Increased concerns with respect to passengers, drivers, vehicles, and pedestrians is the key reason for the surging growth of the automotive radar market. Efforts to introduce driverless and autonomous vehicles is also playing akey role in propelling demand in the global automotive radar market. The automotive radar market is depicted by the emergence of various significant players including Baumer, InnoSenT GmbH, GM Cruise LLC., Denso Corporation, Robert Bosch GmbH, Magna International Inc., Continental AG, ZF Friedrichshafen AG, Mando Corp., and Autoliv Inc. Transparency Market Research expects the automotive radar market to be worth nearly US$4.9 bn by the year 2026.
According to TMR, a million dollar chance of nearing somewhat near US$ 1.7 billion within the forecast period from 2017 to 2026 is holding up to be tapped in the long range fragment of the automotive radar market. The long range segment had a revenue share of around 50% of overall automotive radar market. Geographically, Europe represents the biggest local commitment in the long range automotive radar fragment and is trailed by Asia Pacific region which is foreseen to develop with a noteworthy CAGR. The medium range automotive radar section is on track to pick up market share through the span of the forecast period from 2017 to 2026..
Automotive safety rules which accentuates, and even compels the utilization of such technologically advanced safety innovation in the world is relied upon to drive the demand. Ideal macro-economic condition, for example, increasing urban population, rise in disposable income, improved consumer confidence index, coupled with better scope of employment in both developed and developing economies, for example, Canada, the U.S., Germany, France, China, and South Korea India are expected to contribute considerably to market growth. Also, growing interest for advanced features, for example, cruise control will result in an upsurge in interest for automotive radars, in turn driving the automotive radar market. Continuous developments in the working and design have proved beneficial to the worldwide automotive radar market too.
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High Initial Cost of Mechanical and Optical Parts to Hamper Market Growth
One of the main factors limiting the development of the worldwide automotive radar market, is the high cost of making optical and mechanical parts, including micro electro mechanical sensors (MEMS), miniaturized scale reflects over weight or piezoelectric sensors. Additionally, specialized issues, for example, danger of shared impedance are also expected to negatively impact the market. Keeping in mind the end goal to accomplish finish vehicle independence, it is fundamental for automakers to center around the upgrade of the radar innovation and along these lines on the diminishment in the extent of radar frameworks. One of the significant obstacles hampering the development of automotive radars is the absence of uniform recurrence designation over the globe. Additionally, the utilization of higher recurrence band is probably going to prompt higher determination benefits and advance the utilization of a solitary innovation for all applications, in this way decreasing the danger of common obstruction. The European Commission has just started the 79 GHz venture for vehicular radars, which has been the establishment for the future advancement of the automotive radar market.