Rockville, MD -- (SBWIRE) -- 03/08/2018 -- Fact.MR has recently published a new report titled "Automotive Radar Market Forecast, Trend Analysis & Competition Tracking: Global Review 2017 to 2022" to its vasts database of market reports. Automakers are now moving beyond function-specific capabilities such as adaptive cruise control to develop fully autonomous vehicles, which is expected to make radar technology more essential in the forthcoming years. As per the study, increasing purchasing power of middle class, especially in the world's two most populous countries – India and China is also facilitating the growth of the global automotive radar market.
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Automotive radars are driver assistance systems that use sensors to detect the speed and range of objects in proximity of the vehicle. An automotive radar system can deliver sensing in three basic ranges – long radar range, medium radar range and short-radar range. Automotive radars are useful in providing lane change assistance and rear cross-traffic alerts to the driver.
Fact.MR's recent study on the global automotive radar market reveals that better functionality and efficiency of radar technology as compared to other sensing technology in extreme conditions (extreme temperatures, bad light and bad weather) is expected to boost its adoption in cars over the next couple of years. The study further reveals that the automotive radar market, which is currently valued at over US$ 2,184 Mn is set to witness a strong CAGR between 2017 and 2022 to reach a valuation of US$ 7,260.8 Mn.On the basis of vehicle type, the passenger car segment is expected to grow to US$ 5,345.9 Mn by the end of 2022, registering a vigorous CAGR. In terms of revenue, this segment is projected to account for around two-third share of the market by 2017-end. The passenger car segment is expected to create an absolute $ opportunity of US$ 3,609.6 Mn between 2017 and 2022. During the same period, the LCV segment is expected to retain its second spot.
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By application, the adaptive cruise control segment will account for a staggering two-fifth revenue share of the market by 2017-end. In recent years, adaptive cruise control has emerged as a prominent and a must-have safety feature in the vehicles. This particular application segment is estimated to reach a market valuation US$ 3,208.4 Mn in by the end of 2022. Meanwhile, the autonomous emergency braking segment is expected to witness the fastest CAGR during the forecast period.
By frequency, the 2x GHz segment currently dominates the market in terms of revenue, accounting for half of the market value. However, the 7x GHz segment is expected to outpace 2x GHz segment and emerge as the leading segment towards the end of the assessment period.
Competitive Landscape
Continental AG, Delphi Automotive PLC, Robert Bosch GmbH, Infineon Technologies AG, Analog Devices, Inc, NXP Semiconductors N.V., Denso Corporation, Texas Instruments, Inc., Hella KGaA Hueck & Co., ZF Friedrichshafen AG, and Autoliv, Inc are among the top companies in the global market for automotive radar. Many of market players are actively focusing on investing in new technology to develop high-performance, and energy-efficient products.
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