Global Automotive Radar Market
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Global Automotive Radar Market was US$ XX Mn in 2019 and is expected to grow at CAGR 24.16% in forecast period.
Global Automotive Radar Market Overview:
Safer mobility of vehicles is the primary concern of any government thus, stringent regulations and favorable initiatives in the field of radar systems have imposed, which have promoted the widespread adoption of radar-based safety systems and trend will continue over the forecast period. The automotive radar implementation enables the accurate detection of objects and ensures better vehicle safety. The rising number of accidents and growing need for modified vehicles, which can reduce the accident rate are the factors boost the growth of the automotive radar market. Furthermore, the attraction towards autonomous vehicles combined with increasing vehicle electrification is likely to fuel the growth prospects for automotive radar.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
Global Automotive Radar Market Drivers:
Worldwide the demand for premium segment vehicles with better facilities and innovative technologies is all set to drive the growth of the global automotive RADAR market. The vehicles well equipped and implemented high end technology are demanded most all over the world. At the same time, the need for greater safety of passengers and drivers in vehicles creating huge demand for vehicles having latest technologies, which urges car manufacturers around the world to adopt technological solutions that meet advanced standards. Furthermore, strict automobile standards in adoption of ADAS technology by OEMs set by governments of several countries and the rising rate of road accidents are the major factors, which are expected to further boost the global automotive RADAR market in the forecast period (2020-2027). Also, the continuous growth in the automobile sector in fast-developing economies like Asia Pacific and Increase in number of RADAR sensors used per vehicle is further boosting the growth of the market.
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Last Update : Jul 28, 2020
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