Automotive radars are critical in detecting objects in different safety systems such as blind spot detection, automated emergency braking, pedestrian detection, and adaptive cruise control. A shift towards driverless vehicles is predicted to benefit the automotive radar market as radars play a key role in making an automobile completely autonomous. In addition to this, a focus on innovation, rising vehicle sales in the developing world, and an emphasis on safety and security are propelling the automotive radar market.
Presently, the growing focus on active safety features, innovations in the radar technology, and increasing sales of vehicles are some of the factors propelling the market growth of radars. A shift towards driverless vehicles is foreseen to profit the automotive radar market as radars play a key role in making an automobile fully autonomous.
Recently, a study titled “Automotive Radar Market - Global Industry Analysis, Size, Growth, Trends, Share and Forecast 2017 – 2026” has been broadcasted to the wide repository of Market Research Hub (MRH), which clearly finds that the automotive radar market is expected to grow at an exponential CAGR of 19.5% from 2017 to 2026.
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This 170-page report consists of restraints faced by the market, drivers of new opportunities of the market that will be available in the coming years.
Moreover, this research gives a whole new wide view of the markets based on its growth and development in different regions of the world like Europe, Middle East and Africa, Latin America, North America, the Asia Pacific excluding Japan.
Radars play an essential role in detecting objects in various safety systems comprising adaptive cruise control, pedestrian detection system, blind spot detection, and automated emergency braking. In the current time, rising concerns regarding driver, passenger, pedestrian, and vehicular safety, as well as greater involvement of all stakeholders in the industry, are responsible for the flowing growth of the automotive radar market.
Additionally, the falling prices of automobiles along with component cost should increase the automotive radar market. In terms of revenue, the analyst expects the automotive radar market to be worth almost US$ 4.9 billion by the year 2026.
The extensive research report on global automotive radar market includes an in-depth market segmentation with weighted analysis on each segment of the market with which a realistic market scenario can be drawn. The global automotive radar market is segmented by range type, sales channel and application type.
On the basis of range type, it covers long, medium and short range. Out of these, the long-range segment had a revenue share of 50% in the overall market.
Also, Europe accounts for the largest regional contribution in this segment.
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Another fact about the market is that the highly automated radar segment is predicted to gain massive share over the duration of the study making it well worth the while of companies looking to enter the automotive radar market.
The final section of the automotive radar market report comprises the competitive landscape that can be expected in the automotive radar market. The competitive landscape is presented in a concise yet comprehensive dashboard format that delivers all the necessary information pertaining to the immediate competition.
The companies operating in the global market are Robert Bosch GmbH, ZF Friedrichshafen AG, Autoliv Inc., Mando Corp., Denso Corporation, Continental AG, Magna International Inc., GM Cruise LLC., InnoSenT GmbH, and Baumer.
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