Press release
Automotive Radar Market share in Europe to grow at over 17.5% CAGR from 2016 to 2024
Increasing technology penetration in the automobile industry will dynamically impact Automotive Radar Market size over the coming years. Rising concerns over passenger and vehicle safety will build huge growth opportunities for the automotive radar industry. As per Association for Safety International Road Travel (ASIRT), on an annual basis approximately 1.3 million people die as a result of road accidents. To reduce these fatal accidents, cars are featured with collision prevention systems, which in turn will fuel global industry growth trends. According to Global Market Insights, Inc.
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Automotive radar market size is anticipated to register an annual growth rate of 18.7% over the period of 2016-2024. As per the Insurance Institute for Highway Safety, one of the three fatal accidents can be dodged if collision avoidance systems are incorporated into the vehicles. This will in turn generate heavy surge in the automotive radar business space over the coming years.
Favorable government norms towards preventing fatal accidents will play a vital role in influencing the automotive radar industry trends. For example, the U.S. National Highway Traffic Safety Administration announced the deployment of Automatic Emergency Braking Systems (AEBS) in cars with model year 2018, to prevent road crashes.
Moreover, shifting consumer preferences towards safer and technically sound vehicles has led the manufacturers to launch automobiles featured with safety equipment. In addition to this, the growing trend of IOT, which is poised to revolutionize the automotive space will further fuel the technology deployment in vehicles. Automotive electronics market will be another business space gaining heavy momentum over the coming years.
Automotive radar finds applications across a broad spectrum of automobile systems such as Adaptive Cruise Control (ACC), Lane Departure Warning System (LDWS), Blind Spot Detection (BSD), Forward Collision Warning System (FCWS), and Parking Assistance (PA) system. Automotive radar market size in adaptive cruise control (ACC) application is projected to grow at a CAGR of 17.7% over the forecast period, driven by its ability to monitor the specified gap between vehicles.
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Blind spot detection (BSD) is another lucrative application area of automotive radar market. Automotive radar industry share in BSD industry is anticipated to grow at a rate of 19.1% over the coming seven years, owing to the collision sensing capability of this system, in case some other vehicle enters the blind spot. Automotive radar market size is also witnessing a favorable growth in forward collision warning system (FCWS), owing to the rising norms pertaining to the vehicle safety.
The automotive radar industry will witness innovative technological developments and strategic collaborations & partnerships over the coming years. Market players will focus towards improving their product and solution portfolios with respect to the cost features, to sustain the competitive business scenario. Key automotive radar industry participants include Valeo, ZF TRW Automotive, Hella, Fujitsu, Delphi Automotive LLP, Texas Instruments, Robert Bosch GmbH.
Browse key industry insights spread across 88 pages with 44 market data tables & 28 figures & charts from the report, “Automotive Radar Market Size By Application (Adaptive Cruise Control (ACC), Blind Spot Detection (BSD), Lane Departure Warning System (LDWS), Parking Assistance (PA), Forward Collision Warning System (FCWS)), Industry Analysis Report, Regional Outlook (U.S., Germany, France, China, Japan, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/automotive-radar-market
Browse Related Reports:
Automotive Electronics Control Unit (ECU) Market Size By Application (Powertrain, Chassis Electronics, Safety & Security, Entertainment, Communication & Navigation), Industry Outlook Report, Regional Analysis, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2023
https://www.gminsights.com/industry-analysis/automotive-ECU-market-report
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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