Commercial Vehicle & Off-Highway Radar Market Worth $831 Million by 2027 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, April 1, 2020 /PRNewswire/ -- According to the new market research report "Commercial Vehicle & Off-Highway Radar Market by frequency (24-GHz & 77-81 GHz), component (LRR, S&MRR, Mono Camera, and Stereo Camera), vehicle (CV & Off-highway), Application (ACC, AEB,BSD, FCW & IPA) and Region - Global Forecast to 2027", published by MarketsandMarkets(TM), the Commercial Vehicle & Off-Highway Radar Market is projected to grow at a CAGR of 27.4% during the forecast period, to reach USD 831 million by 2027 from an estimated USD 153 million in 2020.
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The demand for autonomous and safety features, real-time data monitoring, government mandates, and increasing accident cases will drive the overall market of radars for commercial & off-highway vehicles. The shift of the auto industry towards advanced technologies is expected to drive the growth of the Commercial Vehicle & Off-Highway Radar Market. However, spread of coronavirus in 2020 will be showing a economic slow down in regions which will impact the automotive sector.
AEB is expected to hold the largest share in the commercial vehicle radar market during the forecast period.
Increasing concern about the safety of passengers in commercial vehicles is the key factor in the demand for AEB. Thus, many of the government bodies are promoting the application of AEB in the vehicles. For instance, Euro NCAP offers 5-star rating to vehicle which has AEB as a standard feature. The study conducted by Euro NCAP and Australian NCAP found out that the application of AEB leads to a 38% reduction in rear-end crashes.
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Commercial vehicle, in-vehicle type segment is estimated to be the fastest-growing and the largest market during the forecast period.
The increasing trend towards autonomous driving in the commercial vehicle has been fueling the growth of the commercial vehicle radar market. The key factor that drives the application of radar in the commercial vehicle is the increased safety awareness among the public and the government, as 4,136 people had lost their lives in the year 2018, in the US alone due to large truck crashes as per IIHS (Insurance Institute for Highway Safety). Such occurrences are the major driver for radars for commercial vehicles. Though the impact of CONVID-19 will effect the commercial vehicle segment for a while due to consumer preference of opting travel in personal vehicles and no public transport.
North America region is expected to have the largest share in the Commercial Vehicle & Off-Highway Radar Market from 2020 through 2027.
The growth of the North America region can be attributed to the most number of vehicles equipped with ADAS features. Early adoption of technologies in the region will be the key factor for the growth of the radar market for commercial vehicles. The presence of players like FCA, GM, Texas Instruments Incorporated, Visteon Corporation, and Velodyne Lidar, Inc has also contributed to the growth of the North American region in the radar market for commercial vehicles.
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The Commercial Vehicle & Off-Highway Radar Market is dominated by globally established players such as Robert Bosch GmBH (Germany), Continental AG (Germany), Aptiv (Ireland), Denso Corporation (Japan), and Infineon Technologies AG (Germany). For instance, in August 2017, Denso Corporation developed a 24-GHz submillimeter-wave rear and side radar sensor to help enhance vehicle safety systems. The sensor is used in the 2018 Toyota Camry released this past July. Additionally, in September 2019, a joint venture between Aptiv and Hyundai Motor Co, to develop autonomous vehicles for the commercialization of Level 4 and 5 self-driving technologies will be driving the expansion of Aptiv capabilities in autonomous vehicles market in South Korea.
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