Press release
How are Automotive Radar Solutions Improving Vehicular Safety?
As a result, the MaaS industry is set to witness a sharp surge in its valuation in the future. As per many industry experts, numerous autonomous vehicles would be adopted in shared mobility services in the near future, on account of the fact that the rides offered on such automobiles will be more cost-effective and affordable than the ones available via the conventionally used vehicles. This is a major reason behind the development and trials of autonomous taxis or robotaxis.
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The ballooning demand for automotive radar solutions is causing the expansion of the global automotive radar market. The market already attained a value of $5,839.0 million in 2019 and is now predicted to advance at a CAGR of 8.4% between 2020 and 2030. Automotive radar solutions are required in both fully autonomous and semi-autonomous vehicles. Between the two, the adoption of these solutions is expected to rise rapidly in the fully autonomous vehicles in the forthcoming years.
Geographically, the automotive radar market would exhibit the fastest growth in Asia-Pacific (APAC) in the future, as per the estimates of the market research firm, P&S Intelligence. This would be because of the mushrooming manufacturing of automobiles and rapid advancements and innovations being made in the automotive radar technology, particularly in China. Furthermore, the soaring investments being made in the development of advanced vehicular safety features are pushing up the popularity of automotive radar solutions in the region.
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Hence, it can be said without any hesitation that the demand for automotive radar solutions would shoot-up all over the world in the coming years, primarily because of the growing requirement for advanced safety features and systems in vehicles and the rising sales of autonomous vehicles around the world.
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P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.
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