LONDON, Jan. 5, 2023 /PRNewswire/ — The Global Automotive Radar Market was worth USD 3.6 billion in 2021. Due to the emergence of various growth propellants, the industry is anticipated to amass a valuation of USD 11.99 billion by 2028, registering a CAGR of 13.78% over the assessment timeline of 2022-2028.
Automotive radars are referred to as sensor-based devices that are integrated into vehicles mostly for safety purposes. These devices are equipped with the ability to identify the speed of objects with the external surroundings of a vehicle. They are mostly integrated behind brand emblems or vehicle bumpers and are comprised of a receiver and transmitter. Radio waves are sent out by transmitters which hit the target object. The waves are then hit the receiver which in turn facilitates the tracing of the target entity’s direction, speed, and distance. Short range and long-range radars are the two primary types of automotive radars.
The increasing adoption of vehicles, stringent passenger safety rules, and technological advancements in the field are primarily augmenting the outlook of this business vertical. Furthermore, growing R&D investments in the field, surging incidents of vehicular accidents, along with rising R&D activities in the field are creating lucrative opportunities for this marketplace to prosper.
Moreover, rising disposable income of the masses, rapid urbanization, and the growing integration of ADAS systems into vehicles are adding momentum to the progression of Global Automotive Radar Market. On the contrary, high costs pertaining to these devices is hindering the remuneration scope of this business sphere.
The onset of the COVID-19 pandemic slowed down the development of the automotive sector. Travel bans and lockdowns restricted the mobility of the masses, thereby decreasing the requirement of vehicles. Apart from that, these stern regulations halted the manufacturing of vehicles and other related components. These factors hampered the overall industry growth.
Get Sample of Report@ https://brandessenceresearch.com/downloadSample/PostId/746
Competitive Hierarchy
The prominent players characterizing the competitive terrain of Global Automotive Radar Market are
- HELLA KGaA
- Robert Bosch GmbH
- Denso Corporation
- Continental AG
- Autoliv Inc
- Delphi Automotive PLC
- Valeo S.A.
Automotive RADAR Key Segments
By Application
- RADAR Based Adaptive Cruise Control (ACC) Market
- RADAR Based Autonomous Emergency Braking (AEB) Market
- RADAR Based Blind Spot Detection (BSD) Market
- RADAR Based Forward Collision Warning System Market
- RADAR Based Intelligent Park Assist Market
- RADAR Based Other ADAS Applications Market
By Frequency Type
- 2X-GHZ Systems
- 7X-GHZ: Market
By Vehicle Type
- Commercial Vehicles
- Economic Passenger Vehicle
- Luxury Passenger Vehicle
- Mid-Price Passenger Vehicle
Category-Wise Outlook
Which is the fastest growing vehicle type segment in this industry?
The luxury passenger vehicle has emerged as one of the fastest growing segments in this market. This is credited to the increasing adoption of ADAS systems in these vehicles, rising disposable income levels, and presence of rigid passenger safety rules.
Which is the dominant application segment in this market?
The RADAR based intelligent park assist market currently dominates the market in terms of volume share owing to the escalating demand for effective parking assistance solutions so as to minimize the risk of back side collision.
These players are striving hard to enhance their overall market position. They are participating in the formulation of various growth inducing strategies such as mergers & acquisitions, collaborations, partnerships, and new product launches, among others to witness robust financial gains and emerge as global leaders.
Major Developments
In April 2021, Continental announced the launch of its sixth generation of long range and surround radars. Both these radars are integrated with software and hardware platform which in turn makes them highly affordable and less complexed.
Get Methodology @ https://brandessenceresearch.com/requestMethodology/PostId/746
Comparing the historical outlook and ongoing trends of this market
This business vertical has been garnering massive traction over the forecast duration due to the positive influence of numerous expansion propellants.
Due to increasing number of vehicles, various urban locations are witnessing robust traffic congestion. This is making vehicles highly prone to road accidents. Therefore, the industry players have shifted their inclination towards the development of vehicular security solutions to enhance passenger safety. Automotive radars assist the vehicle driver in identifying the nearby obstacles which in turn reduces the chance of collision and other mishaps. These factors are stimulating the overall dynamics of this marketplace.
There has been a growing focus of government bodies to improve road safety measures in their respective nations. Low visibility, instability of numerous vehicular parts, and absence of proper safety devices inside vehicles lead to fatal accidents. In fact, the integration of automotive radars as a part of ADAS system in vehicles has been mandated across numerous nations. Apart from that, with growing R&D activities in the field, these solutions are being revamped with innovative features to improve passenger safety and travel convenience. This in turn is boosting the growth of the Global Automotive Radar Market.
Region-Wise Insights
Which is the Leading Region in This Business Vertical?
Europe is presently leading the market in terms of revenue share. This is attributable to the increasing incidence of road accidents, stringent passenger safety regulations, presence of noteworthy players, rising vehicle adoption, along with growing R&D activities in the field.
On Special Requirement Automotive Radar Market Report is also available for below region:
North America
- U.S, Canada
Europe
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
Asia-Pacific
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
Latin America
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
Purchase Copy of Report @ https://brandessenceresearch.com/Checkout?report_id=746
Related Reports:
- Adaptive Cruise Control Market is expected to reach USD 63.94 Billion by 2028 with a CAGR of 6.50% over the forecast period.
- Drone Market in terms of revenue was worth USD 18.28 Billion in 2020 and is expected to reach USD 40.90 Billion in 2027, growing at a CAGR of 12.27% from 2021 to 2027.
- LiDAR Market, in terms of revenue, was worth USD 1.34 Billion in 2021 and is expected to reach USD 5.63 billion in 2028, growing at a CAGR of 13.7% from 2022 to 2028.
- Synthetic Aperture Radar (SAR) Market in the space sector market is expected to reach USD 7645.4 million in 2028, growing at a CAGR of 11.30% from 2022 to 2028
- Automotive RADAR Market is expected to reach USD 11.99 Billion by 2028 with a CAGR of 13.78% over the forecast period.
- The Airborne Surveillance Market is expected to reach USD 7.65 Billion by 2028 with a CAGR of 6.5% over the forecast period.
- Automotive Luxury Vehicle Market is expected to reach USD 659.34 Billion by 2028 with the CAGR of 7.10% over the forecast period.
- Collision Avoidance Sensors Market is valued at USD 6.88 Billion in 2018 and expected to reach USD 25.27 Billion by 2025 with the CAGR of 20.4% over the forecast period.
- Global Shared Autonomous Vehicle Market Size is expected to reach USD 1069.61 Billion by 2028 with a CAGR of 38.78% over the forecast period.
- Global Active Protection System Market is expected to reach USD 6095.4 Million by 2027 with a CAGR of 6.1% over the forecast period.
- Radar Systems Market was worth of USD 31.0 Billion in 2021 and is expected to reach USD 42.5 Billion in 2028, growing at a CAGR of 4.7% from 2022 to 2028.
- Vaccines Market is valued at USD 56.98 Billion in 2021 and expected to reach USD 153.49 Billion by 2028 with a CAGR of 14.1% over the forecast period
Brandessence Market Research & Consulting Pvt ltd.
Brandessence Market Research publishes market research reports & business insights produced by highly qualified and experienced industry analysts. Our research reports are available in a wide range of industry verticals including aviation, food & beverage, healthcare, ICT, Construction, Chemicals, and lot more. Brand Essence Market Research report will be best fit for senior executives, business development managers, marketing managers, consultants, CEOs, CIOs, COOs, and Directors, governments, agencies, organizations, and Ph.D. Students. We have a delivery center in Pune, India and our sales office is in London.
Follow Us: Linkedin Blog: Digital Gaming Companies
Contact:
Mr. Vishal Sawant
Email: vishal@brandessenceresearch.com
Email: Sales@brandessenceresearch.com
Corporate Sales: +44-2038074155
Asia Office: +917447409162
Logo: https://mma.prnewswire.com/media/1392316/BEMR_Logo.jpg
SOURCE Brandessence Market Research and Consulting Private Limited