Global Automotive Radar Market Report 2021-2027: Market Opportunities in the Rising Demand for Advanced Imaging Radar
DUBLIN, April 22, 2021 /PRNewswire/ -- The "Automotive Radar Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Range, Medium Range Radar, Short Range Radar, Frequency, Application, and Vehicle Type" report has been added to ResearchAndMarkets.com's offering.
Mmarket was valued at US$ 5,019.0 million in 2019 and is projected to reach US$ 11,640.8 million by 2027; it is expected to grow at a CAGR of 14.9% from 2020 to 2027.
Government initiatives - such as "Made in China 2025" and "Make in India" - are catalyzing the growth of the automotive sector in the region. Improvements in infrastructure, increase in domestic consumption, and low labor costs in Southeast Asian countries are the key factors attracting automotive companies to this region. Increasing efforts by automotive giants in the optimization of automated cars is expected to significantly drive the sale of electric vehicles in APAC countries such as India, Malaysia, Singapore, and Thailand.
APAC comprises major automotive manufacturers such as Hyundai-Kia, Suzuki, Mitsubishi, Tata Motors Limited, Lexus, and Toyota. Moreover, the governments of various countries in APAC are taking initiatives for the development of the automotive sector; for instance, under Union Budget 2019-2020, the Government of India announced its plans to set up R&D centers at an expenditure of US$ 388.5 million to enable the automotive sector to meet the global standards. Such government initiatives and strong atomotive manufacturing sector in different countries are expected to support the growth of the automotive radar market in the region in the coming years.
APAC countries are increasingly implementing intelligent transport systems (ITS) as they improve road safety, ensure smoother traffic, reduce environmental burdens, and stimulate regional economic activity. The advancements in transportation systems, along with the mounting importance of car safety, are propelling the adoption of advanced technologies such as automotive radar in vehicles.
Western Europe is characterized by the high standards of living, and it is one of the richest regions on the continent. The automotive manufacturers have 304 vehicle assembly plants and production plants in 27 countries in Europe. In 2019, more than 3 million units of commercial and passenger vehicles were produced at these sites. Thus, the growing production of commercial and passenger vehicles is boosting the demand for radar systems.
Additionally, the EU is now promoting 76-79 GHz radar frequency, thereby creating extended growth opportunities for OEM manufacturers. As per spectrum regulations and standards developed by the ETSI and the FCC, c the UWB band of 24 GHz frequency range would be phased out of Europe by the beginning of 2022.
The global automotive radar market has been segmented as follows:
Automotive Radar Market - by Frequency
Automotive Radar Market - by Application
Automotive Radar Market - by Vehicle Type
For more information about this report visit https://www.researchandmarkets.com/r/9ux2u3
Research and Markets
SOURCE Research and Markets