The report predicts the global Asia Pacific Automotive Radar Market to grow at a healthy CAGR over the forecast period from 2022-2031.
Market Overview:
The Asia Pacific is the largest car manufacturing hub in the world and is home to some of the prominent car manufacturers such as Nissan, Hyundai, Honda, Kia, and Toyota, among others. The Asian market is also an emerging market for the automotive sector, which is primarily backed by the low-cost country sourcing and high level of industrialization in the region. The rising number of accidents paired with increasing demand for safer vehicle mobility and strict government regulations and initiatives for creating innovative radar systems are the major factors driving the deployment of radar technology in vehicles in Asian countries such as India, China, and Thailand, among others. Additionally, the growing trend of autonomous vehicles and rising vehicle electrification is expected to foster the growth of automotive radar in the region. The increased sales of vehicles in Asian countries would further provide a wider range of growth opportunities for the vendors operating in the industry to increase their revenue share. However, counterfeiting in India and China and high imports and taxes charged by governments in several countries are posing major challenges in the region.
Insights Presented in the Report:
The Asian Automotive radar market is segmented based on the range of the radars. It includes short and midrange radar (S&MRR) and long-range radar (LRR). In 2017, S&MRR segment dominated over LRR however LRR is anticipated to be the fastest growing market with a CAGR of 25.9% during the forecast period (2022-2031).
Based on different application areas, the market is categorized as Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Intelligent Parking System (IPS), Blind Spot Detection (BSD), Collision Mitigation System (CMS), and others. Among these application areas, adaptive cruise control is expected to be the largest market during the forecast period. On the other hand, the market value of autonomous emergency braking applications is anticipated to be the fastest growing during the forecast period.
The study further includes the segmentation across different frequency bands such as 24 GHz and 77 GHz. Due to the increase in demand for 24 GHz radars in the Asia Pacific, this segment held the highest market share in 2017. However, by 2021, the market value of 77 GHz radars is anticipated to exceed the market of 24 GHz radars and is anticipated to remain dominant by 2031.
The Asian automotive radar market is also fragmented across different vehicle types that include passenger cars, luxury cars and commercial vehicles. In 2017, passenger vehicles segment dominated the market with a market value of $537.27 million. Adding to this, the increase in demand of radar systems in the luxury vehicles segment is expected to propel the luxury vehicles segment making it the fastest growing market during the forecast period.
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For an in-depth understanding of the Asian automotive radar market, it is further segmented across different countries that are China, Japan, India, Singapore, South Korea, Australia, and the rest of Asia Pacific. In 2017, China dominated the Asian market, the major factors attributed for this were huge automotive industry, the presence of several radar suppliers and rise in the economic conditions of the consumers, among others.
Top Companies Profiled:
Some of the major players profiled in the report include Continental AG, Robert Bosch GmbH, Denso Corporation, Delphi Automotive Plc, Infineon Technologies AG, NXP Semiconductors NV, Valeo SA, Analog Devices Inc., Hella KGaA Hueck and Co, and Texas Instruments Inc.
Reasons to Buy the Report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers in depth analysis of prominent industry peers with primary focus on key business financials, product portfolio, expansion strategies and recent developments
- Detailed examination on drivers, restraints, key trends and opportunities prevailing in the industry.
- Examination of industry attractiveness with the help of Porter’s Five Forces analysis
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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Customization Options:
The Asia-Pacific Automotive Radar Market can be customized to country level or any other market segment. Besides this, UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients.
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