Research Nester published a report titled “ADAS Radar Systems Market: Global Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the global ADAS radar systems market in terms of market segmentation by vehicle type, system type, component, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global ADAS radar systems market is estimated to grow at a CAGR of 11.2% over the forecast period, i.e., 2022 – 2030. The market is segmented on the basis of component into radar, lidar, sensors, camera, and others, out of which, the sensors segment is anticipated to gain significant market share over the forecast period on the back of growing demand for automated services across all industries, along with increasing adoption of sensors in vehicles for safety.
The global ADAS radar systems market is growing global demand for personal cars, and advancement in sensor technology for higher safety of the vehicle. ADAS, or advanced driver-assistance systems, provide the driver support regarding navigation, blind spot detection, parking, and various other applications. Such benefits are estimated to boost the market growth. Moreover, the growing demand for personal vehicles, backed by increasing personal disposable income, is anticipated to propel the market growth.
On the basis of geographical analysis, the global ADAS radar systems market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. The market in the Asia Pacific region is projected to experience noteworthy growth over the forecast period on the back of increasing demand and sales of vehicles, along with the adoption of advanced technology in the region. Moreover, presence of major automobile manufacturers, and incorporation of technologies, such as, driver assistance systems in vehicles, are projected to boost the market growth.
The research is global in nature and covers detailed analysis on the market in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa). In addition, analysis comprising market size, Y-O-Y growth & opportunity analysis, market players’ competitive study, investment opportunities, demand for future outlook etc. has also been covered and displayed in the research report.
Growing Demand for Vehicles Worldwide to Fuel the Market Growth
It was reported that more than 62 million cars were sold in 2020, which is estimated to reach 65 million by the end of 2021.
The growing demand for vehicles, backed by changed lifestyle, increased daily commute distance, urbanization, and surged individual disposable income, are estimated to boost the market growth. Moreover, manufacturers are installing advanced technology, such as, automated driving systems, driver assistance systems, and others, which is further expected to boost the market growth.
However, high cost of manufacturing and installation for ADAS, and poor infrastructure in emerging economies which are expected to operate as key restraint to the growth of global ADAS radar systems market over the forecast period.
This report also provides the existing competitive scenario of some of the key players of the global ADAS radar systems market which includes company profiling of Robert Bosch GmbH, VALEO, Magna International Inc., DENSO Corporation, Continental AG, Aptiv plc, Hyundai Mobis, Renesas Electronics Corporation, Veoneer Inc., and ZF Friedrichshafen AG. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global ADAS radar systems market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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