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Automotive Radar Market in Europe to grow at over 17%+ CAGR To 2024

Author : Ronak Bora | Published Date : 2019-03-14 

ACC (adaptive cruise control) accounts for 34% of the automotive radar market share and is expected to grow at 17.7% from 2016 to 2024. The capability of monitoring as well as maintaining user-specified gap between the vehicles will surge demand.

Germany automotive radar market size was valued is forecast to exceed USD 500 million by 2024. Existence of major automobile manufactures in the region will drive growth prospects.

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Sensor manufacturers establish relationships with several wafer foundries, test and assembly subcontractors to enhance cost effectiveness and provide flexibility in meeting the manufacturing needs.

China accounted for more than 45% of the overall Asia Pacific automotive radar market share in 2015. Growth across the region can be dedicated to potential automotive sales as well as production through 2024.

High frequency radar systems in the 79GHz band tend to perform better than the standard 24 GHz and 76 GHz bands as they offer greater capability and reduces device size. Sensing technologies enable lane keeping, driver assistance and forward collision warning alerts. Additionally, they constitute for advanced systems such as automatic emergency braking. The automotive radar market share is characterized by outsourcing of manufacturing process to low-cost countries to leverage low labor costs.

The higher acquisition and maintenance costs coupled with stringent regulations for reducing emissions and improving efficiency of the barges may restrict the business growth over the forecast timeframe. Further the increasing preference of OMCs to shift from barges to pipelines for transportation of liquid cargo may further limit the industry growth till 2024.

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Favorable government initiatives that mandate the incorporation of safety and control systems into automobiles to reduce the number of road accidents and related casualties will drive demand. Growing sales of motor vehicles, especially luxury cars have significantly spurred revenue growth. Economic factors such as low interest rates and rise in disposable income have positively contributed towards increase in auto sales. Introduction of advanced driver assistance systems (ADAS) in passenger cars could offer significant growth opportunity for the automotive radar market size.

The shift towards self-driving cars could significantly boost revenue as more sensors and data processing devices are required to make autonomous decisions. According to a 2014 UN Road Safety Collaboration study, 90% of traffic incidents are caused by human error. Autonomous vehicles with intelligent sensors can help overcome the problem.

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Key automotive radar market players are NXP, Infineon, and STM. Other major players in the industry include Valeo, ZF TRW Automotive, Texas Instruments, Hella, Robert Bosch, Fujitsu, Delphi Automotive, Denso, Autoliv, and Continental.

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Fractovia.org and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. He can be contacted at- [email protected] | https://twitter.com/RonakBora26

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