The global autonomous vehicle sensors market is likely to grow to 196.07 million units by 2021, at a CAGR of close to 115 percent by 2021, according to latest report released by Technavio.
Autonomous vehicle sensors are sensors that periodically monitor their surrounding areas to generate information, which can be used for the vehicle’s navigation and other pertinent operational tasks.
Technavio analysts highlight three factors that are contributing to the growth of the global autonomous vehicle sensors market:
1. Development of an affordable autonomous vehicle sensor
LiDAR and radar sensors are involved in a price war to introduce the more affordable product. While LiDAR sensors were the most preferred for advanced driver assistance systems, the development of cheaper radar sensors is expected to offset their sales.
“These price wars have led to a high level of R&D efforts, bringing forth the development of affordable and technologically advanced autonomous vehicle sensors. The low cost of these sensors is driving their increased adoption, thereby driving the growth of the market,” says Siddharth Jaiswal, a lead analyst at Technavio for automotive electronics research.
