Increase in demand for safety features in automobiles, surge in inclination toward comfortable driving, and strict rules & regulations for safety features fuel the growth of the global automotive RADAR market
PORTLAND, Oregon, Feb. 12, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Automotive RADAR Market by Application (Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Blind Spot Detection (BSD), Forward Collision Warning System, Intelligent Park Assist, and Other), Frequency (24 GHz, 77 GHz, and 79GHz), Range (Long Range RADAR (LRR) and Short and Medium Range RADAR (S&MRR)), and Vehicle Type (Passenger Car and Commercial Vehicles): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global automotive RADAR industry was estimated at $3.14 billion in 2018 and is expected to hit $7.67 billion by 2026, registering a CAGR of 11.7% from 2019 to 2026.
Drivers, restraints, and opportunities-
Surge in demand for safety features in automobiles, rise in inclination toward comfortable driving, and strict rules & regulations for safety features fuel the growth of the global automotive RADAR market. On the other hand, high cost and complex structure of the system impedes the growth to some extent. Nevertheless, increase in technological advancement and innovation in ADAS is expected to usher in a plethora of opportunities for the key players in the industry.
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The intelligent park assist segment to lead the trail till 2026-
Based on application, the intelligent park assist segment accounted for nearly one-fourth of the global automotive RADAR market share in 2018, and is expected to retain its dominance throughout the forecast period, as it helps the driver park the vehicle in the parking space by calculating steering angles and velocities to safely navigate through the parking spot. The autonomous emergency braking segment, on the other hand, would grow at the fastest CAGR of 15.7% during 2019–2026. This is owing to the fact that it helps avoid accidents by identifying any critical situation and warning the driver.
The 24 GHz segment to dominate during the estimated period-
Based on frequency, the 34 GHz segment held the largest share in 2018, generating more than half of the global automotive RADAR market. These automotive radars are used to sense the environment around the vehicle and provide a cost-effective as well as proven solution. They are also used in several safety features such as blind-spot detection, collision avoidance, and others, thereby boosting the growth of the segment. At the same time, the 77 GHz segment would cite the fastest CAGR of 17.2% throughout the study period. The fact that they are used in a wide range of advance driver assistance system applications and enhance automobile safety by identifying hazardous situations has driven the growth of the segment.
Asia-Pacific to maintain its top status in terms of revenue-
Based on geography, the region across Asia-Pacific contributed to more than half of the global automotive RADAR market revenue in 2018, and is anticipated to rule the roost by the end of 2026. Factors such as rising demand for comfort driving and strict rules & regulations for safety features drive the market growth in this region. Simultaneously, the region across Europe would showcase the fastest CAGR of 13.9% till 2026. This is attributed to the growing implementation of Euro-NCAP ratings for cars in this province.
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Leading players in the market-
- Continental AG
- Delphi Automotive Company
- Robert Bosch GmbH
- DENSO Corporation
- Autoliv Inc.
- ZF Friedrichshafen
- NXP Semiconductors
- Texas Instruments
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SOURCE Allied Market Research