Automotive Radar Market to Reach $4.9 Billion by 2026;
January 14, 2019 | PRNewswireEstimated reading time: 2 minutes
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 $4.9 billion.
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 Europe region 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.
An automotive safety rule 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.
Suggested Items
Industrial PC Market Size to Record $1.75 Billion Growth from 2023-2027
05/03/2024 | PRNewswireThe global industrial pc market size is estimated to grow by USD 1.75 billion from 2023 to 2027, according to Technavio. This growth is expected to occur at a Compound Annual Growth Rate (CAGR) of almost 6.29% during the forecast period.
Real Time with… IPC APEX EXPO 2024: Direct Imaging Equipment and Quad-wave DLP Light Engine Technology
05/03/2024 | Real Time with...IPC APEX EXPOGuest Editor Kelly Dack and MivaTek's Brendan Hogan delve into the company's innovative technologies, including direct imaging equipment and quad-wave DLP light engine technology. They highlight the benefits of direct imaging, compensation, and DART technology.
LQDX Divests Aluminum Soldering Business - Mina™ - to Taiyo America Inc.
05/02/2024 | PRNewswireLQDX, formerly known as Averatek Corp., developer of high-performance materials for advanced semiconductor manufacturing, today announced that it has divested its aluminum soldering business – known as MinaTM – to Taiyo America Inc., a global market leader in advanced electronic materials.
IDTechEx Report on Quantum Technology: Nano-scale Physics for Massive Market Impact
04/30/2024 | PRNewswireThe quantum technology market leverages nano-scale physics to create revolutionary new devices for computing, sensing, and communications. Across the industry, quantum technology offers a paradigm shift in performance compared with incumbent solutions.
Guerrilla RF Completes Strategic Acquisition of GaN Device Portfolio from Gallium Semiconductor
04/29/2024 | BUSINESS WIREGuerrilla RF, Inc. has finalized the acquisition of Gallium Semiconductor's entire portfolio of GaN power amplifiers and front-end modules. Effective April 26th, 2024, GUER acquired all previously released components as well as new cores under development at Gallium Semiconductor.