New York, June 08, 2023 (GLOBE NEWSWIRE) -- The automotive radar market is anticipated to surpass USD 15 billion by the end of 2033 and is projected to attain 12% growth rate till 2033, as per latest study by Research Nester.
The industry growth is attributed to the rising number of vehicles on the road, along with growing concern over the increasing frequency of traffic accidents worldwide and increasing demand for safety-related features of vehicles. For instance, according to the World Health Organization, nearly 1.3 million people die each year in road accidents. Automotive radar monitors the speed and range of objects near the vehicle. The transmitter and receiver make up the vehicle radar. Radio waves emitted from a transmitter collide with an object, return to their original position, and travel to a receiver to measure the distance, speed, and direction of the object.
Get Free Sample Copy of this Report @ https://www.researchnester.com/sample-request-4509
Growing demand of cars across the world to boost industry growth
Rising automotive demand is expected to drive the global automotive radar market during the forecast period. It is found that globally, more than 55 million cars were sold in the year 2021, an increase of about 4% compared to the year 2020. Radar is becoming an important part of automotive technology. Automotive radar systems are key sensor systems in advanced driver assistance systems and are the primary sensors used in adaptive cruise control. Radar offers obvious advantages such as motion detection, speed, distance and angle of arrival, direction of movement measurements, and is useful for various purposes such as collision avoidance and pedestrian and cyclist detection. Radar operates in adverse conditions such as rain, fog, and dust, and complements vision-based camera detection systems that enable long-range and short-range coverage. Recent advancements in radar sensors and steering assists have increased the demand for automotive radar among vehicle users and are expected to create significant revenue opportunities for the key players in the global automotive radar market during the forecast period. For instance, in the year 2021, about 63% of new cars sold in the US and about 56% of new cars sold in Europe will have steering assist features, which are used to keep the vehicle on track.
Innovation in the region's automotive industry to fuel the industry growth in European region
The automotive radar market in Europe is estimated to garner the largest revenue by the end of 2033. The regional growth can majorly be attributed to the innovation in the region's automotive industry, increased investment in automotive research and development (R&D), and increased installation of radar in the automotive industry. European Union investment in automotive R&D was noted to reach more than USD 65 billion annually in the year 2020, proving that Europe remains the world's largest investor in automotive innovation. Rising traffic accidents and the need for safer mobility are the main factors driving the industry progression. Electrification is likely to accelerate the growth of the automotive radar market as the number of vehicles increases and the trend towards autonomous vehicles increases. Radar plays an important role in detecting objects in various safety systems such as adaptive cruise control, pedestrian detection systems, blind spot detection and automatic emergency braking. Strict government regulations on safety goals and initiatives in the field of radar systems have encouraged the development of vehicle safety systems, which may encourage the use of radar-based systems. In addition, falling prices of electronic systems and further development of automotive technology will support the future use of automotive radar.
Increasing expansion of automotive industry to propel the growth in the North American region
The automotive radar market in the North America is estimated to garner the highest CAGR share by the end of 2033. The growth of the market in this region can primarily be attributed to rapid expansion of the automotive industry in the region. Approximately 923,000 Americans are engaged in manufacturing automobiles and their parts, and 1,251,600 work in dealerships.
Market Segmentation by Vehicle Type (Passenger Vehicles, Commercial Vehicles)
The commercial vehicles segment is anticipated to hold the largest share of the automotive radar market during the forecast period. The growth of the segment can be accredited to the fact that some radar sensors are specially adapted for commercial vehicles and enable fast, robust and accurate object detection. This is underpinned by growing demand for commercial vehicles and a sharp increase in commercial vehicle sales across the globe. For instance, commercial vehicle sales in the United States will exceed approximately 12.05 million units in the year 2021. A commercial vehicle is any type of motor vehicle used to transport goods or pay passengers. In the United States, vehicles licensed or registered to a company are considered "commercial." This is a broad definition as a commercial vehicle can be a fleet vehicle, a company vehicle, or any other business vehicle. Vehicles designed to carry 15 or more people are considered commercial vehicles. There can be differences between states where "commercial vehicles" are prohibited on certain routes and lanes, and homeowners' associations that use broader definitions than municipalities when it comes to their own parking restrictions.
Market Segmentation by Application (BSD, Forward Collision Warning System, AEB, ACC, Intelligent Park Assist, ADAS Applications)
The automotive radar market from intelligent park assist segment is anticipated to hold a significant share over the forecast period. This smart parking assist technology helps drivers park their vehicles and makes parking easier for drivers who have difficulty parking. Steering is automatically taken over, so the driver can concentrate on operating the accelerator, braking, and checking the surroundings. This system uses footage from the Around View Monitor. This monitor provides the driver with a virtual bird's-eye view of the vehicle and helps the driver park the vehicle more easily. With the Around View Monitor, the driver sees the car from a virtual bird's eye view to determine where to park the car. The vehicle then automatically steers into position. The driver applies the accelerator and brakes according to the audio signals and instructions displayed on the screen. You can park your car in the designated area by adjusting the speed and moving forward or backward. The segmental growth can be ascribed to the increasing sales of smart cars across the globe. For instance, in the year 2021, more than 36,000 smart cars were sold in the Europe and it accounted nearly 32% growth than previous year’s sales.
Key participants in the global automotive radar market are Infineon Technologies AG, Volvo Car Group, NXP Semiconductors N.V., Analog Devices, Inc., BorgWarner Inc., Denso Corporation, Continental AG.
Purchase Copy of this Report @ https://www.researchnester.com/purchage/purchase_product.php?token=4509
About Research Nester
Research Nester is a one-stop service provider with a client base in more than 50 countries, leading in strategic market research and consulting with an unbiased and unparalleled approach towards helping global industrial players, conglomerates and executives for their future investment while avoiding forthcoming uncertainties. With an out-of-the-box mindset to produce statistical and analytical market research reports, we provide strategic consulting so that our clients can make wise business decisions with clarity while strategizing and planning for their forthcoming needs and succeed in achieving their future endeavors. We believe every business can expand to its new horizon, provided a right guidance at a right time is available through strategic minds.
