Sensor Fusion Market size was about USD 1.85 billion in 2015 and is projected to grow at 17% CAGR from 2016 to 2024 to surpass USD 6.5 billion by 2024.
Increasing demand for consumer electronic devices such as smart TVs, smartphones, gaming consoles and wearable technology are chief drivers for global sensor fusion market size.
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Asia Pacific contributed significantly to revenue in 2015 owing rising demand of consumer electronic devices in the region. China sensor fusion market share is characterized by high demand across consumer electronic products and the automotive industry.
Other major regional market segments are Japan, U.S., Canada, India and South Korea. Developments in autonomous or driverless vehicles and the changing automobile landscape has led to need for growing number of detectors to ensure availability of comprehensive reliable information regarding the surroundings.
Global sensor fusion market share is expected to be moderately consolidated by key participants comprising Analog Devices, NXP Semiconductors N.V., Invensense, Atmel Corp., STMicroelectronics, Bosch Sensortec GmbH, Kionix, Renesas Electronics, and Baselabs GmbH.
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Mergers, acquisitions and co-development of products are key strategies adopted to gain profitability. For instance, Mobileye and STMicroelectronics have strategized to co-develop EyeQ 5 system on chip to be used from 2020, to function as central computer control performing sensor fusion for fully autonomous driving (FAD) vehicles. Companies focusing on technologies associated with IoT and smart driving are forecast to have better growth prospects.
This latest Sensor Fusion Market research report offers in-depth analysis, key industry insights, market sizing & forecast on a granular level for key products, applications across a number of regional markets. The report also analyzes the Sensor Fusion Market industry from business strategy perspective, describing in detail growth drivers, pitfalls &challenges for participants, accompanied by a detailed competitive benchmarking including company market share analysis and detailed business profiles.
Browse key industry insights spread across market data tables, figures & charts from the report, “Sensor Fusion Market Size, Industry Analysis Report, Regional Outlook, Application Development Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
Key Insights in this Report
- Sensor Fusion Market size & forecast by product & application
- Growth drivers, pitfalls & industry challenges
- Key Sensor Fusion Market growth opportunities & emerging business models
- Competitive benchmarking with market share analysis and company profiles
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