According to the business intelligence report titled ‘Global Autonomous Driving Sensor Market: Analysis By Product Type, (Cameras, Radar, LiDAR), Vehicle (Semi-Autonomous, Fully Autonomous), By Region, By Country (2021 Edition): Market Insights and Forecast with Impact of COVID-19 (2021-2026)’, available with MarketStudyReport, global autonomous driving sensor market, which garnered a valuation of USD 7349.55 million in 2020, is anticipated to showcase a robust growth rate through 2026.

Favorable government policies that focus on energy & environment conservation, rapid industrialization, improving consumer awareness about product quality, and technological advancements are the major factors that are aiding the augmentation in global autonomous driving sensor market.

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Further, stringent regulatory standardizations for fuel efficient vehicles, in consort with R&D efforts for reducing the maintenance costs are positively impacting product uptake during the assessment timeframe.

Despite the positive industry outlook, the onset of the Covid-19 pandemic has severely affected the growth trajectory of the market as vehicle production came to a state of complete standstill due to lockdown restrictions that led to a shortage in supply.

Based on product type, cameras segment of worldwide autonomous driving sensor industry is poised to record modest growth through 2026, as they are commonly incorporated in a car to facilitate lane tracking, parking as well as detection of other cars while driving. Nowadays, cameras inside the car also gaining popularity for a variety of uses like monitoring the driver and detecting gestures.

Meanwhile, the LiDAR sub-segment is likely to gain significant traction during the analysis period, attributable to its imperative role in road asset management, maintenance of transportation infrastructure, and delivering precise measurements.

In terms of vehicle type, semi-autonomous vehicles segment is expected to record a robust growth rate through 2026, creditable to the adoption of advanced technology such as Adaptive Front Lights (AFL), Intelligent Park Assist (IPA), Adaptive Cruise Control (ACC), that aid in maneuvering the vehicle easily, minimize the risk of accidents, improve fuel efficiency, and enhance engine productivity.

From a regional frame of reference, Americas holds a huge share in the overall market renumeration at present. This development can be attributed to rapid incorporation of LiDAR and RADAR in automotive systems. Specifically, the United States shows promising signs of maximum revenue generation in the upcoming years, attributable to rapid digitization in vehicles that ensure seamless vehicle to vehicle and vehicle to infrastructure connectivity.  

The competitive framework of global autonomous driving sensor business sphere is majorly influenced by key players such as Mitsubishi Electric Corporation, Siemens AG, Valeo Group, NXP Semiconductors N.V., Aptiv PLC, Robert GmbH, Allegro MicroSystems Inc., STMicroelectronics, Denso Corporation, and Continental AG.