Perception Sensors Market Size

Perception Sensors Market size is expected to reach USD 360 Billion by the end of 2036, expanding around 3% CAGR during the forecast period i.e., 2024-2036. In the year 2023, the industry size of perception sensors was over USD 25 Billion. The growth of the market can be attributed to the rising number of car accidents, and growing demand for passenger safety around the world. According to the Centers for Disease Control and Prevention, 1.35 million people are killed on the road every year. Almost 3,700 people are killed each day in crashes involving cars, buses, motorcycles, bicycles, trucks, or pedestrians.

Along with these, as a result of stringent government regulations, the autonomous capabilities of vehicles are projected to rise in the forthcoming years. This is another factor expected to drive perception sensors market growth in the future. Stringent regulations around vehicle safety are prompting automakers to adopt advanced ADAS features, further driving the market for perception sensors.