The Commercial Vehicle and Off-Highway Radar Market to 2020 to 2027

Posted by swapnil on May 23rd, 2022

According to the new market research 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\", Published by MarketsandMarkets™, 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 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.

The key players in the commercial vehicle & off-highway radar market is Robert Bosch (Germany), Continental (Germany), Aptiv (Ireland), Denso Corporation (Japan), Infineon Technologies (Germany), NXP Semiconductors (Netherlands), Analog Devices (US), HELLA (Germany), Valeo (France), Texas Instruments (US), ZF (Germany), Magna International (Canada).

The off-highway vehicle segment is expected to have the fastest-growing market in the Asia-Pacific region, by vehicle type, during the forecast period.

As off-highway vehicle works alongside in construction and mining sites, BSD can alert the driver about the presence of a pedestrian/worker, who is of more importance in off-highway vehicles than commercial vehicles. Off-highway vehicles encounter different terrains that have no lanes, no marking, and improper visibility. The radar system can perform in bad weather/ lighting conditions, which match the working conditions of off-highway vehicles. The Asia Pacific is the fastest market for off-highway vehicle radars due to maximum infrastructure projects initiated by governments in the region.

Europe is expected to account for the second-largest market size during the forecast period.

The European region is expected to be the second-largest market during the forecast period. Europe has been at the forefront to improve the safety of commercial vehicles, for which the EU institutions have announced their plans to mandate vehicles with safety features by 2022. Many of the automotive OEMs in this region have equipped their vehicles with ADAS features as a standard. The trend of adoption of vehicles with advanced safety features in Europe is expected to continue during the forecast period which is also another key factor fuelling the growth of the commercial vehicle & off-highway radar market the forecast period. However, due to the global wave of CONVID-19, Europe and other regions as well will have a direct impact on the auto industry. The impact has started with the recent shutdown and halt of companies like Ford, Nissan, and Vauxhall to close plants due to falling sales and lack of parts. This will be casuing an economic slowdown in Europe for time being.

The North American 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 American region can be attributed to the greatest 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.