DUBLIN, Oct. 23, 2020 /PRNewswire/ -- The "Automotive Radar Market - By Application, By Vehicle Type, and By Region - Global Industry Perspective, Comprehensive Analysis, and Forecast, 2020 - 2026" report has been added to ResearchAndMarkets.com's offering.
The global Automotive Radar market accrued earnings worth approximately 3.2 (USD Billion) in 2019 and is set to record a CAGR of about 21.5% over the period from 2020 to 2026.
The report offers assessment and analysis of the Automotive Radar market on a global and regional level. The study offers a comprehensive assessment of the market competition, constraints, revenue estimates, opportunities, evolving trends, and industry-validated data. The report provides historical data from 2017 to 2019 along with a forecast from 2020 to 2026 based on revenue (USD Billion).
Automotive radars are utilized for detecting the velocity as well as the object range in the vicinity of vehicle in which the radar is deployed. Furthermore, the automotive radar comprises of a receiver and transmitter. The transmitter sends radio waves to the object and these waves bounce back to the receiver of the vehicle after hitting the object. This helps in assessing the acceleration, direction, and distance of the object from the vehicle.
Furthermore, automotive radar is an evolving technology facilitating autonomous & smart features in the automotive, thereby relieving drivers from performing repetitive tasks, lessening their levels of stress, and adding life-saving automated interpolations. Currently, the electronic product is installed in numerous high-end vehicles for enabling secured and comfort features of the vehicle, thereby assisting the vehicle in decelerating without involvement of the driver and thus prevent vehicle accident on road.
Market Growth Drivers
Automotive radars provide cost-efficient solutions and utilized for blind-spot detection and collision avoidance, thereby creating lucrative opportunities for automotive radar market in the near future. Apart from this, introduction of strict laws for vehicular safety and rise in embedding of ADAS systems in vehicles will proliferate the product demand in the coming years.
Furthermore, a surge in the number of vehicle collisions and escalating requirement for safe mobility of vehicles will prompt the business expansion over the forthcoming years. Additionally, inception of new concepts such as electric & autonomous vehicles along with electrifying of automobiles will expatiate the market growth over the ensuing years.
Apparently, huge capital funding of automotive sector in the countries like Germany, China, the UK, the U.S., Japan, and India will steer the market surge in the years ahead. Reduction in vehicle costs and breakthroughs in vehicular technology will promote the use of automotive radars globally. This, in turn, will embellish the market surge over the forecast timeline.
Europe To Contribute Lucratively Towards Overall Market Growth By 2026
The regional market expansion during the forecast timeline is owing to acceptance of new technologies in the automotive sector across the countries like Germany, Belgium, the UK, and Holland in Europe. In addition to this, the state authorities in these countries have enacted & enforced strict laws for addressing vehicular safety issues as well as vehicle collisions. This, in turn, will spearhead the industry growth in the region over the forecasting years.
Key players profiled in the report include
Infineon Technologies AG
Texas Instruments Inc
Robert Bosch GmbH
HELLA KGaA Hueck & Co.
The global automotive radar market is segmented as follows:
Blind Spot Detection (BSD)
Forward Collision Warning System
Adaptive Cruise Control (ACC)
Autonomous Emergency Braking (AEB)
Intelligent Park Assist
Other ADAS Applications
Short & Medium Range RADAR (S&MRR)
Long Range RADAR (LRR)
By vehicle type:
For more information about this report visit https://www.researchandmarkets.com/r/4mtgl1
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