Global Automotive Radar market accrued earnings worth approximately 3.2 (USD Billion) in 2019 and is set to record a CAGR of about 21.5% over the period from 2020 to 2026.
New York, United States - October 29, 2020 /MarketersMedia/ —
According to forecasters at Zion Market Research, the global automotive radar market was capitalized at USD 3.2 billion in 2019 developing at a CAGR of around 21.5% during the forecast period from 2020–2026. The automotive RADARs are set up in automobiles to trace the object in the nearby vehicle, which consists of a receiver and transmitter. The transmitter in automotive RADAR transmits radio waves that are collided with the object and are received by the receiver back. By controlling the position of the radio waves in which radio waves were transmitted and received, it is possible to spot the object’s speed, distance, and direction.
Some of the key players in the market are Continental AG, Texas Instruments Inc., Robert Bosch GmbH, DENSO Corp., Infineon Technologies AG, Valeo SA, Autoliv Inc., and HELLA KGaA Hueck & Co.
Demand For Safety Features In Automobiles To Boost The Global Automotive Radar Market
The aspects such as a surge in the demand for safety attributes in automobiles and augmentation in the demand for comfortable driving impel the expansion of the market. Additionally, the stringent rules and regulations for security features are likely to boost the growth of the automotive RADAR market. Nevertheless, the factors like low efficiency in bad weather conditions and high cost & complex structure are expected to hinder the development of the market. Additionally, the increase in industrial advancement and modernization in ADAS (Advanced Driver Assistance System) is estimated to generate several opportunities for the contenders in the automotive RADAR market.
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The global automotive radar market is bifurcated on the basis of the range, application, frequency, vehicle type, and regional analysis. Based on the application, the market is divided into ACC (adaptive cruise control), BSD (blind spot detection), AEB (autonomous emergency braking), intelligent park assist, forward collision warning system, and other ADAS applications. Based on the frequency, the market is divided into 77 GHz, 24 GHz, and 79 GHz. Based on the range, the market is divided into LRR (long range RADAR) and S&MRR (short & medium range RADAR). Based on the vehicle type, the market is divided into passenger car and commercial vehicles.
The Europe Region To Witness Massive Growth In The Global Automotive Radar Market
Based on the geographical analysis, the global automotive radar market is divided into Asia Pacific, Europe, North America, Latin America, and Middle East & Africa. The European region is anticipated to be the most potential region owing to the incidence of giant original equipment manufacturers. Moreover, the EC’s (European Commission) 79 GHz plan to utilize short range radar equipment in European countries boosted the penetration of automotive radar systems across the European market. Following the region, the North American region is anticipated to be the next chief market.
The global automotive radar market is segmented as follows:
Blind Spot Detection (BSD)
Forward Collision Warning System
Adaptive Cruise Control (ACC)
Autonomous Emergency Braking (AEB)
Intelligent Park Assist
Other ADAS Applications
Short & Medium Range RADAR (S&MRR)
Long Range RADAR (LRR)
By vehicle type:
Rest of Europe
Rest of Asia Pacific
Rest of Latin America
Middle East & Africa
Rest of Middle East & Africa
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