Market Synopsis

As per Market Research Future (MRFR)’s assessment report, the global automotive radar applications market is expected to exhibit positive growth over the forecast period. The boom witnessed in the automotive sector is expected to reflect on the revenue generation of the market over the next couple of years. The technological advancements in the industry are likely to dictate the growth trajectory of the automotive radar applications market in the foreseeable future.

Radar sensors are crucial for displaying vital information in order to alert the driver about the potential danger ahead. The increasing cases of road accidents are one of the major drives of the automotive radar applications market. According to the World Health Organization (WHO), 1.35 million people succumb to road accidents every year. The governments are also encouraging developments in the automotive radar applications market. In addition, the rapid developments in sensor technology are anticipated to augment the market over the next few years.

The increase in the production of automobiles is another major factor projected to affect the automotive radar applications market positively in the foreseeable future. In addition, the rising demand for high-end cars is likely to influence the expansion of the market favorable across the review period.

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Key Players

The established players of the worldwide automotive radar applications market are Fujitsu Ten Ltd (U.S.), Valeo (France), Robert Bosch GMBH (Germany), Continental AG (Germany), TRW Automotive (U.S.), Panasonic Corporation (Japan), Delphi (U.K.), Denso (Japan), Sabertek (U.S.), Hella KGAA Hueck & Co. (Germany), and few more.

Market Segmentation

the worldwide automotive radar applications market can be classified on the basis of technology, application, frequency, and region.

Based on technology, the worldwide automotive radar applications market can be segregated into millimeter-wave radar, ultrasonic radar, LiDAR, and camera.

Based on the application, the worldwide automotive radar applications market can be segregated into parking assistance, forward-collision warning system, lane departure warning system, adaptive cruise control, and blind spot detection.

Based on frequency, the worldwide automotive radar applications market can be segregated into 24 GHz, 77 GHz, and 79 GHz.

Based on region, the worldwide automotive radar applications market can be segregated into North America, Europe, Asia Pacific, and the Rest of the World (RoW).

Regional Analysis

The regional study of North America, Europe, Asia Pacific, and the Rest of the World (RoW) has been performed. As per the analysis by MRFR, the European market dominates the global market. The research states that the European market acquired the largest market share during the review period. The automotive sector of Europe is expanding exponentially, which is the most significant factor driving the market in the region. Besides, the increased number of radar sensors utilized for each vehicle is also estimated to propel the market in the region. As per the analysis, the second position is attained by the North American region. The region consists of several established players, which is the key factor driving the regional market. besides. The growing demand for semi-autonomous and autonomous vehicles is further estimated to propel the market. On the other hand, the APAC region is estimated to experience favorable growth in the forthcoming period. The fastest developing nations like Japan, China, and South Korea are projected to lead to the market expansion of the regional market. However, the outbreak of COVID-19 has affected the regional market. Several regions are facing the consequences of the pandemic coronavirus. It may take some time to overcome the damage caused by the lockdown.

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Industry News June 2020

Biosensing, a South Korean radar technology startup, has raised $5.8 million in a Pre-Series A round of funding, amidst the pandemic COVID-19 impact on financial markets. The round was led by LB Investment, dominating venture capital in South Korea, and Mando Corporation, a South Korean global Tier 1 automotive supplier, participated as an investor. The other participants were S.B. Partners, Future Play, and S.J. Investment Partners from the last round.

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