As per the research by Market Research Future Reports (MRFR), the worldwide automotive radar applications market is estimated to expand at a CAGR of 19.64% during the review period. The technological development in the industry is the most significant element influencing the worldwide automotive radar applications market 2020. Besides, the increasing road accidents is another most important factor influencing the global automotive radar applications market. Furthermore, the government is also taking initiatives to encourage development in the automotive radar applications market. Moreover, the robust development in sensor technology is projected to expand the market in the forthcoming period. In addition, the increasing production of automobiles is another factor which is augmenting the market. Besides, the growing demand for luxurious cars is a significant factor which results in market expansion. However, the outbreak of COVID-19 has resulted in a halt of several regional markets.
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The established players of the worldwide automotive radar applications market are Fujitsu Ten Ltd (U.S.), Valeo (France), Robert Bosch GMBH (Germany), Continental AG (Germany), TRW Automotive (U.S.), Panasonic Corporation (Japan), Delphi (U.K.), Denso (Japan), Sabertek (U.S.), Hella KGAA Hueck & Co. (Germany), and few more.
Bitsensing, a South Korean radar technology startup, has raised $5.8 million in a Pre-Series A round of funding, amidst the pandemic COVID-19 impact on financial markets. The round was led by LB Investment, dominating venture capital in South Korea, and Mando Corporation, a South Korean global Tier 1 automotive supplier, participated as an investor. The other participants were S.B. Partners, Future Play, and S.J. Investment Partners from the last round.
the worldwide radar applications market can be classified on the basis of technology, application, frequency, and region.
Based on technology, the worldwide automotive radar applications market can be segregated into millimeter-wave radar, ultrasonic radar, LiDAR, and camera.
Based on the application, the worldwide automotive radar applications market can be segregated into parking assistance, forward-collision warning system, lane departure warning system, adaptive cruise control, and bling spot detection.
Based on frequency, the worldwide automotive radar applications market can be segregated into 24 GHz, 77 GHz, and 79 GHz.
Based on region, the worldwide automotive radar applications market can be segregated into North America, Europe, Asia Pacific, and the Rest of the World (RoW).
The regional study of North America, Europe, Asia Pacific, and the Rest of the World (RoW) has been performed. As per the analysis by MRFR, the European market dominates the global market. The research states that the European market acquired the largest market share during the review period. The automotive sector of Europe is expanding exponentially, which is the most significant factor driving the market in the region. Besides, the increased number of radar sensors utilized for each vehicle is also estimated to propel the market in the region. As per the analysis, the second position is attained by the North American region. The region consists of several established players, which is the key factor driving the regional market.besides. The growing demand for semi-autonomous and autonomous vehicles is further estimated to propel the market. On the other hand, the APAC region is estimated to experience favorable growth in the forthcoming period. The fastest developing nations like Japan, China, and South Korea are projected to lead to the market expansion of the regional market. However, the outbreak of COVID-19 has affected the regional market. Several regions are facing the consequences of the pandemic coronavirus. It may take some time to overcome the damage caused by the lockdown.
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