June 05, 2020
According to the research report titled ‘Global Commercial Vehicle & Off-Highway Radar Market Size study, by frequency (24-GHz & 77-81 GHz) by Component (LRR, S&MRR, Mono Camera, and Stereo Camera), by Vehicle (CV & Off-highway), by Application (ACC, AEB,BSD, FCW & IPA) and Regional Forecasts 2020-2026’, available with Market Study Report LLC, global commercial vehicle & off-highway radar market was worth USD 120 million in the year 2019 and is expected to grow with a CAGR of 27.5% during 2019-2026.
Commercial & off-highway vehicles are generally used for transporting goods, excavation, mining, and other applications. These vehicles are highly susceptible to accidents since they deal with complex operations and are bulky.
Rising safety concerns have impelled the adoption of radars in commercial vehicles in order to alert the driver of several threats, thereby adding traction to market growth worldwide. These radars use microwaves and sensors which are further employed to measure angle of arrival, direction, distance, and speed as well as detect moving objects. Given the above mentioned fators, the product assists in lane maintenance and helps in avoiding accidents.
Additionally, rising adoption of commercial vehicles is further aiding the market expansion. Integration of radar systems in off-highway vehicles which operate in mining and construction sites, help drivers detect pedestrians around the vehicle. Radars also improves the maneuverability of the vehicles which operate in diverse terrains with no markings, improper visibility, and no lanes. Flourishing construction sector and increasing mining activities are hence stimulating the industry outlook, claim market researchers.
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Advancements in radar technologies for commercial and off-highway vehicles is also favoring the market scenario. In December 2019 for instance, Continental AG introduced its 5th generation automotive radar which supports the various requirements of vehicle manufacturers as well as electrical-electronic features.
Considering the geographical landscape, the commercial vehicle & off-highway radar industry in North America is predicted to show appreciative growth during the estimated timeframe, primarily due to a range of safety norms and rising adoption of these vehicles. Meanwhile, the Asia-Pacific market is slated to record remunerative growth in the forthcoming years. Escalating disposable income and increasing preferences towards using safe commercial vehicles are driving the market growth in the region.
Analog Devices Inc., Magna International, ZF, HELLA GmbH & Co. KGaA, Texas Instruments, NXP Semiconductors, Infineon Technologies, Denso Corp., Aptiv, Continental AG and Robert Bosch GmbH are the leading companies operating in commercial vehicle & off-highway radar industry.