The global market for automotive gyroscopes is anticipated to expand at a CAGR of 8% during the forecast period of 2023 to 2030. Gyroscopes are a type of sensor that can sense orientation, and they can be found in a wide variety of electronic equipment. Gyroscopes have gone a long way since their inception as a result of the incremental improvements in technology that have taken place. As a direct consequence of this, they have rapidly evolved into one of the most crucial aspects of navigation systems. Gyroscopes are essential rotation sensing devices that are utilised in navigation systems, particularly inertial navigation systems (INS), attention and heading reference systems (AHRS), and inertial measurement units (IMUs) for human and unmanned aircraft, spacecraft, marine, and surface vehicles. The ring laser gyro, often known as an RLG, is a device that measures rotation. Because of its cost-effective and high-performance inertial sensor with electronics, power supply, and sense element, the device designed for use in the automotive sector is a compact and user-friendly item.

Safety Remains as the Key Consideration for Application of Gyroscopes in Automotive Segment

Automotive gyroscopes are utilised for the purpose of measuring the angular rate or angular velocity of the vehicle. In addition, they are utilised for the purposes of dynamic stabilisation and torque neutralisation. MEMS gyroscopes are what are used in gyro-meters, which are gyroscopes that are placed on a microchip. Increases in vehicle automation and advances in automotive safety are driving growth in the market for automotive gyroscopes. MEMS gyroscopes are frequently utilised in contemporary electronic devices as well as equipment with restricted area. Tachometers and potentiometers are both examples of devices that make use of MEMS gyroscope technology. The incorporation of smart devices and technological advancements in advanced vehicles are both contributing factors to the growing need for MEMS gyroscopes. The need for MEMS gyroscopes, which are essential for the effective management of power and balancing in electric vehicles, is expanding considerably alongside the expansion of the market for electric vehicles.

Demand for AV is Significant Booster, Though Cost and Complexity Remain as Key Concerns

The fast-increasing demand for autonomous vehicles (AV) in the commercial and military sectors is a major driver impacting the market growth. In addition, the increased investments in the market are resulting in technological advances, which are subsequently resulting in improved performance and cheaper prices. This is driving the expansion of the market for gyroscope systems across a number of different industries, which in turn is driving the growth of the market. Despite this, the expansion of the market is being hampered by the increasing complexity of manufacturing and high costs associated.

Two-Wheeler Segment Dominated the Market in 2021

The two-wheeler market was the largest segment dominate the market in 2021. During the time of the forecast, the expansion of the automotive gyroscope market will be driven by the increasing prevalence of autonomous devices in passenger vehicles. The vast majority of autonomous vehicles make use of gyroscopes to improve their steering capabilities. During the period under consideration, the market for semi-autonomous and fully autonomous vehicles is anticipated to expand at a significant compound annual growth rate.

Market to Remain Fragmented

There is a significant level of competition from number of players in the gyroscopes market. The market for gyroscopes is set to benefit significantly from the increasing growth of autonomous vehicles and technical innovations during the forecast period. Overall, the level of competitive rivalry amongst the many existing competitors is quite strong. Moving forward, the innovation strategy of corporations is increasing the amount of demand in the market. Some of the key companies dominating in this market include Murata Electronics Oy, Honeywell International Inc., Robert Bosch GmbH, Trimble Navigation Ltd., Analog Devices Inc and others.

APAC: The Fastest Growing Geographic Segment

The Asia-Pacific market is expected to witness the highest CAGR of 9% during the forecast period of 2023 to 2030. The need for gyroscopes in developing nations to be able to construct intelligent car devices. The majority of automobiles and automotive components are produced in China, India, South Korea, and Japan, in that order. The demand for automotive gyroscopes is being directly driven by the expansion of the automotive sector as well as the incorporation of advanced technology into automobiles. The increasing demand for electric vehicles in Asia and the Pacific Rim has been developing at a CAGR of 25% (2023 to 2030). This is expected to fuel the expansion of the automotive gyroscope market.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Automotive Gyroscope market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Automotive Gyroscope market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Automotive Gyroscope market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Automotive Gyroscope market?
• Which is the largest regional market for Automotive Gyroscope market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Automotive Gyroscope market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Automotive Gyroscope market worldwide?