Press release
Automotive Radar Market 2017: Global Opportunity, Strategic Analysis, Industry Demand, Status, Outlook and Statistical Forecast to 2022
Fact.MR
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Automakers are now moving beyond function-specific capabilities such as adaptive cruise control to develop fully autonomous vehicles, which is expected to make radar technology more essential in the forthcoming years. As per the study, increasing purchasing power of middle class, especially in the world’s two most populous countries – India and China is also facilitating the growth of the global automotive radar market.
Automotive radars are driver assistance systems that use sensors to detect the speed and range of objects in proximity of the vehicle. An automotive radar system can deliver sensing in three basic ranges – long radar range, medium radar range and short-radar range. Automotive radars are useful in providing lane change assistance and rear cross-traffic alerts to the driver.
Fact.MR’s recent study on the global automotive radar market reveals that better functionality and efficiency of radar technology as compared to other sensing technology in extreme conditions (extreme temperatures, bad light and bad weather) is expected to boost its adoption in cars over the next couple of years. The study further reveals that the automotive radar market, which is currently valued at over US$ 2,184 Mn is set to witness a strong CAGR between 2017 and 2022 to reach a valuation of US$ 7,260.8 Mn.
Scope
The scope of the report is to analyze the global automotive radar market for the period 2017-2022 and give readers an accurate, unbiased analysis. Existing manufacturers, suppliers, and stakeholders in the overall automotive market can benefit from the insights offered in this report. The comprehensive analysis offered in the report can also be of interest to leading automotive journals and trade magazines.
Summary
The report begins with a concise summary of the global automotive radar market. This executive summary sets the tone for the rest of the report, giving users the scope of the report. The executive summary includes important facts and statistics on the global automotive radar market.
Short Range Radar to Remain Highly Sought-After in the Market
Demand for short-range radar will continue to gain traction during the forecast period. In terms of revenue, short range radars are expected to account for nearly one-half share of the market in 2017. By 2022, around US$ 3,468.2 Mn worth short range radar are estimated to be sold worldwide. Meanwhile, mid-range radars are anticipated to command for slightly over one-third revenue share of the market. This segment is expected to register a stellar CAGR to reach a promising market valuation by 2022-end.
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On the basis of vehicle type, the passenger car segment is expected to grow to US$ 5,345.9 Mn by the end of 2022, registering a vigorous CAGR. In terms of revenue, this segment is projected to account for around two-third share of the market by 2017-end. The passenger car segment is expected to create an absolute $ opportunity of US$ 3,609.6 Mn between 2017 and 2022. During the same period, the LCV segment is expected to retain its second spot.
By application, the adaptive cruise control segment will account for a staggering two-fifth revenue share of the market by 2017-end. In recent years, adaptive cruise control has emerged as a prominent and a must-have safety feature in the vehicles. This particular application segment is estimated to reach a market valuation US$ 3,208.4 Mn in by the end of 2022. Meanwhile, the autonomous emergency braking segment is expected to witness the fastest CAGR during the forecast period.
Competitive Landscape
Continental AG, Delphi Automotive PLC, Robert Bosch GmbH, Infineon Technologies AG, Analog Devices, Inc, NXP Semiconductors N.V., Denso Corporation, Texas Instruments, Inc., Hella KGaA Hueck & Co., ZF Friedrichshafen AG, and Autoliv, Inc are among the top companies in the global market for automotive radar. Many of market players are actively focusing on investing in new technology to develop high-performance, and energy-efficient products.
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About Fact.MR
Fact.MR is a fast-growing market research firm that offers the most comprehensive suite of syndicated and customized Automotive Market research reports. We believe transformative intelligence can educate and inspire businesses to make smarter decisions. We know the limitations of the one-size-fits-all approach; that's why we publish multi-industry global, regional, and country-specific research reports.
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