The “Automotive Radar Market” 2023-2031 Research Report affords qualitative and quantitative insights into the principal drivers, constraints, opportunities, and challenges influencing world markets growth. The find out about offers complete statistical market records on the leading players, as nicely as income predictions. This market lookup additionally presents statistics on the income boom of numerous regional and country-level markets, as properly as the opposition panorama and unique organization analyses for the projected period. The Automotive Radar Market Report covers potential improvement drivers as properly as the modern-day kingdom of market share, penetration of a number of kinds, technologies, applications, and areas thru 2031.
The Automotive Radar Market is anticipated to reach $15,658.6 million by 2027. In 2021, the adaptive cruise control application dominated the market, in terms of revenue. In 2021, Europe accounted for the majority share in the global Automotive Radar market.
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The expanding global automotive industry, along with increasing popularity of autonomous vehicles majorly drives the market growth. Higher frequency radar systems are being used in vehicles owing to their improved performance, increased reliability, and higher accuracy. The adoption of automotive radar systems has increased significantly owing to increasing road traffic, growing incidences of road accidents, and growing need to improve road safety. Other factors driving the market growth include growing disposable income, technological advancements, and changing lifestyles. New emerging markets, emerging consumer demographics, and stringent government regulations would provide growth opportunities for Automotive Radar market in the coming years.
Automotive radars use 76 GHz to 81 GHz technology platform for easier development and use of individual sensors for multiple purposes. Use of wider bandwidth provides higher resolution and enhanced object recognition. The 79 GHz project founded by the European Commission aims to speed up global agreement to use the 79 GHz band for vehicular radars. The Russian Federation, Ukraine, Turkey and the Balkan region have approved the use of the 79 GHz band for automotive high-resolution short range radars.
Market Overview
The comprehensive analyses of the most recent trends, growth prospects, and market growth drivers are offered to readers of the global market research reports. The COVID-19 effects on the Automotive Radar market are also discussed in detail in the research, along with the market’s predicted compound annual growth rate (CAGR) from 2022 to 2030.
The research also provides a market analysis using various analytical techniques, including Porter’s Five Forces Analysis and PESTEL Analysis. These tools provide an in-depth analysis of the micro- and macro-environmental elements that influence the market’s expansion during the forecast period.
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Research Methodology
There were five stages to the research study on the Automotive Radar market: secondary research, primary research, subject matter expert guidance, quality check, and final review.
Statistical and cogent models for the market were used to assess and forecast the market data. Additionally, market shares and important trends were taken into account when creating the study. The Market Time Line Analysis, Vendor Positioning Grid, Market Overview and Guide, Company Market Share Analysis, Company Positioning Grid, Standards of Measurement, Top to Bottom Analysis, and Vendor Share Analysis are additional data models that can use.
The report combines in-depth quantitative analysis with exhaustive qualitative analysis, ranging from a macro-overview of the overall market size, industry chain, and market dynamics to micro details of segment markets by type, application, and region. As a result, the report offers a comprehensive view of the Automotive Radar market that addresses all of its key facets. These market hypotheses are supported by data that comes from both primary and secondary research.
COVID-19 Impact
The COVID-19 pandemic in 2019 engulfed the world. It caused a worldwide halt. The entire global economy was affected. In addition, many people have also lost their lives. Around 252,297,094 cases and 5,091,465 deaths have been reported worldwide so far for COVID-19. The pandemic spread to almost every country in the world. In most industries, the pandemic resulted in some form of loss. As a result of the pandemic, the Automotive Radar Market also experienced a slowdown. Statista estimates that the Automotive Radar Market total worldwide revenue stood at approximately US$ 3.94 trillion in 2019. In 2014, the Automotive Radar Market generated revenues of US$ 5.4 trillion at a record high.
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The degree of competition among prominent global companies has been developed by analyzing several leading competitors operating globally. In addition, specialist analysts examine various aspects of the Automotive Radar Market, including market competition, market share, the most recent advancements in the industry, innovative product launches, partnerships, mergers, and acquisitions by leading companies.
In 2017, Europe accounted for the highest share in the global Automotive Radar market. Established automotive industry, technological advancements, and high investment in R&D are factors expected to drive the market growth in the region. The introduction of stringent government regulations for vehicular and road safety accelerates the adoption of automotive radars. Asia-pacific is expected to grow at the highest CAGR during the forecast period. This is due to economic growth in countries such as China and India, leading to rising living standards and high disposable income. Expansion of global players into these countries to tap market potential boosts the market growth.
The well-known companies profiled in the report include Delphi Automotive PLC, Denso Corporation, Continental AG, Infineon Technologies AG, Analog Devices, Inc, ZF Friedrichshafen AG, Robert Bosch GmbH, NXP Semiconductors, Texas Instruments Incorporated, Autoliv Inc., and Hella KGaA Hueck & Co among others. These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
What are the key findings of the report?
This report provides comprehensive information on factors expected to influence the market growth and market share in the future.
The report offers the current state of the market and future prospects for various geographical regions.
This report provides both qualitative and quantitative information about the competitive landscape of the market.
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