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| Automotive Radar Market |
Automotive radar is an object detection system that uses radar technology for navigation, safety measures and adaptive cruise control in vehicles. Radars are used for accident avoidance, detecting, tracking vehicles and measuring range, direction and velocity of other vehicles or obstacles on the road. Radars can detect both moving and stationary objects even in harsh weather and light conditions. The increasing demand for active and passive safety features and advanced driver assistance systems like adaptive cruise control, automatic emergency braking and blind spot detection is driving the growth of the automotive radar market. The global automotive radar market is estimated to be valued at US$ 4.86 Mn in 2023 and is expected to exhibit a CAGR of 11.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increased demand for advanced driver assistance systems is one of the key
trends driving growth in the automotive radar market. As connectivity and
automation become more prominent in modern vehicles, demand for radar systems
that can assist drivers is rising. Radar sensors play a vital role in autonomy
levels 2-4 by detecting objects and analyzing driving scenes to support systems
like adaptive cruise control and lane keeping assist. Major automakers are
focusing on introducing high level automation and self-driving capabilities
which will require robust radar networks with enhanced reliability and range.
This growing focus on automation technologies is expected to accelerate the
adoption of automotive radars during the forecast period.
Segment
Analysis
The global automotive radar market is dominated by long range radar segment.
Long range radar has maximum penetration in the premium and luxury vehicle
segment as they provide safety features like adaptive cruise control and
traffic jam assist. They detect objects at a distance of up to 250 meters with
high accuracy. Most leading automakers are integrating long range radars in
their high-end models to enable advanced driver assistance systems.
Key Takeaways
The global Automotive
Radar Market Growth is expected to witness high growth in the forecast
period owing to rising safety concerns and autonomous driving trends.
Regional
analysis: Asia Pacific region currently holds the largest share of the market
due to high vehicle production in countries like China, Japan and South Korea.
Key players such as Banner Engineering Corporation, Rockwell Automation Inc.,
and Pepperl+Fuchs SE have robust presence in Asia contributing strongly to
regional market growth.
Key players operating in the automotive radar market are Banner Engineering
Corporation, Rockwell Automation Inc., Pepperl+Fuchs SE, Emerson Electric
Company, Panasonic Industry Europe GmbH (Panasonic Corporation), Honeywell
International Inc., Sick AG, Yokogawa Electric Corporation, Omron Corporation,
ABB Ltd., General Electric Company, Schneider Electric SE, and Siemens AG.
For more insights, read- https://www.ukwebwire.com/automotive-radar-market-trends-size-and-share-analysis/
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