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This has led to the growth in the demand for automotive radar sensors worldwide. The radar sensor is highly dependant on the growth of the automotive industry. Thus, increase in the production of commercial and passenger vehicles with impact the growth of radar sensors market.
Meanwhile, high cost associated with radar sensors and corresponding technology is one of the major factors inhibiting the growth of the market over the assessment period.
Segmentation
The global Automotive Radar Sensors Market Growth has been segmented on the basis of application, range, vehicle type, and region.
By mode of application, the global market for automotive radar sensors has been segmented into Lane Change Assist (LCA), Adaptive Cruise Control (ACC), Forward Collision Warning System (FCWS), Autonomous Emergency Braking (AEB), Blind Spot Detection (BSD), and others. Among these, the segment for Adaptive Cruise Control is predicted to dominate the market over the forecast period as it allows vehicles to adjust the vehicle speed and maintain a safe distance between two vehicles.
By mode of range, the global COVID-19 Impact has been segmented into short, medium, and long range. Among these, the segment for short-range radar sensors is predicted to dominate the market owing to the extensive use of sensors in adaptive cruise control systems.
By mode of vehicle type, the global market for automotive radar sensors has been segmented into passenger car and commercial vehicle.
Geographically, the Automotive Radar Sensors Market Growth spans across Asia Pacific, North America, Europe, and Rest-of-the-World. North America has been anticipated to hold the largest market share over the forecast period owing to the development of safety feature system in vehicles. The increasing demand for high-end luxury cars with latest technologies incorporated in them will lead to the market growth over the assessment period.
Europe is predicted to hold the second position owing to the increased production of commercial and passenger vehicles. In the Asia Pacific region, there is increased production of new vehicles in countries such as Japan, India, and China. Moreover, the adoption of ADASs in the automotive industry is one of the major factors affecting the market growth over the assessment period.
Competitive Analysis
Some of the prominent market players operating the global Automotive Radar Sensors Market Growth are First Sensor AG (Germany), Kestrel Radar Sensors (England), NXP Semiconductors N.V (Netherlands), Denso Corporation (Japan), InnoSenT - Innovative Radar Sensor Technology (Germany), Valeo S.A (France), Continental AG (Germany), HELLA KGaA (Germany), Texas Instruments Incorporated.
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