DUBLIN--(BUSINESS WIRE)--The "Automotive Radar Market Research Report: By Vehicle Autonomy, Range, Vehicle Type, Application - Global Industry Analysis and Growth Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The world witnesses around 1.35 million road accidents each year, according to the World Health Organization (WHO). Most of them and the fatalities caused are due to human errors, such as over-speeding, non-attentiveness, and inadequate distance from the vehicle in front. Thus, the rising concerns regarding the safety of drivers and pedestrians have led to the mandatory implementation of several safety features in vehicles.
As a result, the global automotive radar market, which valued $5,839.0 million in 2019, is projected to grow at a CAGR of 8.4% between 2020 and 2030 (forecast period). This is because most of the advanced systems being incorporated in vehicles, such as adaptive cruise control (ACC) and blind spot detection system, depend on radars.
In the past, North America generated the highest revenue in the automotive radar market, because of the rapid advancements in the technology of autonomous vehicles by the major automobile manufacturers, as well as the incentives being offered and policies being implemented by the government for the uptake of such components.
Asia-Pacific (APAC) would witness the fastest advance in the market in the coming years, led by China, which boasts the largest automobile production capacity and technological enhancement rate in the region. Moreover, with the rising purchasing power and surging funding for the development of advanced vehicle safety features in India and China, the popularity of premium vehicles is increasing, thus propelling the procurement of radars here.
- Growing adoption of long-range radar systems
- Increasing number of collaborations and partnerships
- Inflow of huge investments
- Growing demand for ADAS features
- Supportive government regulations
- Impact analysis of drivers on market forecast
- High purchase cost
- Design challenges
- Impact analysis of restraints on market forecast
Deployment of autonomous vehicles in MaaS model
- Robert Bosch GmbH
- DENSO CORP.
- Valeo SA
- ON Semiconductor Corp.
- NXP Semiconductors N.V.
- Analog Devices Inc.
- Delphi Technologies PLC
- Infineon Technologies AG
- TE Connectivity Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/bdbhqa