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Commercial Vehicle & Off-Highway Radar Market Projected to Reach $831 million by 2027

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Commercial Vehicle & Off-Highway Radar Market Projected to Reach $831 million by 2027

May 12
16:52 2020
Commercial Vehicle & Off-Highway Radar Market Projected to Reach $831 million by 2027

Commercial Vehicle & Off-Highway Radar Market
Commercial Vehicle & Off-Highway Radar Market by frequency (24-GHz & 77-81 GHz), component (LRR, S&MRR, Mono Camera, and Stereo Camera), vehicle (CV & Off-highway), Application (ACC, AEB,BSD, FCW & IPA) and Region – Global Forecast to 2027

The report “Commercial Vehicle & Off-Highway Radar Market by frequency (24-GHz & 77-81 GHz), component (LRR, S&MRR, Mono Camera, and Stereo Camera), vehicle (CV & Off-highway), Application (ACC, AEB, BSD, FCW & IPA) and Region – Global Forecast to 2027″ The commercial vehicle & off-highway radar market is projected to grow at a CAGR of 27.4% during the forecast period, to reach USD 831 million by 2027 from an estimated USD 153 million in 2020.

The demand for autonomous and safety features, real-time data monitoring, government mandates, and increasing accident cases will drive the overall market of radars for commercial & off-highway vehicles. The shift of the auto industry towards advanced technologies is expected to drive the growth of the commercial vehicle & off-highway radar market. However, the spread of coronavirus in 2020 will be showing an economic slow down in regions that will impact the automotive sector.

The commercial vehicle & off-highway radar market is dominated by globally established players such as Robert Bosch GmBH (Germany), Continental AG (Germany), Aptiv (Ireland), Denso Corporation (Japan), and Infineon Technologies AG (Germany). For instance, in August 2017, Denso Corporation developed a 24-GHz submillimeter-wave rear and side radar sensor to help enhance vehicle safety systems. The sensor is used in the 2018 Toyota Camry released this past July. Additionally, in September 2019, a joint venture between Aptiv and  Hyundai Motor Co, to develop autonomous vehicles for the commercialization of Level 4 and 5 self-driving technologies will be driving the expansion of Aptiv capabilities in autonomous vehicles market in South Korea.

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AEB is expected to hold the largest share in the commercial vehicle radar market during the forecast period.

Increasing concern about the safety of passengers in commercial vehicles is the key factor in the demand for AEB. Thus, many of the government bodies are promoting the application of AEB in the vehicles. For instance, Euro NCAP offers 5-star rating to a vehicle that has AEB as a standard feature. The study conducted by Euro NCAP and Australian NCAP found out that the application of AEB leads to a 38% reduction in rear-end crashes.

Commercial vehicle, in-vehicle type segment is estimated to be the fastest-growing and the largest market during the forecast period

The increasing trend towards autonomous driving in the commercial vehicle has been fueling the growth of the commercial vehicle radar market. The key factor that drives the application of radar in the commercial vehicle is the increased safety awareness among the public and the government, as 4,136 people had lost their lives in the year 2018, in the US alone due to large truck crashes as per IIHS (Insurance Institute for Highway Safety). Such occurrences are the major driver for radars for commercial vehicles. Though the impact of CONVID-19 will affect the commercial vehicle segment for a while due to consumer preference of opting travel in personal vehicles and no public transport.

North America region is expected to have the largest share in the commercial vehicle & off-highway radar market from 2020 through 2027.

The growth of the North America region can be attributed to the most number of vehicles equipped with ADAS features. Early adoption of technologies in the region will be the key factor for the growth of the radar market for commercial vehicles. The presence of players like FCA, GM, Texas Instruments Incorporated, Visteon Corporation, and  Velodyne Lidar, Inc has also contributed to the growth of the North American region in the radar market for commercial vehicles.

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Recent Developments:

  • In December 2019, Continental announced the launch of the 5th generation automotive radar in 2019. The new detector has higher capacity, and it is also based on a scalable modular principle, which, with its graduated function scopes and flexibly, supports vehicle manufacturers’ different requirements and electrical-electronic (E/E) architectures.
  • In August 2017, Denso Corporation developed a 24-GHz submillimeter-wave rear and sided radar sensor to help enhance vehicle safety systems. The sensor was used in the 2018 Toyota Camry. It is built into the rear bumper of the vehicle to detect other vehicles likely to enter the driver’s blind spot from the rear and side, as well as vehicles approaching from the rear on the left and right when reversing.
  • In March 2018, Analog Devices, Inc. (ADI) acquired Symeo GmbH, a company that specializes in RADAR hardware and software for emerging autonomous automotive and industrial applications. With this acquisition, ADI now delivers more comprehensive and compelling radar solutions.
  • In November 2019, Denso partnered with Metawave to accelerate the development of smart radar systems for autonomous cars. Metawave has been working in radar sensing with its state-of-the-art analog beam-steering radar, which the company claims provides more extended range, higher resolution, and greater accuracy and intelligent object classification compared to traditional detectors.
  • In February 2020, HELLA introduced its latest 77 GHz radar technology. Initially, the company will supply it to Asian manufacturers of trucks and buses.

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