hella GmbH & Co. KgaA