Automotive radars are a type of device that is used for advanced cruise control systems in order to direct the accelerator and braking system of vehicles. It even aids in maintain a favorable distance between two vehicles. The radar sensor keeps note of various key information like range, doppler velocity, and angle. The information is used to understand the driving situation and inform the driver of any potential threats that may arise.
The global automotive radar applications market was analyzed by Market Research Future (MRFR) and it was projected that a notable CAGR will be attained by the market over the forecast period of 2018 to 2023. The valuation of the automotive radar applications market was further stated to surpass its previous valuation with the revenue pool getting wider.
The global automotive radar applications market is projected to grow primarily due to the booming automotive industry. Add to this, advancements in technologies in the automotive industry is another likely factor that is expected to push the growth of the global automotive radar applications market in the forthcoming years. The increasing production of automobiles across the globe is another key factor expected to influence the market in a positive manner over the forecast period. Moreover, the surging demand for high-end cars is a likely factor that is projected to push the global automotive radar applications market.
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The global automotive radar applications market has been segmented in terms of type, end-user, and components.
By frequency, the market segments into 77 GHz, 24 GHz, and 79 GHz.
By application, the market includes adaptive cruise control, parking assistance, lane departure warning system, forward collision warning system, and bling spot detection.
By technology, the market comprises LiDAR, camera, millimeter wave radar, and ultrasonic radar.
The global automotive radar applications market is geographically distributed across the following key regions: Asia Pacific, North America, Europe, and the Rest of the World (RoW).
Europe holds a major portion of the global automotive radar applications market. The region held 35.98% of the global market back in 2015 and is expected to grow during the forecast period at a consistent pace to continue its lead. The booming automotive industry in the region is one of the biggest factors influencing a positive geowth in Europe. Additionally, the growing number of radar sensors user for every vehicle is also anticipated to play a role in pushing the growth of the European automotive radar applications market over the forecast period.
North America is another key region in the global automotive radar applications market. The regional market enjoyed 26.16% of the global market share back in 2015. The region is projected to expand in the coming years at a notable pace. The increasing demand for both semi-autonomous and autonomous cars is forecasted to have a positive impact over the regional market in the coming years.
Asia Pacific region is anticipated to experience a phase of positive growth. The region is expected to become one of the lucrative markets for automotive radar applications in the forthcoming years. Countries like Japan, China, South Korea, and others are some of the major fast-paced developing countries that are expected to contribute immensely to the overall growth of the Asia Pacific market.
The global automotive radar applications market comprises a host of key players. This includes names like Delphi (U.K.), Robert Bosch GMBH (Germany), Panasonic Corporation (Japan), Hella KGAA Hueck & Co. (Germany), Valeo (France), Continental AG (Germany), Denso (Japan), TRW Automotive (U.S.), Sabertek (U.S.), and Fujitsu Ten Ltd (U.S.).
April 2019, market leaders in providing 77 GHz radar solutions, NXP Semiconductors NV have announced an all-new strategic collaboration and agreement with Hawkeye Technology Co. Ltd., the market leader in Chinese automotive radar industry.
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