Press release
Global Commercial Vehicle & Off-Highway Radar Market Expected to Grow at 831 Million In Revenue by 2027.
Prophecy Market Insights
Key Highlights:
In August 2017, Denso Corporation introduced a 24-GHz side radar sensor and submillimeter-wave rear to improve vehicle safety systems. The sensor was used in the 2018 Toyota Camry released.
In July 2018, Robert Bosch GmbH and NIO, an electric vehicle company, entered into a partnership. This partnership is focused on automated driving, sensor technology, intelligent transport systems, and electronic motor controls.
HELLA declared to launch its latest 77 GHz radar technology in spring 2020. Primarily, the company will supply it to an Asian manufacturer of trucks and buses.
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Analyst View:
Rising trend towards autonomous driving
Growing trend towards autonomous driving in the commercial vehicle has been propelling the growth of the commercial vehicle & off-highway radar market. The key factor that boosts the application of radar in the commercial vehicle is the growth in safety awareness among the public and the government. As per IIHS (Insurance Institute for Highway Safety) in 2018, 4,136 people had lost their lives in the U.S. owing to large truck crashes. Such incidences are the major driver for radars for commercial vehicles. Though the influence of CONVID-19 the commercial vehicle segment will get affected for a while, owing to consumer preference of opting travel in personal vehicles and no public transport.
New product launches
New product launches are the key strategy undertaken by the prominent players in the commercial vehicle & off-highway radar market. Continental AG is a major player in the commercial vehicle & off-highway radar market. Enhanced cybersecurity, blockage detection, auto alignment is the key driving factor for Continental AG in the commercial vehicle & off-highway radar market. Additionally, higher range of 300m compared to other key players is the other key factor that adds growth in the commercial vehicle and off-highway radar market. In 2019, Continental introduced the launch of the 5th generation automotive radar. This new generation automotive radar is based on a scalable modular principle and has higher capacity.
Key Market Insights from the report:
The global commercial vehicle & off-highway radar market accounted for US$ 153 million in 2020 and is estimated to be 831 million by 2027 and is anticipated to register a CAGR of 27.4%. The market report has been segmented on the basis of frequency, component, application, and region.
By frequency, the target market is segmented into 24-Ghz and 77-81 Ghz.
By component, the target market is segmented into LRR, S&MRR, mono camera, and stereo camera.
By application, AEB is projected to account the highest share in the commercial vehicle radar market over the forecast period. Rising concern about the safety of passengers in commercial vehicles is the key factor driving demand for AEB.
By region, North America region is expected to account for dominate market share owing to numerous vehicles equipped with ADAS features. Early adoption of technologies will be the key factor for the growth of the radar market for commercial vehicles in the region.
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Competitive Landscape:
The prominent player operating in the global commercial vehicle & off-highway radar market includes Robert Bosch GmbH, Continental AG, HELLA KGaA, NXP Semiconductors N.V., Denso Corporation, Delphi Automotive, Autoliv Inc., Valeo S.A., Technologies AG, and Baumer
The market provides detailed information regarding industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory framework across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included into the report.
Some Important Points Answered in this Market Report Are Given Below:
Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces Analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period
Key Topics Covered
Introduction
Study Deliverables
Study Assumptions
Scope of the Study
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Prophecy Market Insights is specialized market research, analytics, marketing/business strategy, and solutions that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. We also help our clients to address business challenges and provide the best possible solutions to overcome them and transform their business.
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