The Asia Pacific Sensor Fusion Market would witness market growth of 17.9% CAGR during the forecast period (2021-2027).
The sensor fusion market is primarily driven by the rapidly developing consumer electronics, automotive, and healthcare industries. Electric vehicles manufacturers are using modern technology such as ADAS and other safety measures in their automobiles. Furthermore, the growing trend of miniaturization in electronics aids the growth of the sensor fusion market.
Each sensor type, or modality, has its own set of advantages and disadvantages. Radars are excellent at estimating distance and speed, especially in adverse weather, but they can't read street signs or see the colour of a stoplight. On the other hand, dirt, sun, rain, snow, or darkness can easily blind them. All of these sensor types are being integrated to form sensor fusion by applying software algorithms to create the most comprehensive and accurate environmental model possible. Through a process called internal and external sensor fusion, it may also correlate data from inside the cabin.
Furthermore, the region's significant investment in 5G, as well as its promotion of C-V2X, is broadening the breadth of automotive applications such as autonomous driving, V2X, and the MaaS market. For instance, Qualcomm is collaborating with more than 30 Chinese automakers, including joint ventures based in China, to show the economic viability of C-V2X technology for autonomous and connected vehicles.
The China market dominated the Asia Pacific Sensor Fusion Market by Country 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $1,207.1 million by 2027. The Japan market is poised to grow a CAGR of 17.2% during (2021 - 2027). Additionally, The India market would witness a CAGR of 18.7% during (2021 - 2027).
Based on Technology, the market is segmented into MEMS and Non-MEMS. Based on Type, the market is segmented into IMU, Radar Sensors, Image Sensors, Temperature Sensors, and Others. Based on End User, the market is segmented into Consumer Electronics, Healthcare, Military & Defense, Automotive, and Others. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Sensor Fusion Market is Projected to reach USD 10 Billion by 2027, at a CAGR of 17.8%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Analog Devices, Inc., Renesas Electronics Corporation, TDK Corporation (InvenSense, Inc.), STMicroelectronics N.V., Infineon Technologies AG, NXP Semiconductors N.V., Asahi Kasei Corporation, Robert Bosch GmbH, CEVA, Inc., and MEMSIC Semiconductor Co., Ltd. (IDG Capital Investment Consultant Beijing Co Ltd.).
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