Automotive Radar Market to Hit US$ 12.4 Billion by 2027 | With a CAGR of 23.01%
The elevating demand for automotive radars, which offer adaptive cruise control and are essential components of the ADAS, is also catalyzing the global market.
BROOKLYN, NY, USA, April 25, 2023 /EINPresswire.com/ — IMARC Group has recently released a new research study titled “Automotive Radar Market: Global Industry Trends, Share, Size, Growth, Opportunity, and Forecast 2022-2027”, offers a detailed analysis of the market drivers, segmentation, growth opportunities, trends, and competitive landscape to understand the current and future market scenarios.
How much is the automotive radar market worth?
The global automotive radar market size reached US$ 3.6 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 12.4 Billion by 2027, exhibiting a growth rate (CAGR) of 23.01% during 2022-2027.
Automotive Radar Market Outlook:
Automotive radar is a system installed in automobiles to detect the range and speed of objects in the vicinity of the car. It locates things through a transmitter that sends out radio waves which hit them and then bounce back to the receiver, making it possible to detect the distance, rate, and direction. Automotive radars are of several kinds, including long-, medium-, and short-range. They aid in avoiding collisions, detecting pedestrians and cyclists, and complementing the vision-based camera-sensing system. As a result, automotive radars find extensive utilization in adaptive cruise control (ACC), forward collision warning (FCW), intelligent park assist, autonomous emergency braking (AEB), etc.
Automotive Radar Market Trends and Drivers:
The global market for automotive radar is primarily accelerated by the increasing incidence of road accidents, which has necessitated the incorporation of safety features in automobiles to promote safer mobility. Additionally, governments across the globe are implementing stringent regulations and initiatives aimed at developing vehicle safety systems, which, in turn, is creating a positive outlook for the market. Moreover, the rising trend of autonomous vehicles and the electrification of automobiles has escalated the demand for automotive radars, which is providing an impetus to the market growth. Besides this, rapid technological advancements in the automotive sector, such as the development of high-performance compact radars at low manufacturing costs, and burgeoning investments in research and development (R&D) activities are bolstering the market growth.
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Automotive Radar Market Trends and Growth Drivers:
The escalating incidences of road accidents that have necessitated automobile safety features for securer mobility are primarily driving the automotive radar market. Besides this, the implementation of strict regulations by the government bodies across countries to develop vehicle security systems is further augmenting the market growth. Moreover, the elevating demand for automotive radars, which offer adaptive cruise control and are essential components of the autonomous driving assistance systems (ADAS), is also catalyzing the global market. Apart from this, the emerging trend of advanced motorcars and the rising electrification of vehicles are acting as significant growth-inducing factors. Furthermore, the introduction of high-performance compact products at low manufacturing costs in the automobile industry is anticipated to propel the automotive radar market over the forecasted period.
Report Segmentation:
The report has segmented the market into the following categories:
Breakup by Range:
• Long Range
• Medium and Short Range
Breakup by Vehicle Type:
• Passenger Cars
• Commercial Vehicles
Breakup by Application:
• Adaptive Cruise Control (ACC)
• Autonomous Emergency Braking (AEB)
• Blind Spot Detection (BSD)
• Forward Collision Warning (FCW)
• Intelligent Park Assist
• Others
Breakup by Region:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
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Competitive Landscape with Key Player:
• Analog Devices Inc
• Aptiv plc
• Autoliv Inc.
• Continental AG
• Denso Corporation
• HELLA GmbH & Co. KGaA
• Infineon Technologies AG
• NXP Semiconductors
• Robert Bosch GmbH
• Texas Instruments Incorporated
• Valeo
• ZF Friedrichshafen AG
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Key Highlights of the Report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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