Navigating the Landscape: Trends and Innovations in the Commercial Vehicle & Off-Highway RADAR Market

Commercial & off-highway vehicles are large and utilized for multiple tasks such as transport of goods, mining, excavation, and others. Due to their large sizes and complicated applications, these vehicles are prone to accidents. Safety concerns increase with a high number of blind spots, thereby propelling the use of RADARs in these vehicles to alert the driver of various threats. In addition, safety & security has become a topmost priority while traveling. Therefore, there has been a shift of the auto industry toward advanced technologies and Advanced Driver Assistance Systems (ADAS), which is estimated to fuel the growth of the commercial vehicle & off-highway RADAR market over the forecast period.

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COVID-19 scenario analysis:

• The global pandemic caused by the novel coronavirus started at a time when both the developing economies and the automotive industry were expecting a recovery in the market. The magnitude of the impact on the industry depends on the duration of ongoing lockdown.
• The onset of COVID-19 in India is estimated to have a negative impact on the automotive industry. Even after lockdown, further decline in vehicle demand is expected.
• The supply chain is expected to adapt quickly as China is reviving faster than normal. The extended supply chain visibility at the highest level is the biggest risk mitigation factor that affects the productivity of companies.
• COVID-19 has impacted almost all stakeholders in the value chain, experiencing both short and medium-term impacts. This could range from shortage of raw materials, shift of production to other countries, deferred launches, and decrease in consumer demand.
• The impact of COVID-19 on the economy and the automotive industry could vary depending on the intensity, duration, and spread of the outbreak. As a result, the economy may witness a recovery as per the impact.

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Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis

Increase in demand for autonomous driving and advancement in ADAS technology of an object are expected to boost the market growth over the forecast period. However, signal interference and inability to distinguish multiple targets are expected to hamper the growth of the market. Furthermore, 4D imaging RADAR and advancements in providing accurate angular information are expected to provide lucrative opportunities for the commercial vehicle & off-highway RADAR market.

The commercial vehicle & off-highway RADAR market trends are as follows:

Increase in demand for autonomous driving and safe commercial vehicles

Demand for autonomous driving vehicles has significantly increased along with the rapid use of commercial vehicles and more awareness regarding safety concerns. Therefore, these factors are leading to the high adoption of commercial vehicle & off-highway RADAR over the forecast period.

Advancement in ADAS technology

Advanced Driver Assistance System (ADAS) has significantly grown in the last few years with the ability to classify objects with features, such as ACC, AEB, lane keep assist, and lane departure warning, by using a single-lens camera. This makes it cost-effective and is the primary reason that drives the growth of the commercial vehicle & off-highway RADAR market.

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Key benefits of the report:

• This study presents the analytical depiction of the commercial vehicle & off-highway RADAR market along with current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with a detailed analysis of the commercial vehicle & off-highway RADAR market share.
• The current market is quantitatively analyzed to highlight the commercial vehicle & off-highway RADAR market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
• The report provides a detailed analysis based on competitive intensity and how the competition will take shape in the coming years.

Questions answered in the commercial vehicle & off-highway RADAR market research report:

• Which are the leading market players active in the commercial vehicle & off-highway RADAR market?
• What are the current trends that will influence the market in the next few years?
• What are the driving factors, restraints, and opportunities of the market?
• What are the projections for the future that would help in taking further strategic steps?