Automotive RADAR Market Projected to Garner Significant Revenues
The global automotive RADAR market is majorly driven by increase in demand for driver safety and stringent government regulations pertaining to these safety measures. Continuously increasing use of radar systems per vehicle across the globe have driven the growth of the global automotive RADAR market.
According to the World Health Organization (WHO), road accidents are prone to be one of the major causes of death by the end of 2030. Additionally, increasing R&D expenditure and government initiatives have boosted the growth of the automotive RADAR market. On the other hand, as the use of these systems is considered illegal in some countries, it is expected to slow the growth of the automotive RADAR market during the forecasted period.
The global automotive RADAR market value is expected to worth around $10.5bn by 2026, at a significant growth rate of 20.4% during the forecasted period 2019 to 2026, predict by Acumen Research and Consulting.
On the basis of range type, the market is segmented into short range RADAR, medium range RADAR and high range RADAR. The short and medium range RADAR is anticipated to witness fastest growth owing to their larger application base. Based on frequency type, the market is segmented into 2X-GHZ and 7X-GHZ.
On the basis of application, the market is segmented into Autonomous Emergency Braking (AEB), Adaptive Cruise Control (ACC), Blind Spot Detection (BSD), Forward Collision Warning System and Intelligent Parking Assistance. Adaptive Cruise Control (ACC) is expected to witness the fastest growth till the end of forecast period.
Europe dominates the global automotive RADAR markets across the globe as it is one of the pioneers in the use of automotive RADAR systems. Also, the rapid adoption of technological innovations and product launches by this region is anticipated to drive the growth of automotive RADAR market. Increasing government support and growing expenditure on R&D are also projected to drive the Europe automotive RADAR market.
France and Germany are the largest contributors to Europe market growth owing to increasing investments in automotive sector. Additionally, to meet the upcoming demand and grab the major share of the market, most of the key players are heavily investing in research and development activities and using modern technologies in R&D in this region which has supported the growth of the automotive RADAR market in Europe.
Asia Pacific is the fastest growing region for the automotive RADAR market owing to the presence of the huge developing economy, increasing R&D spending and continuously increasing government support. China and India holds the prominent share in the global market owing to the huge spending on the automotive and presence of huge awareness among the people.
However, Latin American and the Middle Eastern countries market are projected to drive the LAMEA market. Huge spending power in the Middle East region has also supported the growth of the market.
