Perception Sensors Market - Regional Analysis
APAC Market Insights
Asia Pacific industry is expected to dominate majority revenue share of 33% by 2035. The growth can be attributed to the back of lesser automotive production costs, availability of low-cost labor, and increasing disposable income of the population. In addition, the growing number of vehicular accidents and escalating emphasis on automobile safety systems are also anticipated to boost market growth in the region. Well-known automakers like Hyundai, Toyota, and Honda are based in the Asia-Pacific area and are investing in autonomous car technology. In order to build autonomous vehicles, these OEMs have partnered with numerous international software and hardware companies. In the upcoming years, they also intend to make significant investments in the advancement of sensor technologies for driverless vehicles. The region's nations are also setting up the necessary infrastructure to use electric vehicles, which may contribute to the emergence of autonomous vehicles. For example, in October 2021, Honda and Cruise, a General Motors company, inked a deal whereby Honda will invest USD 2 billion over a 12-year period in the development of autonomous car technologies.
North American Market Insights
The North America perception sensors market is set to grow significantly during the time period between 2026-2035. The growth can be attributed to the rising adoption of advanced driving systems and increasing sales of electric vehicles. The increasing integration of smart devices in homes and wearables is also fuelling demand for miniature, low-power perception sensors for features like gesture recognition and environmental monitoring. This is predicted to drive the growth of the perception sensors market in the region during the prediction period.
