MaketStudyReport.com adds a New Automotive Radar Market Research Report for the period of 2016-2024 that shows the growth of the market is rising at a 18.7% CAGR to 2024.
Automotive Radar Market size is expected to reach USD 8.98 billion by 2024.Favorable government initiatives that mandate the incorporation of safety and control systems into automobiles to reduce the number of road accidents and related casualties will drive demand. Growing sales of motor vehicles, especially luxury cars have significantly spurred revenue growth. Economic factors such as low interest rates and rise in disposable income have positively contributed towards increase in auto sales. Introduction of advanced driver assistance systems (ADAS) in passenger cars could offer significant growth opportunity for the automotive radar market size.
High frequency radar systems in the 79GHz band tend to perform better than the standard 24 GHz and 76 GHz bands as they offer greater capability and reduces device size. Sensing technologies enable lane keeping, driver assistance and forward collision warning alerts. Additionally, they constitute for advanced systems such as automatic emergency braking. The automotive radar market share is characterized by outsourcing of manufacturing process to low-cost countries to leverage low labor costs.
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The U.S. FMCSA (Federal Motor Carrier Safety Administration) has collaborated with the truck industry for testing and evaluating the use of on-board safety systems in order to reduce the severity and number of commercial motor vehicle crashes. Innovation in image sensing technology and falling prices of cameras are driving the adoption of camera-based sensors worldwide.
Key insights from the report include:
ACC (adaptive cruise control) accounts for 34% of the automotive market share and is expected to grow at 17.7% from 2016 to 2024. The capability of monitoring as well as maintaining user-specified gap between the vehicles will surge demand.
BSD (blind spot detection) system generates alert signals whenever other vehicle arrives into the blind region providing more time for drivers to react against obstacles that are not clearly visible in the rearview mirror.
China accounted for more than 45% of the overall Asia Pacific automotive radar market share in 2015. Growth across the region can be dedicated to potential automotive sales as well as production through 2024.
Germany automotive radar market size was valued is forecast to exceed USD 500 million by 2024. Existence of major automobile manufactures in the region will drive growth prospects.
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Key automotive radar market players are NXP, Infineon, and STM. Other major players in the industry include Valeo, ZF TRW Automotive, Texas Instruments, Hella, Robert Bosch, Fujitsu, Delphi Automotive, Denso, Autoliv, and Continental.
Global Market Insights has segmented the automotive radar market on the basis of application and region:
Automotive Radar Application Analysis (Revenue, USD Million, 2013 – 2024)
Adaptive Cruise Control (ACC), Blind Spot Detection (BSD), Lane Departure Warning System (LDWS), Parking Assistance (PA), Forward Collision Warning System (FCWS)
The above information has been provided on a regional and country basis for the following:
North America, U.S., Canada, Europe, Germany, UK, France, Italy, Russia, China, India, Japan, Latin America, Brazil, Mexico, MEA
Global Radar Sensor Sales Market Report 2017
In this report, the global Radar Sensor market is valued at USD XX million in 2016 and is expected to reach USD XX million by the end of 2022, growing at a CAGR of XX% between 2016 and 2022.
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