Los Angeles, January 15, 2020 - QY Research recently published a research report titled, “Global Automotive Parking Radar Market Research Report 2020”. According to the report, the global automotive parking radar market is valued at US$5194.4 mn in 2020 is expected to reach US$8384.8 mn by the end of 2026, rising at a CAGR of 7.0% during 2021-2026.
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Demand for Driver Assistance Systems to Propel Market Growth
Innovation in the automotive technology has led to the advancements in development of automobiles, such as incorporation of driver assistance systems (ADAS). As there is a high demand for automation, these systems are utilized in vehicles to alert the driver when there are obstacles. Also, the stringent regulations have brought manufactures’ attention towards safety of the drivers. Thus, radars helps in providing drivers with better experience.
Furthermore, introduction of AI in these radars can inform the driver about availability of parking spaces for precise location, payment, and reservation in advance. The can also coordinate between cars to find real-time information on free space, making it both cost-effective and time-efficient solution. These factors are expected to contribute majorly towards the growth of global automotive parking radar market.
Passenger Vehicle Segment to Hold Largest Share in Market
The global automotive parking radar market is expected to get a large contribution from the passenger vehicle segment. This is due to the increasing number of on road passenger vehicles, rising awareness about safety of drivers, and introduction of advanced technologies such as ADAS.
Asia Pacific Region to Hold Largest Share in Global Market
Asia Pacific is expected to hold the largest share in the market due to its rising automation industry. Development of advanced vehicles with improved safety features are expected to propel this regional market. All these coupled with the presence of major manufacturers in the region will boost the sales.
Manufacturers to Focus on Sensors to Better Integrate Camera and Radar
Bosch recently announcement that they are making long-range lidar sensors production-ready. These are third sensor principle that is needed along with to camera and radar. The new sensor is expected to enhance automation system by integrating with both camera and radar and cover long and close ranges in the cities and on highways. With this the company is aiming to reduce the price for the sophisticated technology, which will help them reach to a larger number of conusmers.
The major players in the market include Bosch, Continental, Autoliv, Delphi, ZF, Denso, Fujitsu Ten, Valeo, Hella, etc.
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