DUBLIN–(BUSINESS WIRE)–The “Commercial Vehicle & Off-Highway Radar Market by frequency (24-GHz & 77-81 GHz), component (LRR, S&MRR, Mono Camera, and Stereo Camera), vehicle (CV & Off-highway), Application (ACC, AEB,BSD, FCW & IPA) and Region – Global Forecast to 2027” report has been added to ResearchAndMarkets.com’s offering.
The commercial vehicle & off-highway radar market, by value, is projected to reach USD 831 million by 2027 from USD 153 million in 2020, at a CAGR of 27.4%.
The advancement in the ADAS technology is a key factor that drives the commercial vehicle & off-highway radar market. The increase in road accidents caused by high speed and abnormal vision is another key factor that drives the commercial vehicle & off-highway radar market.
Mono camera is expected to have the largest market share during the forecast period, by component type.
The primary reason that drives the growth of the mono camera segment in the commercial vehicle radar market is the ability to classify objects. Object detection and classification is a key functionality that is highly beneficial for off-highway trucks due to its operating environment. Mono camera delivers ADAS features such as ACC, AEB, lane keep assist, lane departure warning, etc. using a single-lens camera, which makes it cost-effective also.
ACC segment is expected to be the fastest in the market during the forecast period, by the application.
The critical aspect of ACC’s high demand in the future is its capability to monitor to reduce the fuel consumption of the vehicle. Since fuel consumption is the major concern in the auto industry worldwide, ACC will be a technology to control it. As per the study by Volvo Car Corp. and US National Renewable Energy Laboratory, ACC is capable of reducing fuel consumption by around 7%. This fact of ACC is also significantly contributing to its growth in the commercial vehicle radar market, by application, apart from the safety that ACC offers which is the primary growth factor.
Asia Pacific is projected to be the fastest in the market of commercial vehicle radar during the forecast period, by region.
The increasing purchasing power of the population and growing concern over the safety of commercial vehicles have triggered the demand for ADAS features in Asia Pacific. Since South Korea and Japan are among the leaders in the electronics manufacture, it will enable them to produce radar chips which offer better performance at a lower price which could drive the growth of the commercial vehicle radar market during the forecast period.
Market Dynamics
Drivers
- Increasing Demand for Autonomous Driving and Safe Commercial Vehicles
- Ability To Determine The Velocity of An Object Accurately
Restraints
- Signal Interference
- Inability To Distinguish Multiple Targets
Opportunities
- 4D Imaging Radar
- Advancements in Providing Accurate Angular Information
Challenges
- Advancements in Lidar Technology
Companies Profiled
- Robert Bosch Gmbh
- Continental Ag
- Aptiv
- Denso Corporation
- Infineon Technologies Ag
- Nxp Semiconductors N.V.
- Analog Devices, Inc.
- Hella Kgaa Hueck & Co
- Valeo
- Texas Instruments
- Zf Friedrichshafen Ag
- Magna International Inc.
- Ambarella Inc.
- Gentex Corporation
- Harman International
- Nvidia Corporation
- Maxim Integrated
- Aimotive
- Arm Holdings
- Autoliv
- Elektrobit
- Aisin Seiki Co. Ltd.
- Mitsubishi Electric Corporation
- Panasonic
- Hitachi
For more information about this report visit https://www.researchandmarkets.com/r/xc1354.
