Market Synopsis

 As per the research by Market Research Future Reports (MRFR), the worldwide Car Radar Sensors market is estimated to expand at a CAGR of 25% during the review period.

The most important factor affecting the global market for car radar sensors in 2022 is the advancement of technology in the sector. Another significant factor affecting the global market for car radar sensors is the rise in traffic accidents. The government is also making efforts to promote growth in the market for car radar sensors. Additionally, it is anticipated that the market would grow in the approaching years due to the significant development in sensor technology. A further element that is expanding the industry is the rising automotive production. In addition, a key element contributing to the expansion of the market is the rising demand for high-end vehicles. Unfortunately, the COVID-19 epidemic has forced the closure of some regional marketplaces.

Key Competitors

The key players of the global Car Radar Sensors market are Robert Bosch GmbH (Germany), Panasonic Corporation (Japan), Valeo (France), Hella KGaA Hueck & Co (Germany), TRW Automotive (US), Continental AG (Germany), Fujitsu Ten Ltd (Japan), Denso (Japan), Sabertek (US), and Delphi (UK).

Market Segmentation 

the worldwide Car Radar Sensors market can be classified based on technology, application, frequency, and region. 

Based on technology, the worldwide Car Radar Sensors market can be segregated into millimeter-wave radar, ultrasonic radar, LiDAR, and camera. 

Based on the application, the worldwide Car Radar Sensors 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 Car Radar Sensors market can be segregated into 24 GHz, 77 GHz, and 79 GHz.

 Based on region, the worldwide Car Radar Sensors market can be segregated into North America, Europe, Asia Pacific, and the Rest of the World (RoW).

 Regional Analysis

 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.

 Industry News

 June 2020 

Bit sensing, 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.

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