The commercial and off-highway vehicles are quite large sized and further utilized over multiple sized tasks associated to transport of goods, mining, excavation and others. Moreover, the vast size and the complicated applications, moreover these vehicles are further prone to accidents. The higher number of blind spots, safety concerns supported by increase in propels with the use of Radars associate to vehicles for alerting the driver of various threats. These radars have sensors and microwaves that are used for tackling the speed, distance, direction, and angle of arrival, radars detect moving objects and measure speed assisting the lane maintenance and avoiding the accidents. Further, transportation is said to be the major factor for the overall industrial manufacturing as a huge quantity of goods transported through different commercial vehicles.
According to study, “Global Commercial Vehicle & Off-Highway Radar Market to reach USD 657.28 million by 2026” the key companies operating in the global commercial vehicle & off-highway radar market are Harman International, Mitsubishi Electric Corporation, NVIDIA Corporation, Infineon Technologies AG, Panasonic, Continental AG, HELLA GmbH & Co, Robert Bosch GMBH, Analog Devices Inc., ZF Friedrichshafen AG, Texas Instruments, NXP Semiconductors, Elektrobit, Gentex Corporation, Aisin Seiki Co. Ltd., Magna International, Aptiv, Denso Corporation, Valeo and Hitachi.
Based on frequency type, commercial vehicle & off-highway radar market is segmented as 24 GHz, 77 to 82 GHz and others. Based on vehicle type, market is segmented as commercial vehicle and off-highway vehicle. Commercial vehicle segment is likely to grow at a significant market share as it is becoming necessary to tackle distance, speed, and such parameters increasing the demand of commercial vehicles market over the forecast period. Based on component type, market is segmented as Short & Medium Range Radar (S&MRR), Long-Range Radar (LRR), Stereo Camera, Mono Camera and others. In addition, based on application, market is segmented as Forward Collision Warning System, Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Blind Spot Detection (BSD), Intelligent Park Assist and others.
The commercial vehicle & off-highway radar market is driven by increase in ability to determine the velocity of an object accurately, followed by rise in demand for autonomous driving and safe commercial vehicles. However, inability to distinguish multiple targets and signal interference may impact the market. Moreover, growth in advancements in providing accurate angular information and rise in demand for 4D imaging radar are key opportunities for market.
Based on geography, the North-American region holds major share in global commercial vehicle & off-highway radar market owing to presence of multiple safety norms and rise in use of commercial and off-highway vehicles in the region. Whereas, the Asian-Pacific and European regions are anticipate exhibiting highest growth rate due to rise in trend of adopting safe commercial vehicles and increase in purchasing power of the population over the forecast period. The global commercial vehicle & off-highway radar market is valued approximately at US $120 million in 2019 and is predictable to grow with a healthy growth rate of more than 27.5% over the forecast period 2019 to 2026.
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Ankur Gupta, Head Marketing & Communications