- Global restrictions enacted by various regulatory authorities pertaining to the safety of vehicle passengers and pedestrians are expected to propel the global off-highway RADAR market. The off-highway RADAR is a sensor technology that enables vehicles to detect blind spots and other obstacles. This technology alerts the driver in case a vehicle enters in the blind spot radius of the vehicle and prevents vehicle collisions.
Key Drivers of Off-highway RADAR Market
- Increase in trends toward artificial intelligence and autonomous vehicles is expected to drive the global off-highway RADAR market. The automotive industry is undergoing a fundamental transformation and automakers are integrating advanced technologies in their vehicles. For instance, in September 2019, a joint venture between Aptiv and Hyundai Motor Co, is expected to develop autonomous vehicles for the commercialization of Level 4 and 5 self-driving technologies. This, in turn, is expected to shift trend toward autonomous vehicles in South Korea.
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- Autonomous vehicles have the potential to reduce deaths and injuries caused by accidents, particularly those resulting from driver distraction. These vehicles are expected to consume lesser fuel and decrease CO2 emissions. Such benefits offered by autonomous vehicles are expected to propel the global off-highway RADAR market.
- Rising urbanization and awareness about connectivity coupled with globalization is shifting consumer preference from manual operating vehicles to new vehicle models powered by advanced technologies including autonomous driving and integrated mobility. This, in turn, is expected to drive the global off-highway RADAR market.
- Increase in demand for real-time data monitoring reinforced by government mandates is anticipated to offer significant opportunities for players engaged in the design and development of RADAR technology catering to the off-highway RADAR market. Major players operating in the automotive industry are actively planning strategies to implement autonomous driving technology in vehicles, enabling them to gain a competitive advantage over other players in the market. Autonomous vehicle technology enables implementation of real-time monitoring services in vehicles, which enables efficient vehicle monitoring for players engaged in vehicle fleet management services. This, in turn is expected to drive the global off-highway RADAR market.
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North America to dominate Off-highway RADAR Market
- In terms of region, the global off-highway RADAR market can be segmented into North America, Europe, Latin America, Asia Pacific, and Middle East & Africa
- Based on the region, Europe is anticipated to lead the market during the forecast period. Governments of countries in Europe are proactively expanding their initiatives toward the safety of vehicles. This, in turn is expected to fuel the demand for off-highway RADAR technology in countries across Europe and consequently, boost the off-highway RADAR market in the region.
Key Players Operating in Off-highway RADAR Market
The global off-highway RADAR market is highly concentrated due to the presence of top manufacturers. A few key players operating in the off-highway RADAR market are:
- Robert Bosch GmbH
- Continental AG
- Aptiv Plc
- Denso Corporation
- Infineon Technologies AG
- NXP Semiconductors N.V
- Magna International INC
- ZF Friedrichshafen AG
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