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The global automotive radar market size is expected to reach USD 3131.5 million by 2027 owing to the increasing incidence of road accidents that is driving the demand for advanced automotive radar systems across the globe. This information is published by Fortune Business Insights in its latest report, titled, “Automotive Radar Market Size, Share & COVID-19 Impact Analysis, By Range (Short-Range, Medium-Range, Long-Range), By Application (Adaptive Cruise Control, Autonomous Emergency Braking, Forward Collision Warning System, Blind Spot Detection, Intelligent Parking Assistance), and Regional Forecast, 2020-2027.” The report further mentions that the market stood at USD 2313.1 million in 2019 and is likely to exhibit a CAGR of 6.5% between 2020 and 2027.
Continental AG Invests Euro 100 Million to Expand Texas Facility
One of the global automotive radar market leaders, Continental AG, in February 2020, announced its plan to build a new plant for radar sensors located in New Braunfels, Texas. The plant is being built with an investment of about Euro 100 million to expand the production capacity of the sensors for Advanced Driver Assistance Systems (ADAS) for automotive.
Frank Jourdan, Executive Board Member of Continental, said, “In the coming five years, Continental plans to escalate the investments in the areas of automated and assisted driving by a high triple-figure million Euro range. The expansion of the capacity in Texas is a part of our growth strategy.” Companies such as Continental are focusing on investing in R&D activities to develop innovative advanced automotive radar systems that will contribute to the market growth.
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Rising Cases of Road Accidents to Favor Growth
According to the World Health Organization (WHO), about 1.35 million people die owing to fatal road crashes every year across the globe. The rising cases of road accidents are propelling the automotive manufacturers to focus on developing efficient safety features such as intelligent park assist, adaptive cruise control, and advanced driver assistance in the vehicles. In addition to this, the introduction of technology further aids in the development of advanced automotive radar system that is expected to bode well for the growth of the global market in the forthcoming years.
Major Companies Focus on Expansion of Facilities to Boost Sales Revenue & Consolidate Position
The global market is consolidated by the presence of established players such as Continental AG, Bosch GmbH, and Denso, among others. These companies are focusing on expanding their facilities to cater to the increasing demand for advanced safety systems within automobiles. The adoption of strategies such as partnerships, the introduction of new products, and collaboration by key players to strengthen their positions in the highly competitive market will favor the market growth during the forecast period.
List of the Companies Operating in the Market:
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Value (USD Million) & Volume (Thousand Units)