Commercial & Off-Highway Vehicle Radar Market: Current Analysis and Forecast (2022-2028)

Commercial & Off-Highway Vehicle Radar Market: Current Analysis and Forecast (2022-2028)

Commercial and Off-Highway Vehicle (COHV) radar refers to radar systems used in commercial and industrial vehicles, such as trucks, buses, and construction equipment. These radar systems are designed to provide information on the vehicle's surroundings, including detecting obstacles, vehicles, and pedestrians, to assist the driver in navigation and prevent collisions COHV radar systems are becoming increasingly common in modern vehicles, as they can significantly improve safety and efficiency. They can help drivers avoid collisions, navigate through congested areas, and improve fuel efficiency by optimizing routes and reducing idling time. All these factors are contributing to market growth.

The Commercial & Off-Highway Vehicle Radar Market is expected to grow at a steady rate of around 22% owing to the fact that radar-based systems help in reducing driver fatigue and stress by providing assistance with navigation and collision avoidance. Major companies in the market offer commercial & off-highway vehicle radar with technologically advanced features, which is further contributing to the growth of the market. For instance, In January 2022, Continental AG announced the development of a new radar technology that uses AI algorithms to detect objects and predict their movement. The “Radar AI” system is designed to improve safety for commercial vehicles and reduce the risk of accidents.

• Based on frequency, the market is segmented into 24 Ghz and 77- 81 Ghz. 24 Ghz category is to witness a significant growth rate during the forecast period owing to their ability to operate reliably in adverse weather conditions such as rain, fog, and snow. This makes them suitable for use in a wide range of applications, including automotive, industrial, and transportation. Additionally, 24 GHz radar systems are well-suited for short-range applications such as blind spot detection, lane change assistance, and parking assistance. These features are becoming increasingly popular in modern vehicles and heavy machinery, which could contribute to the growth of the 24 GHz category in the commercial and off-highway radar market
• Based on radar, the market is segmented as a commercial vehicle and off-highway vehicle. The commercial vehicle segment is likely to grow at a significant rate as it is becoming necessary to tackle distance, speed, and such parameters increasing the demand for commercial vehicles market over the forecast period. Moreover, there is a growing demand for safety features in commercial vehicles, particularly in the transportation and logistics sector, where driver safety and cargo security are top priorities. Radar-based safety features such as adaptive cruise control, collision avoidance, and blind spot detection are becoming increasingly popular in commercial vehicles to improve safety and prevent accidents
• Based on application, the commercial & off-highway vehicle radar market has been classified into adaptive cruise control, autonomous emergency braking, blind spot detection, forward collision warning system, and intelligent park assist. ACC segment is expected to be the fastest in the market during the forecast period, by the application. This is mainly due to ACC’s high demand in the future is its capability to monitor to reduce the fuel consumption of the vehicle. Since fuel consumption is a major concern in the auto industry worldwide, ACC will be a technology to control it. As per the study by Volvo Car Corp. and US National Renewable Energy Laboratory, ACC is capable of reducing fuel consumption by around 7%. This fact of ACC is also significantly contributing to its growth in the commercial vehicle radar market, by application, apart from the safety that ACC offers which is the primary growth factor
• Based on component, the commercial & off-highway vehicle radar market has been classified into long-range radar, mono camera, short & medium range radar, and stereo camera. According to component type, the mono camera is anticipated to have the biggest market share over the projected period. The capability to categorize objects is the main factor driving the growth of the mono-camera sector in the commercial vehicle radar market. Off-highway vehicles benefit greatly from object detection and categorization because of their operating environment. Mono camera uses a single-lens camera to give ADAS capabilities like ACC, AEB, lane maintenance assist, lane departure warning, etc., which also makes it affordable
• For a better understanding of the market adoption of the commercial & off-highway vehicle radar industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia Pacific region is expected to have a significant growth rate in the commercial and off-highway radar market during the forecast. The growth of the market in this region is attributed to factors such as the growing demand for advanced driver assistance systems (ADAS) and autonomous vehicles, increasing investments by governments and private companies in the automotive sector, and the presence of major automotive manufacturers in countries like China, Japan, and South Korea. Moreover, The Asia-Pacific region is home to many emerging economies, such as China and India, which are experiencing rapid industrialization and infrastructure development. This has led to an increase in demand for commercial and off-highway vehicles, which has, in turn, driven the growth of the radar market. Also, Radar technology has undergone significant advancements in recent years, making it more affordable and accessible. This has made it easier for commercial and off-highway vehicle manufacturers in the Asia-Pacific region to adopt radar-based safety systems. It is also primarily held over fourteen rounds throughout the year and runs in conjunction with other state off-road championships across Australia
• Some of the major players operating in the market include HELLA GmbH & Co. KGaA; Texas Instruments Incorporated; Continental AG; Robert Bosch GmbH; Infineon Technologies AG; Aptiv, Magna International, Inc.; ZF FRIEDRICHSHAFEN AG; VALEO; and DENSO CORPORATION