Global Industry Study on Automotive RADAR: CAGR Estimated at 11.4% during the forecast period 2020 to 2027 and the market is expected to reach USD 1.3 billion by 2027.
Automotive RADAR consists of a receiver and transmitter that is used to locate the objects in the vehicle’s surroundings. The transmitter sends out radio signals that hit the target and bounce back to the receiver. By measuring the time taken by the signal to reflect back used to measure the speed, distance, and direction of the target object. There are generally three types of RADAR systems used for automotive application that are short range, medium range, and long range. Different range of RADARs have different application such as long range used for measuring speed and distance, medium range for detecting objects within field of view, and short range for sensing objects – for example parking assistance.
Stringent norms along with favorable initiatives for the adoption of RADAR system for promotion of vehicle safety system drive the market growth for automotive RADAR system.
In addition, declining prices of automotive electronic products along with advancements in automotive technology are likely to propel the demand for automotive RADAR.
The implementation of RADAR technology in automotive sector boosts its safety by accurate detection of the objects surrounding the vehicle. World Health Organization (WHO) has declared that if the vehicle safety standards were not improved by 2030, road accidents will be the seventh major cause for death across the world.
Approximately 90% of the road traffic crashes happen in developing nations that accounts for 54% of the total vehicle population across the globe. Thus, manufacturers find magnificent opportunity to flourish in these regions.
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Highlights of this study:
- Europe is the most prominent revenue shareholder in the global automotive RADAR market in 2019 and expected to flourish significantly in the coming years. The accelerated growth of the region is primarily due to the presence of dominant vehicle manufacturing companies in the region. The automakers in the Germany held nearly 70% of shares in the premium vehicle manufacturing sector.
- The Asia Pacific poised to grow at a prominent rate over the forecast period owing to rising automobile sales along with high disposable income in the region. In addition, growing awareness for vehicle safety and its resultant benefits are the major factors expected to propel the market growth.
- By range, Short & Medium Range RADAR (S&MRR) dominated the global automotive RADAR market in 2019 and predicted to exhibit the fastest growth over the forecast period. This is attributed to the declining prices of the system along with requirement of more than two systems to enhance vehicle performance.
- Passenger cars segment expected to offer higher growth as compared to commercial vehicles in the vehicle type segment. The prime factor responsible for the high growth of passenger cars is increased demand and production. As per OICA, passenger cars account for nearly 75% of production share in global automotive production.
- In terms of application, intelligent park assist led the global automotive RADAR market in 2019 due to the increasing application for parking sensors to prevent back side collision. However, adaptive cruise control projected to grow at the fastest rate in the coming years.
Company Profiles: Almost all major players of the global automotive RADAR industry are profiled in this report. The creators of the report have provided information about their recent developments in the automotive RADAR industry, products, revenue, production, business, and company.
Target Audience of the Global automotive RADAR industry in Market Study:
- Continental AG
- Autoliv Inc.
- DENSO Corporation
- Delphi Automotive Company
- NXP Semiconductors
- Texas Instruments
- Robert Bosch GmbH
- ZF Friedrichshafen
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