The global automotive radar market is signified by the presence of various key players in the market for example, such as, Baumer, Autoliv Inc., Magna International Inc., Robert Bosch GmbH, GM Cruise LLC., Continental AG, ZF Friedrichshafen AG, Mando Corp., InnoSenT GmbH, and Denso Corporation.
Recently, a well-known research firm, Transparency Market Research analyzed the market of automotive radar and estimated that the market is likely to grow at a decent pace with a significant CAGR of 19.5% within the forecast period from 2017 to 2026. By the end of the forecast period, the global automotive radar market is expected to reach around a worth of US$ 4.9 bn.
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On the basis of range type, the medium range radar and the long range radar segments account for the revenue of over four fifth of the entire automotive radar market, in 2017. Among these, the long range segment is foreseen to experience a reduction in share in span of coming years. However, the medium radar segment seems to gain more share and revenue in the coming years of forecast period. On the basis of region, the global automotive radar market is classified into Europe, Asia Pacific, Latin America, Japan, North America, and the Middle East and Africa. Among these, the Europeregion is estimated to lead the global automotive radar market within the forecast period from 2017 to 2025.
Increasing Number of Vehicles in Developing Countries to Augment Growth
Automotive radars are meant to hold a key role in the identification of items in a wide range of security frameworks like automated emergency braking, blind spot detection, adaptive cruise control, and pedestrian detection. A move towards the advanced innovation of driverless vehicles is assessed to offer favorable position to the global market for automotive radar as radars assume an exceptionally substantial role really taking shape of an automotive which is completely self-ruling. Moreover, an accentuation on advancement, flooding sales of vehicles in the developing economies in the globe, and an attention on the healthcare and security are setting off the development of the world market for the automotive radar.
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Automotive safety rules which fuels and accelerates the usage of technologically advanced security system over the globe is depended upon in order to fuel the demand for automotive radar. Proper macro-economic situation, for example, improved consumer confidence index, growth in urban population, surge in disposable income, and better scope of employment in developed and developing regions, for instance, Germany, India, South Korea, France, the U.S., China, and Canada, are evaluated to contribute towards the significant development of the mentioned market.
Demand for Advanced Features in Vehicles to Propel Demand in Future
Moreover, surging requirements for different advanced features, for example, cruise control is foreseen to result in an upsurge in the demand for automotive radars which thus is propelling the world market for automotive radar. Consistent improvements in the plan and working have resulted to be invaluable for the global market for automotive radar too.