Global automotive radar market is envisaged to accumulate over US $15,658.6 million by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2019-2026.
The boom in automotive industry, coupled with the growing popularity of autonomous vehicles, is a major driving force for the global automotive radar market. These days the vehicles are being equipped with high frequency radar systems owing to factors such as enhanced performance, higher reliability, and increased accuracy. The automotive radar systems are increasingly being adopted owing to the elevating road traffic, increasing incidences of road accidents, and the surging need for improving road safety.
Other vital aspects such as rising disposable income, changing lifestyle, and technological enhancements, further bolster the automotive radar market. The new emerging markets, growing consumer demographics, as well as strict government regulations are anticipated to endow the global market with plenteous growth prospects in the upcoming years.
The automotive radars deploy 76 GHz to 81 GHz technology platform for the easier use and development of individual sensors for numerous purposes. Also, the use of a wider bandwidth offers higher resolution and improved object recognition. For instance, the 79 GHz project initiated by the European Commission is intended to fast-track the global agreement process in order to utilize the 79 GHz band for vehicular radars. For the record, Ukraine, the Russian Federation, Turkey, and the Balkan region have sanctioned the use of the 79 GHz band for the automotive high-resolution, short-range radars.
In terms of range, the global automotive radar market is bifurcated into long range, medium range, and short range, while, by vehicle type, the global market is divided into commercial vehicles and passenger vehicles. The sales channel is segmented into aftermarket and OEM, and on the basis of frequency type, the market can be fragmented into 2X-GHZ radar systems and 7X-GHZ radar systems.
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Based on the application outlook, the global automotive radar market is segmented into blind spot detection, intelligent parking assistance, adaptive cruise control, autonomous emergency braking, and others. Based on the findings of the report, the adaptive cruise control application segment led the market in terms of revenue during the year 2017.
According to the data compiled by market researchers, Europe held the highest market share in the worldwide automotive radar market in 2017. The key factors fueling regional growth are established automotive industry, substantial investment in research & development, and technological advancements. The report also cites that the Asia Pacific market will grow at the highest CAGR throughout the projected timeline. Growth in this region is resulting from the economic progress in countries including India and China, which results in high disposable income and enhanced living standards. Moreover, expansion of industry contenders in these countries, for tapping market potential, would further impel the market growth.
The distinguished market players enumerated in the report are Delphi Automotive PLC, Continental AG, Analog Devices Inc., Denso Corporation, Infineon Technologies AG, Robert Bosch GmbH, Hella KGaA Hueck & Co., ZF Friedrichshafen AG, Autoliv Inc., Texas Instruments Incorporated, and NXP Semiconductors. These companies are known to augment their portfolio and team up with other leading market players in a bid to innovate and introduce new products, for sufficing the growing needs of consumers.