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Market Synopsis:As per Market Research Future (MRFR)’s assessment report, the global automotive radar applications market is expected to exhibit positive growth over the forecast period. The boom witnessed in the automotive sector is expected to reflect on the revenue generation of the market over the next couple of years. The technological advancements in the industry are likely to dictate the growth trajectory of the automotive radar applications market in the foreseeable future.
Radar sensors are crucial for displaying vital information in order to alert the driver about the potential danger ahead. The increasing cases of road accidents are one of the major drives of the automotive radar applications market. According to the World Health Organization (WHO), 1.35 million people succumb to road accidents every year. The governments are also encouraging developments in the automotive radar applications market. In addition, the rapid developments in sensor technology are anticipated to augment the market over the next few years.
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The increase in the production of automobiles is another major factor projected to affect the automotive radar applications market positively in the foreseeable future. In addition, the rising demand for high-end cars is likely to influence the expansion of the market favorable across the review period.
Market Segmentation:
By application, the global automotive radar applications market has been segmented into parking assistance, forward collision warning system, adaptive cruise control, lane departure warning system, and bling spot detection.
By frequency, the automotive radar applications market has been segmented into 24 GHz, 77 GHz, and 79 GHz.
By technology, the global automotive radar applications market has been segmented into LiDAR, millimeter wave radar, camera, and ultrasonic radar.
Regional Analysis:
The regional analysis of the global automotive radar applications market spans across North America, Europe, Asia Pacific, and the Rest of the World (RoW). Europe held a major share of the global market in 2015 accounting for 35.98%. The thriving automotive sector of the region is primarily responsible for the growth of the market in the region. In addition, the increase in the number of radar sensors used per vehicle is also expected to lead the proliferation of the regional market in the forthcoming years.
North America, with a holding of 26.16% market share in 2015, trail Europe market. The regional market has gained quick mileage owing to the presence of global leaders in the region. In addition, the rising demand for autonomous and semi-autonomous cars is further expected to favor the expansion of the automotive radar applications market in the forthcoming years. Asia Pacific is also expected to witness positive growth over the next few years. The major fast-developing country-level markets such as China, Japan, South Korea, etc. are anticipated to lead the growth of the regional market.
Competitive Dashboard:
Some of the key players profiled in this MRFR report are Robert Bosch GMBH (Germany), Valeo (France), Continental AG (Germany), Panasonic Corporation (Japan), TRW Automotive (U.S.), Delphi (U.K.), Sabertek (U.S.), Denso (Japan), Hella KGAA Hueck & Co. (Germany), and Fujitsu Ten Ltd (U.S.).
also gives a broad study of the different market segments and regions.
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