Press release
Global Automotive Radar Applications Market Forecast 2021
The automotive radars are devices used in advanced cruise control systems to direct a vehicle’s accelerator and braking systems. It helps maintain a safe distance between two vehicles. The radar sensors take note of vital information, such as Doppler velocity, range, and angle. This information is used to determine the driving situation, and consequently intimate the driver of potentially dangerous events ahead. If the driver does not take appropriate action in time and the vehicle crashes, the advanced radar systems can take control of the vehicle to minimize the severity of an accident.
The automotive radar market has been segmented on the basis of application, frequency, and technology. Based on application, the market sub-segments include parking assistance, forward collision warning system, adaptive cruise control, lane departure, and blind spot detection. On the basis of frequency the market has been categorized into 24 GHz, 77 GHz, and 79 GHz segments. Market segmentation based on the type of technology includes sub-categories LIDAR, millimeter wave radar, camera, and ultrasonic radar. The automotive radar market was valued at USD 1,221.1 million in 2015, and is expected to reach USD 1,440.6 million by 2022. In terms of volume, the automotive radar market was estimated to be at 42.8 million units in 2015, and is expected to grow at around 17% CAGR during the forecast period.
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Study Objectives
• To provide insights about factors influencing and affecting the market growth
• To provide historical and forecast revenue of the market segments as well as sub-segments with respect to regional markets and their key countries
• To provide historical and forecast revenue of the market segments based on application, frequency, and technology
• To provide strategic profiling of key players in the market, comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market.
Target Audience
• Automotive radar manufactures
• Raw materials suppliers
• Aftermarket suppliers
• Research institutes & education institutes
• Potential investors
• Key executive (CEO and COO) and strategy growth manager
Regional Analysis
The global automotive radar market has a variety of applications across the automotive industry. Increased awareness about the driving safety among the end consumers to minimize road accidents as well as supplementing government initiatives to improve road safety, are the major factors driving the automotive radar market. Europe market accounted for USD 440.8 million in 2015, and was estimated to be valued at USD 521.8 million in 2016. North America was the second largest market and accounted for USD 328.5 million in 2015. The Rest of the world market, with meager share of about 15% within the market, accounted for 181.9 million units in 2015.
The regional segmentation includes analysis of regions –
• North America
• Europe
• Asia-Pacific
• Rest of the World
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