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Bumper Sensor Market Size
- Report ID: GMI8357
- Published Date: Mar 2024
- Report Format: PDF
Bumper Sensor Market Size
Bumper Sensor Market was valued at over USD 7 billion in 2023 and is estimated to register a CAGR of over 7% between 2024 & 2032. The market for bumper sensors is expected to expand significantly owing to the integration of these sensors with Advanced Driver Assistance Systems (ADAS). With the use of sensor data, ADAS improves vehicle safety by enabling functions such as automated braking and accident avoidance. This combination makes driving more enjoyable, lowers the number of accidents, and raises the demand for cutting-edge safety equipment.
The increasing use of ADAS in contemporary cars is fueling the demand for bumper sensors, fostering a mutually beneficial relationship that propels technological development and market expansion. For instance, in December 2023, LeddarTech, an automotive software company that provides patented disruptive AI-based low-level sensor fusion and perception software technology for ADAS, AD, and parking applications, launched LeddarVision Parking (LVP-H), its latest fusion and perception software stack for automated parking and parking assist.
Bumper sensors in vehicles dramatically reduce accidents and insurance claims by improving collision prevention. These sensors use innovative technologies to automatically detect obstructions in real time and send alerts or brake. The consequent decrease in accidents ensures passenger safety and significantly reduces insurance claims, making bumper sensors an appealing proposition for both vehicle manufacturers and insurance companies.
| Report Attribute | Details |
|---|---|
| Base Year: | 2023 |
| Bumper Sensor Market Size in 2023: | USD 7 Billion |
| Forecast Period: | 2024 – 2032 |
| Forecast Period 2024 – 2032 CAGR: | 7% |
| 2024 – 2032 Value Projection: | USD 13 Billion |
| Historical Data for: | 2018 - 2023 |
| No. of Pages: | 200 |
| Tables, Charts & Figures: | 347 |
| Segments covered: | Technology, application, vehicle type, sales channel, and region |
| Growth Drivers: |
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| Pitfalls & Challenges: |
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A major barrier to the bumper sensor business is the limited integration with older cars. Compatibility issues arise as retrofitting these sensors onto older vehicles frequently requires significant modifications. This prevents wider acceptance and raises implementation costs. The market's potential reach and growth are restricted by the impracticality of smoothly integrating modern sensor technologies into current car models, posing challenges for both manufacturers and consumers.
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Bumper Sensor Market Scope
