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Commercial Vehicle & Off-Highway RADAR Market by Application , Frequency , RADAR and Component : Global Opportunity Analysis and Industry Forecast, 2020–2027
NEW CASTLE, DELAWARE, UNITED STATES, September 15, 2023/EINPresswire.com/ — Commercial & off-highway vehicles are large and utilized for multiple tasks such as transport of goods, mining, excavation, and others. Due to their large sizes and complicated applications, these vehicles are prone to accidents. Safety concerns increase with a high number of blind spots, thereby propelling the use of RADARs in these vehicles to alert the driver of various threats. In addition, safety & security has become a topmost priority while…
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Here is a brief overview of the commercial vehicle & off-highway radar market:
The commercial vehicle & off-highway radar market is expected to grow at a CAGR of 27.4% from 2020 to 2027, reaching a value of USD 831 million by 2027. The growth of the market is being driven by the increasing demand for advanced driver assistance systems (ADAS) in commercial vehicles and off-highway vehicles. ADAS systems use radar to provide a variety of safety features, such as adaptive cruise control, blind spot detection, and lane departure warning.
The market is also being driven by the increasing adoption of autonomous vehicles. Autonomous vehicles rely on radar to sense their surroundings and navigate safely.
The commercial vehicle segment is expected to be the largest market for radars, followed by the off-highway vehicle segment. The commercial vehicle segment is being driven by the increasing demand for safety features in trucks and buses. The off-highway vehicle segment is being driven by the increasing demand for radars in construction and mining equipment.
The long-range radar (LRR) segment is expected to be the largest market for radars, followed by the short-medium range radar (SMRR) segment. The LRR segment is being driven by the increasing demand for radars for ADAS features such as adaptive cruise control and blind spot detection. The SMRR segment is being driven by the increasing demand for radars for ADAS features such as lane departure warning and parking assist.
The North American region is expected to be the largest market for radars, followed by Europe and Asia Pacific. The North American region is being driven by the early adoption of ADAS features in commercial vehicles and off-highway vehicles. Europe and Asia Pacific are expected to grow at a faster pace due to the increasing demand for safety features in these regions.
The key players in the commercial vehicle & off-highway radar market include Continental AG, Robert Bosch GmbH, Delphi Technologies, Autoliv Inc., and ZF Friedrichshafen AG. These companies are investing in research and development to develop new radar technologies and improve the performance of existing radars.
The commercial vehicle & off-highway radar market is a rapidly growing market with a lot of potential. The growth of the market is being driven by the increasing demand for safety features in commercial vehicles and off-highway vehicles, as well as the increasing adoption of autonomous vehicles. The market is expected to continue to grow at a rapid pace in the coming years.
Here are some of the key trends in the commercial vehicle & off-highway radar market:
- Increasing demand for ADAS features: ADAS features are becoming increasingly popular in commercial vehicles and off-highway vehicles. Radar is a key sensor for ADAS features such as adaptive cruise control, blind spot detection, and lane departure warning.
- Growing adoption of autonomous vehicles: Autonomous vehicles rely on radar to sense their surroundings and navigate safely. The increasing adoption of autonomous vehicles is expected to drive the growth of the commercial vehicle & off-highway radar market.
- Technological advancements: Radar technology is constantly evolving. New radar technologies are being developed that offer improved performance and features. These technological advancements are expected to drive the growth of the market.
- Expansion into new markets: The commercial vehicle & off-highway radar market is expanding into new markets, such as Asia Pacific and Latin America. The growing demand for safety features in these regions is driving the growth of the market.