The factors such as increasing advancements in design and functionality of products, growing use of parking and collision sensors and increasing the demand for self driving automotives are the factors favoring the automotive radar market growth. However, high cost of mechanical and optical parts with MEMS micro mirror is the major factor hampering the market growth.
Automotive Radar market is accounted for $1.2 billion in 2015 and is expected to reach $3.9 billion by 2022 growing at a CAGR of 18.7% from 2015 to 2022.
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In Automotive Radar technology, Millimeter-wave radar segment is expected to witness high growth rate due to its developing features. Asia Pacific automotive radar market share is estimated to witness substantial gains, due to its strong outlook in the application industries.
Increasing requirements can be accredited to low manufacturing costs which are accompanied by surging automotive sales across the region.
Some of the key players in this market include are OmniVision Technologies Inc., Shenzhen Viracle Electronics Co. Ltd, Analog Devices Inc., TRW (ZF) , Hella Kgaa Hueck & Co., Fujitsu Ten, Continental Automotive , Bosch , Texas Instruments Inc., Freescale Semiconductor Inc.,OmniVision Technologies Inc., Delphi Inc., Autoliv, Valeo and Denso Corp.
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• Parking assistance
• Forward collision warning system
• Adaptive cruise control
• Lane departure warning system
• Blind spot detection
• 24GHz chips
• NarrowBand (NB)
• Ultra-WideBand (UWB)
• 77GHz chips
• Millimeter-wave Radar
• Ultrasonic Radar
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• Rest of the World
o Middle East
o South Africa
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