Sarasota, FL -- (SBWIRE) -- 07/13/2018 -- Automotive Radar Market: Overview
Automotive radars are generally used to locate objects, such as vehicles and pedestrians, in the area of the car. Automotive radar consists of a transmitter which sends out radio waves that hit an object to the receiver and the receiver controls the movement or the direction of the car. The automotive radar market is expected to grow during the forecasted period as the growing concern regarding the safety issues which driving the car will help to grow the market. The automakers are also shifting their focus from manual cars to autonomous cars which in turn will grow the automotive radar market.
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Automotive Radar Market: Growth Factor
The major factors which are responsible for the growth of the automotive radar market are a rise in the number of road accidents and the growing need for safer mobility. Along with this growing trend of autonomous vehicles coupled with increasing vehicle, electrification is expected to promote the growth forecast for automotive radar market. Strict government rules and regulations for the safety purpose and initiatives taken by various governments in the field of radar systems have promoted the development of vehicle safety systems and are, thus, expected to drive the use of radar-based safety systems which in turn will give rise to automotive radar market. Along with this, the decrease in the prices of electronic systems used in cars and advancements in the automotive technology are likely to support the usage of automotive radar.
Automotive Radar Market: Segmentation
The global automotive radar market is mainly segmented on the basis of range, application, frequency band, and vehicle type. On the basis of range, the market is segmented into long-range radar, medium range radar, and short-range radar. Based on the application the automotive radar market is divided into adaptive autonomous emergency braking (AEB), cruise control (ACC), forward collision warning system (FCWS), blind spot detection (BSD), intelligent parking assistance (IPA), and others. On the basis of the frequency band, the market is classified into 2X-GHz and 7X-GHz. Lastly based on vehicle type automotive radar market is segmented into the commercial vehicle, economic passenger vehicle, luxury passenger vehicle, and mid-priced passenger vehicle.
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Automotive Radar Market: Regional Analysis
Geographically, the global automotive radar market is divided into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. Europe dominated the global automotive radar market is expected to grow at a high rate over the forecast period. Europe dominates the market due to the strict vehicle safety norms laid down by the European Commission (EC). Also, the German automakers hold higher share in manufacturing the premium cars globally. Along with this, the Germany automakers spend approximately one-third of the revenue on R&D development hence, the German market is expected to grow during the forecasted period. Asia Pacific region is also expected to emerge as the highest growing region, due to the low-cost benefits involved in the manufacture of vehicles in this region. North America is also going to show substantial growth during the forecasted period.
Automotive Radar Market: Key Players
Some of the prominent players in the field of automotive radar market are, HELLA KGaA (Germany), Continental AG (Germany), robert bosch GmbH (Germany), valeo S.A. (France), delphi automotive PLC (U.K.), autoliv Inc. (Sweden), and denso corporation (Japan) are the system manufacturers which is required to build radar and companies such as NXP semiconductors N.V. (The Netherlands) and infineon technologies AG (Germany) are the chip manufacturers in the automotive radar market. Players in the automotive radar market are mainly focusing on developing high-performance radars which are compact in size. Companies are also spending more money on R&D in order to develop innovative solutions and gain strategic advantages over competitors.
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Automotive Radar Market: Regional Segment Analysis
The Asia Pacific
The Middle East and Africa