Global Automotive Radar Market by Applications, Vehicle Types, Ranges, and Regions — Market Size, Share and Trends, Forecast 2020–2026

Global Automotive Radar Market is valued to reach USD 6.52 Billion by 2021, exhibiting a CAGR of 22.5% over forecast period 2020–2026. Key factors augmenting the market are growing need for safer mobility and focus on vehicle safety systems, increased demand for premium segment vehicles, rise in the number of accidents and increasing vehicle electrification.

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The right automotive radar technology needs a significant breakthrough if it is to overcome hideously difficult, onerous and time consuming limitations of self-driving. Cutting-edge and specialized automotive radars that can sense and seamlessly adapt to an automobile’s surroundings to navigate notorious traffic congestions could be the key that gives leading automotive radar stakeholders an edge in the market.

Market Trends, Drivers, Restraints, and Opportunities:

Governments are increasingly implementing regulations to prevent road accidents is projected to drive the growth of the market.
Advancements in automotive technology are likely to boost the usage of automotive radar, which in turn, is anticipated to drive market growth.
High prices of automotive radar are restraining the growth of global market.
Difficult to maintain a balance between cost and quality of hampers market growth.
Rising trend in of autonomous cars in the global market, especially in North America, is projected to create growth opportunities in the market.