The sensor fusion market is experiencing significant growth due to its widespread applications in various industries. Sensors are utilized in consumer electronics, industrial facilities, and automotive sectors. While individual sensors provide valuable data, integrating the output from multiple sensors through sensor fusion enables a more precise representation of the surrounding environment.
The global sensor fusion market was valued at $6,040 million in 2022 and is expected to grow at a CAGR of 19.5%, reaching $18,554 million by 2028. Factors driving this growth include government initiatives to promote autonomous vehicles and increased investment in research and development by companies. The adoption of connected technologies in the consumer electronics industry also contributes to the demand for sensor fusion.
The automotive and transportation segment generated USD 2,811 million in revenue in 2022. It is projected to reach USD 8,539 million by 2028, representing a compound annual growth rate of 18.6% over the forecast period of 2023 to 2028. As the demand for increasingly autonomous vehicles grows, the automotive industry is turning to sensor fusion as a key solution. This shift marks another significant change in how data from various devices are processed and utilized within vehicles. Cameras, autonomous vehicles (AVs), and vehicles equipped with ADAS (rely on a range of sensors including LiDARs, radars, cameras, and ultrasonic sensors. These sensors essentially act as the eyes of an AV, enabling it to perceive its surroundings such as objects, pedestrians, traffic, road conditions, and weather. This perception is crucial for the AV to make informed decisions regarding acceleration, braking, and steering.
Geographically, the market for sensor fusion is segmented into North America, Europe, Asia-Pacific, Latin America, and the MEA. In 2022, the North American market generated total revenue of $1,734 million, accounting for 29.5% of the global market. The presence of leading global companies, robust technology infrastructure, favorable political and economic environment, and high adoption of advanced technologies like AI and IoT are key factors driving the growth in the Americas region.
The prominent players operating in the global sensor fusion market include Infineon Technologies AG, Renesas Electronics Corporation, Analog Devices, Inc., Bosch Sensortec GmbH, Baselabs GmbH, NXP Semiconductors N.V., InvenSense Inc., STMicroelectronics N.V., Texas Instruments, Inc., Ceva, Inc., Elmos Semiconductor SE, TE Connectivity Ltd., among others.
This study aims to analyze the global market for various segments of sensor fusion, including:
Product Type: LiDAR (light detection and ranging) & radar sensors, camera sensors, inertial sensors, and others.
Technology: MEMS (micro-electromechanical system) and Non-MEMS (micro-electromechanical system).
End-User: automotive and transportation, manufacturing, personal electronics, medical, and others.
Region: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa (MEA).
Table of Contents
TABLE OF CONTENTS
TABLE OF CONTENTS 1
FIGURES AND TABLES 4
Part 1. Key Findings 6
Part 2. Scope and Methodology 7
Report Scope 8
Product Type 8
Technology 8
End-User 8
Region 8
Research Methodology 9
Part 3. Sensor Fusion Market Overview 11
Summary 11
Introduction 14
Part 4. Market Dynamics 16
Growth Drivers and Future Trends 16
Restraints and Challenges 22
Opportunities 26
Part 5. Global Sensor Fusion Market by Product Type 32
Inertial Sensors 33
LiDAR & Radar Sensors, Camera Sensors 36
Others 37
Part 6. Global Sensor Fusion Market by Technology 40
MEMS 40
Non-MEMS 42
Part 7. Global Sensor Fusion Market by End-User 44
Automotive and Transportation 45
Manufacturing 46
Personal Electronics 48
Medical 48
Others End User 50
Part 8. Global Sensor Fusion Market by Region 52
North America 55
Europe 58
Asia-Pacific 62
Latin America 68
Middle East and Africa 71
Part 9. Competitive Analysis 74
Competition Overview 74
Recent Developments 75
Infineon Technologies AG 78
Business Overview 78
Contact Information 80
Renesas Electronics Corporation 81
Business Overview 81
Contact Information 81
Analog Devices, Inc. 82
Business Overview 82
Sensor Fusion Product 84
Contact Information 85
Bosch Sensortec GmbH 86
Business Overview 86
Contact Information 86
Baselabs GmbH 87
Business Overview 87
Contact Information 87
NXP Semiconductors N.V. 88
Business Overview 88
Contact Information 90
InvenSense Inc. 91
Business Overview 91
Contact Information 91
STMicroelectronics N.V. 92
Business Overview 92
Contact Information 95
Texas Instruments, Inc. 96
Business Overview 96
Contact Information 98
Ceva, Inc. 99
Business Overview 99
Sensor Fusion Business 102
Contact Information 103
Elmos Semiconductor SE 104
Business Overview 104
Contact Information 104
TE Connectivity Ltd. 105
Business Overview 105
Contact Information 108
Disclaimer 109
FIGURES AND TABLES
Global Sensor Fusion Market, Net Growth, 2020-2028 (USD Million)
Global Sensor Fusion Market by Product Type, 2020-2028 (USD Million)
Global Sensor Fusion Market by Product Type, CAGR Historic and Forecast, 2020-2028
Global Sensor Fusion Market by Technology, 2020-2028 (USD Million)
Global Sensor Fusion Market by Technology, CAGR Historic and Forecast, 2020-2028
Global Sensor Fusion Market by End-User, 2020-2028 (USD Million)
Global Sensor Fusion Market by End-User, CAGR Historic and Forecast, 2020-2028
Global Sensor Fusion Market Share by Region, 2022
Global Sensor Fusion Market by Region, 2020-2028 (USD Million)
Global Sensor Fusion Market by Region, CAGR Historic and Forecast, 2020-2028
North America Sensor Fusion Market, Net Growth, 2020-2028 (USD Million)
North America Sensor Fusion Market Share by Country, 2022
Europe Sensor Fusion Market, Net Growth, 2020-2028 (USD Million)
Europe Sensor Fusion Market Share by Country, 2022
Asia-Pacific Sensor Fusion Market, Net Growth, 2020-2028 (USD Million)
Asia-Pacific Sensor Fusion Market Share by Country, 2022
Latin America Sensor Fusion Market, Net Growth, 2020-2028 (USD Million)
Latin America Sensor Fusion Market Share by Country, 2022
Middle East and Africa Sensor Fusion Market, Net Growth, 2020-2028 (USD Million)
Middle East and Africa Sensor Fusion Market Share by Region, 2022
Infineon Technologies AG Financial Overview (EUR Million)
Infineon Technologies AG Revenue, by Segment, 2023
Infineon Technologies AG Revenue, by Region, 2023
Renesas Electronics Corporation Financial Overview (JPY Billion)
Analog Devices, Inc. Financial Overview (USD Million)
Analog Devices, Inc. Revenue, by Sales Channel, 2023
Analog Devices, Inc. Revenue, by Segment, 2023
Analog Devices, Inc. Revenue, by Region, 2023
NXP Semiconductors N.V. Financial Overview (USD Million)
NXP Semiconductors N.V. Revenue, by Segment, 2022
NXP Semiconductors N.V. Revenue, by Sales Channel, 2022
NXP Semiconductors N.V. Revenue, by Region, 2022
STMicroelectronics N.V. Financial Overview (EUR Million)
STMicroelectronics N.V. Revenue, by Segment, 2022
STMicroelectronics N.V. Revenue, by Nature, 2022
STMicroelectronics N.V. Revenue, by Market Channel, 2022
STMicroelectronics N.V. Revenue, by Region, 2022
Texas Instruments, Inc. Financial Overview (USD Million)
Texas Instruments, Inc. Revenue, by Segment, 2022
Texas Instruments, Inc. Revenue, by Region, 2022
Ceva, Inc. Smart Sensing Products (AI, Sensor Fusion, Audio/Sound and Imaging and Vision) Revenue (USD Thousand)
Ceva, Inc. Financial Overview (USD Million)
Ceva, Inc. Revenue, by Type, 2022
Ceva, Inc. Revenue, by Product, 2022
Ceva, Inc. Revenue, by Region, 2022
TE Connectivity Ltd. Sensors Revenue (USD Million)
TE Connectivity Ltd. Financial Overview (USD Million)
TE Connectivity Ltd. Revenue, by Segment, 2023
TE Connectivity Ltd. Revenue, by Region, 2023