New Product Launches are the Key Strategy Adopted by the Major Players in the Commercial Vehicle & Off-Highway Radar Market
The commercial vehicle and off-highway radar market is projected to grow from USD 153 million in 2020 to USD 831 million by 2027, at a CAGR of 27.4 % during the forecast period. The increasing market for the radars for commercial and off-highway vehicles can be attributed to the growing safety concern about the road traffic accidents among the public and various governments across the globe. As per NHTSA, 4,761 people were killed in the US in the year 2017, which involved large trucks. These stats have created massive concern among the public and especially government across various countries, for which various they have mandated the installing of various ADAS features in new vehicles.
New product launches are the key strategy adopted by the major players in the commercial vehicle & off-highway radar market. For instance, HELLA announced to introduce its latest 77 GHz radar technology in spring 2020. Initially, the company will supply it to an Asian manufacturer of trucks and buses.
The partnership/ collaboration strategy adopted by the key players in the commercial vehicle & off-highway radar market, which could fuel the market during the forecast period. For instance, in July 2018, Bosch and NIO, an electric vehicle company, entered into a partnership. This partnership is focused on sensor technology, automated driving, electronic motor controls, and intelligent transport systems.
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The key players in the commercial vehicle & off-highway radar market are Robert Bosch GmBH (Germany), Continental AG (Germany), Aptiv (Ireland), Denso Corporation (Japan), and Infineon Technologies AG (Germany).
Robert Bosch GmbH Is among the top players in the commercial vehicle & off-highway radar market. The company offers Long-range radar (LRR) sensors, Mid-range radar (MRR) sensors, Front radar plus, multipurpose camera, and stereo video camera for the light commercial vehicle to perform the safety functions such as ACC, AEB, etc. The company offers a multi-purpose camera for lane-keep support function in the commercial vehicles. For the off-highway vehicles, Bosch provides a near-range camera that provides a 360° surrounding view, which eliminates the blind spots.
Continental AG is another critical player in the commercial vehicle & off-highway radar market. The key driving factor for Continental AG in the commercial vehicle & off-highway radar market are enhanced cybersecurity, auto alignment, blockage detection. The other key factor that contributes to the growth is the higher range of 300m compared to other key players in the commercial vehicle and off-highway radar market. Continental announced the launch of the 5th generation automotive radar in 2019. The new generation has higher capacity; it is also based on a scalable modular principle, which, with its graduated function scopes, flexibly supports vehicle manufacturers’ different requirements and electrical-electronic (E/E) architectures.
Related Reports:
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
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