Newark, NJ, May 30, 2022 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, The global automotive RADAR market is expected to grow from USD 3.51 billion in 2019 to USD 8.52 billion by 2027, at a CAGR of 11.7% during the forecast period 2020-2027. Asia-Pacific region is expected to show the highest growth due to cost-effectiveness in the manufacture of vehicles. It is due to the rise in disposable income. Increased awareness regarding vehicle safety systems are driving the growth of the market.
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Key players in the global automotive RADAR market are HELLA KGaA, Denso Corporation, Autoliv Inc., Infineon Technologies AG, Robert Bosch GmbH, Delphi Automotive PLC, Continental AG, Valeo S.A. and NXP Semiconductors N.V. Key players in the market are emphasizing more on developing high-performance radars. Infineon Technologies AG has acquired Innoluce BV. It is projected to reduce the cost of manufacturing and minimize the size of the radar system.
The range segment includes short-range RADAR, medium-range RADAR and long-range RADAR. Long-range RADARs are used to measure the speed and distance of other vehicles. It uses a 77 GHz frequency from 76 to 81GHz, which provides better resolution and accuracy. It is used for measuring the speed and distance of other vehicles as well as detecting objects into a broader view. It needs directive antennas which provides higher resolution. Long-range radar offers wide ranges of 80 m to 200 m. The application segment includes RADAR based other ADAS applications market, RADAR based intelligent park assist market, RADAR based forward-collision warning system market, RADAR based blind spot detection market, RADAR based autonomous emergency braking market and RADAR based adaptive cruise control market. Technology advancements such as intelligent parking assist system is helping drivers to park their vehicle smoothly without a guide to give directions. It also has emergency brakes in case of danger and is driving the sales. Hence, technological advancements in an advanced driver assistance system is expected to show significant growth in the automotive RADAR market.
The automotive RADAR market is driven by an increased demand for safety and security features and comfortable driving in automobiles. Also, enhanced technological innovation and advancement are expected to drive the growth of the market. Moreover, rise in the government regulations for vehicle safety, Increased demand for premium vehicles, increased adoption of ADAS technology and Increased number of RADAR sensors are contributing in the growth of automotive RADAR market.
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About the report:
The global automotive RADAR market is analysed on the basis of value (USD Billion). All the segments have been analyzed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.
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