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Automotive Radar Market Analysis, Technological Advancement, Rising Demand, Boost Growth, Share, Industry Trends Forecast till 2025

Dec 2nd 2019 at 5:12 AM

The global automotive radar market volume is projected to reach 43.6 million units by 2026, exhibiting a CAGR of 8.9% during the forecast period. One of the key factors driving this market is the rising number of road accidents and fatalities worldwide. According to the Association for Safe International Road Travel (ASIRT), road crashes kill close to 1.25 million people every year, with an additional 20 to 50 million people getting injured or disabled. The ASIRT estimates that nearly 2.2% of global deaths are caused by road accidents, making the ninth leading cause of deaths worldwide. Furthermore, more than 90% of these accidents occur in low and middle-income countries, causing them an economic loss of around USD 65 billion annually. As a result, governments are formulating more stringent laws regarding safety levels in vehicles and radar technology is expected to play a key role. This will considerably expand the automotive radar market size in the forecast period.

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According to the Fortune Business Insights report, titled “Global Automotive Radar Market Size, Share & Industry Analysis, By Range (short-range, medium-range, long-range), By Application (Adaptive Cruise Control (ACC), Automatic Emergency Braking (AEB), Forward-Collision Warning System (FCWS), Blind Spot Detection (BSD), Intelligent Parking Assistance), and Regional Forecasts, 2019-2026”, the volume of the market in 2018 stood at 21.0 million units. The report also contains detailed information about the drivers, trends, and competitive and regional dynamics that will influence the market during the forecast period. It also provides a macroscopic overview of the industry developments that will help businesses to make informed decisions and strategize according to the needs of the market.

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