How Will The North America Automotive Radar Market Fare Over 2016-2024?
The resultant increase in traffic and the surging number of road accidents have been prompting the incorporation of safety technologies in the automobiles. According to research report by Global Market Insights, Inc., automotive radar market size is projected to surpass USD 5 billion by 2024.
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Increasing penetration of the automotive radars has been fueled by the introduction of several vehicle safety systems, as the radar devices play an important role in these systems. Growing implementation of advanced driver assistance systems (ADAS) in passenger cars is anticipated to foster automotive radar market trends over the forecast timeframe. ADAS being a complex system consist of advanced software and sophisticated electronics which complement each other to enhance the system functionalities, thus offering lifesaving advantages.
How will the growing implementation of self-driving technology accelerate automotive radar business trends?
Automotive radars find prominent usability across the advent of self-driving cars. Increasing presence of the technology giants like Google and Baidu will pave the ways for the mainstream adoption of the self-driving cars. According to recent studies, majority of the road accidents are caused by the human errors occurred while driving the vehicles, so the autonomous driving tech is very likely to find mass adoption across several economies.
Growing acceptance of self-driving cars will accelerate the automotive radar business trends over the forecast timeline.
How will growing product adoption among leading auto manufacturers augment forward collision warning system (FCWS) application share over 2018-2024?
Considering the application segment, forward collision warning system (FCWS) is anticipated to account for over 25% of the automotive radar market share by 2024. Growing deployment of such warning systems which detect any chances of collision and help preventing the vehicle crashes will fuel the product demand. FCWS systems work by constantly monitoring the parameters such as the vehicle speed and the distance between the vehicles. In case the system detects any approaching crash, it produces warnings in the form of visual or audible alerts, so that drivers can presumably apply brakes on time before colliding with the rear end of other vehicle.
In addition, the vehicle manufacturers have started deploying these systems with automatic emergency braking systems to enhancing the system functionality and avoid any chance of rear-end crashes. For instance, automakers such as BMW, Audi, Ford, General Motors, and Tesla have committed to make the automatic emergency braking (AEB) a standard across all variants of their vehicle products. Such initiatives are expected to boost the product penetration further augmenting the FCWS application share.
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How will the increasing investments toward autonomous cars boost North America automotive radar market outlook?
The North America automotive radar market is driven by stringent government regulations toward the vehicle safety. Most of the auto manufacturers in the region has been increasingly deploying the ADAS technology which has been supporting the regional growth. Moreover, growing funding toward research & development of autonomous cars will boost the regional outlook throughout the forecast period.
For instance, in 2016, the U.S government announced plans to invest USD 4 billion in autonomous cars over the period of next 10 years. Owing to such favoring factors, the North America automotive radar market is projected to grow at a CAGR of above 15% during 2016-2024.
Table of Contents (ToC) of the report:
Chapter 1 Methodology & Scope
1.1 Research Methodology
1.1.1 Initial data exploration
1.1.2 Statistical model and forecast
1.1.3 Industry insights and validation
1.1.4 Research scope & assumptions
1.2 Data Sources
Chapter 2 Executive Summary
2.1 Automotive radar industry 3600 synopsis, 2013 - 2024
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Application trends
Chapter 3 Automotive Radar Industry Insights
3.1 Automotive radar industry segmentation
3.2 Industry size and future growth prospects, 2013 - 2024
3.3 Industry ecosystem analysis
3.4 Industry Impact forces
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About Global Market Insights, Inc.
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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