The global autonomous vehicle sensor market size is poised to grow by 45.3 million units during 2020-2024, progressing at a CAGR of over 37% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Autonomous Vehicle Sensors Market 2020-2024 (Graphic: Business Wire)
The rise in the urgency in curbing road accidents is one of the primary drivers for this market. Road traffic accidents are one of the leading causes of death. In an attempt to counter the rising number of road accident fatalities, several governments across the globe are promoting the adoption of LiDAR sensors in vehicles. LiDAR sensors form an essential component of autonomous cars. This continued enforcement by governments across the globe will curb accidents through the use of automated driving systems, which, in turn, will augment growth in the global autonomous vehicle sensors market during the forecast period.
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The major autonomous vehicle sensor market growth came from the radar sensors segment. Radar sensors hold the highest market share among all other types of autonomous vehicle sensors available in the market. Market growth in this segment will be slower than the growth of the market in the LiDAR sensors segment, but faster than the growth in image sensors and other sensors segments.
North America was the largest autonomous