The automotive radar sensors market is expected to grow by USD 4.45 billion during 2020-2024, according to the latest market research report by Technavio. Request a free sample report
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Technavio has announced its latest market research report titled Global Automotive Radar Sensors Market 2020-2024 (Graphic: Business Wire)
Favorable legislation that encourages the use of radar-based safety systems in vehicles will drive the global automotive radar sensors market. The automotive industry is currently witnessing a drive toward a worldwide harmonized frequency allocation for vehicular radars in the frequency range 77-81 GHz. This may result in global agreements to promote the radar frequency range, which will drive the global automotive radar sensors market. For instance, the US and Canada are likely to pass a regulation in favor of 79 GHz after the petition submitted by Bosch.
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As per Technavio, the emergence of intelligent transportation will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Radar Sensors Market: Emergence of Intelligent Transportation
The automotive industry is witnessing an increase in demand for connectivity in cars. Various new technologies are being integrated into vehicles to meet the current and potential future demands. The industry has seen a rapid evolution of infotainment to telematics, ADAS, and V2X. However, with every evolving technology, safety remains the topmost priority. With regulations mandating several safety features, consumer demands are also pressurizing OEMs to offer new technology-enabled intelligent features, such as radar sensors and blind spot monitoring. Radar sensors will become a part of every car with regulations mandating some of the ADAS features as must-have in future automobiles.
“Factors such as the rapidly increasing electronic content in vehicles, and the increased accuracy in perceiving environment through sensor fusion technique will have a positive impact on the growth of the automotive radar sensors market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Radar Sensors Market: Segmentation Analysis
This market research report segments the automotive radar sensors market by application (FCW, AEBS, ACC, and others), and geography (Europe, North America, APAC, South America, and MEA)
The European region led the automotive radar sensors market in 2019, followed by North America, APAC, South America, and MEA respectively. During the forecast period, the European region is expected to register the highest incremental growth due to the increasing focus on developing energy-efficient vehicles, electric vehicles, and autonomous cars.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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