Global Radar Sensors Market 2019-2023
About this market
The growing adoption of radar sensors in several applications will drive the market growth in the forthcoming years. Owing to the adoption of radar sensors in logistics, traffic management, industrial, automotive, and smart home applications, the need for radar sensors is likely to surge considerably in the forthcoming years. Increasing penetration of smart homes will further result in an increasing adoption of smart devices integrated with radar sensors, thus, driving the market growth. Technavio’s analysts have predicted that the radar sensors market will register a CAGR of nearly 18% by 2023.
Growing adoption of radar sensors in several applications
One of the growth drivers of the global radar sensors market is the growing adoption of radar sensors in several applications. The adoption of radar sensors in logistics, traffic management industrial, automotive, and smartphone application is increasing, which will drive the growth of the market.
Growing adoption of LiDAR sensors
One of the challenges in the growth of the global radar sensors market is the growing adoption of LiDAR sensors. This is due to their low price when compared with radar sensors, which is affecting the sales of radar sensors and hinder the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the radar sensors market during 019-2023, view our report.
The market appears to be concentrated and with the presence of a few market players. OEMs in the market are collaborating with automotive camera manufacturers to incorporate cameras and radar sensors into a single module in a vehicle, which will result in the integration of sensor fusion technologies. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Radar Sensors Market 2019-2023
Technavio recognizes the following companies as the key players in the global radar sensors market: Continental AG, Infineon Technologies AG, NXP Semiconductors, Robert Bosch GmbH, and ZF Friedrichshafen AG.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the growing adoption of sensor fusion technology.”
According to the report, one of the major drivers for this market is the growing adoption of radar sensors in several applications.
Further, the report states that one of the major factors hindering the growth of this market is the growing adoption of LiDAR sensors.
Infineon Technologies AG
Robert Bosch GmbH
ZF Friedrichshafen AG
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook