Press release
North America Automotive Radar Market to Witness A Phenomenal Growth Over 2024
Automotive Radar Market
Growth in Asia pacific is led by countries such as India and China owing to increase in the manufacturing and sales of the vehicles in the region. China is expected to acquire about 45% share of the total Asia Pacific region. Europe automotive radar Market will exhibit increased adoption with maximum contribution by Germany owing to presence of majority of vehicle manufacturers in the region.
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Automotive Radar Market is anticipated to cross USD 8.5 billion 2024. Government initiatives to incorporate safety and security systems in the vehicles and demand for luxury vehicles are driving the automotive radar market.
Increasing adoption of advanced driver assistance systems (ADAS) will favor the industry demand over the forecast timeline. Regulatory authorities are mandating automatic emergency braking (AEB) and anti-lock braking systems features as standard for all the vehicle segments. Introduction of autonomous and connected cars is increasing the requirement of sensors which will fuel the automotive radar market share.
High cost of technology is restricting the adoption in small & medium d vehicles. Difficulty in data integration in semi-urban and rural areas is hindering the industry growth. Integrating advanced technology in cars increase the cost for both manufacturers and consumers. Small automotive industry is characterized by mass production. Consumer’s unwillingness to pay for increased cost due to addition of ADAS and other technologies is limiting the adoption rate.
Stringent regulations for driver safety in developing countries and increasing demand for electric vehicles provides growth opportunities to develop next generation cars. Increasing adoption of autonomous and connected car will boost the automotive radar market.
Browse key industry insights spread across 88 pages with 44 market data tables & 28 figures & charts from the report, “Automotive Radar Market” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/automotive-radar-market
Based on application, adaptive cruise control (ACC) system accounted for more than 30% of the automotive radar market share in 2015. Increasing demand for ACC attributed to its function of effective monitoring and maintaining safe distance between the vehicles that assist in reducing road fatalities. Blind spot detection (BSD) segment is expected to cross 15% CAGR during the forecast timeframe. BSD facilitate driver to detect any vehicle or obstacle which are not visible in rear view mirror.
Some of the players in the automotive radar market are ZF TRW automotive, Infineon, Texas instruments, Delphi automotive, Autoliv, Fujitsu, Hella and Valeo. To enhance effectiveness and manufacturing flexibility, the manufactures are establishing relationships with numerous semiconductor companies, test & assembly subcontractors. Frequent mergers & acquisitions and investing in next generation technology development are also among the prominent steps taken by the industry participants.
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Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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