The automotive radar market was valued at US$ 5,019. 01 million in 2019 and is projected to reach US$ 11,640. 77 million by 2027; it is expected to grow at a CAGR of 14. 9% during 2020–2027. The world is witnessing technological changes in the area of connected car, e-mobility, and autonomous driving.
New York, March 24, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Radar Market Forecast to 2027 - COVID-19 Impact and Global Analysis By Range, Frequency, Application, and Vehicle Type" - https://www.reportlinker.com/p06038316/?utm_source=GNW
This is likely to provide growth impetus to the automotive radar market as a radar system is one of the key elements in autonomous vehicles, which helps enable safe and consistent vehicle operations.
The surging popularity of autonomous vehicles worldwide is expected to boost the sales of radar sensors in the coming years.Governments in many countries are promoting the use of radar technology in automobiles.
For instance, in European countries, the New Car Assessment Program (NCAP) is encouraging OEMs to implement ADAS in all new cars.
The European region witnessed a varying pandemic impact across its economically diverse countries following the COVID-19 outbreak.For instance, countries such as Germany, the UK, Netherlands, France, and other developed countries imposed stringent government restrictions and closed their borders to curb the virus spread, hence plummeting the demand as well as the availability of various automotive components, including radar systems.
Whereas, Italy, Russia, and Spain witnessed a significant surge in cases, which impacted the demand for passenger vehicle sales during April–July.However, numerous European countries did recover swiftly in recent months.
They witnessed a reliable surge in demand for automotive sales and its associated components among the OEMs and aftermarket sales.
The automotive radar market is segmented into range, frequency, application, vehicle type, and geography.Based on range, the SSR segment is expected to lead the market during the forecast period.
The SSR is used in various ADAS applications, including intelligent park assist, blind-spot detection, and cross-traffic alert, among others.By frequency, 24 GHz segment is expected to dominate the market in 2019; whereas, the 77 GHz segment is anticipated to attain the highest market share by 2027.
Based on application, the adaptive cruise control segment is anticipated to dominate the market by 2027.The dominance is attributed to its integration in several mid-priced as well as high-end vehicles.
Based on vehicle type, the passenger cars segment is expected to hold over 70% of the market share from 2019 to 2027.
Overall size of the automotive radar market has been derived using both primary and secondary sources.To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market.
The process also serves the purpose of obtaining an overview and forecast for the automotive radar market with respect to all the segments.Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic.
The participants of this process include industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultant such as valuation experts, research analysts, and key opinion leaders, specializing in the automotive radar market. Continental AG, Aptiv plc, DENSO Corporation, Hella KGaA Hueck & Co., Robert Bosch GmbH, Valeo SA, ZF Friedrichshafen AG, Veoneer Inc., Nidec Elesys Corporation, and TungThih Electronic Co., Ltd. are among the well-known players present in the automotive radar market.
Read the full report: https://www.reportlinker.com/p06038316/?utm_source=GNW
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