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The report predicts the global Latin America Automotive Radar Market to grow at a healthy CAGR over the forecast period from 2022-2031.
Brazil, Argentina, Chile, and Colombia are some of the top automotive markets in Latin America. The region is witnessing a positive curve in the number of new vehicle registration during the past few years. The growing middle-class economy, the increasing number of thefts and accidents on the road has further increased the demand of highly advanced safety features in vehicles. Owing to which an increase in the demand of radar detectors vehicles is registered in the region. In addition to this, the commencement of several auto programs are also expected to fuel the market growth. On the other hand, the high taxation rates and high production costs within the region are attributed as the factors hampering the market growth in the region.
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LATAM Automotive radar market is segmented based on the range of the radars that including short and medium-range radar (S&MRR) and long-range radar (LRR). In 2017, S&MRR segment dominated over LRR and was valued at $61.26 million however LRR is anticipated to be the fastest growing market with a CAGR of 32.8% during the forecast period (2022-2031).
Based on different application areas, the market is categorized as Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Intelligent Parking System (IPS), Blind Spot Detection (BSD), Collision Mitigation System (CMS) and others. Among these application areas, adaptive cruise control is expected to be the largest market during the forecast period. On the other hand, the market value of autonomous emergency braking applications is anticipated to be the fastest growing during the forecast period.
The study further includes the segmentation across different frequency bands that including 24 GHz and 77 GHz. Between 2014 to 2020, 22 GHz segment dominated the market. However from 2021, the market value of 77 GHz radars is anticipated to exceed the market of 24 GHz radars and reach $303.69 million by 2024.
is also fragmented across different vehicle types that include passenger vehicles, luxury vehicles, and commercial vehicles. In 2017, passenger vehicles segment dominated the market and was valued at $61.21 million and is projected to reach $XX million by the end of the forecast period. Adding to this, the increase in demand of radar systems in the luxury vehicles segment is expected to propel the luxury vehicles segment making it the fastest growing market during the forecast period.
For an in-depth understanding of the LA automotive radar market, the market is further segmented across different countries that are Brazil, Argentina, Chile and Rest of LA. In 2017, Brazil dominated the Latin American automotive radar market in 2017 and is expected to remain dominant during the forecast period.
Top Companies Profiled:
Some of the major players profiled in the report include Continental AG, Robert Bosch GmbH, Denso Corporation, Delphi Automotive Plc, Infineon Technologies AG, NXP Semiconductors NV, Valeo SA, Analog Devices Inc., Hella KGaA Hueck and Co, and Texas Instruments Inc.
Reasons to Buy the Report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts
- The report presents a quick review of overall industry performance at one glance
- The report covers in depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies and recent developments
- Detailed examination on drivers, restraints, key trends, and opportunities prevailing in the industry.
- Examination of industry attractiveness with the help of Porter's Five Forces analysis
- The study comprehensively covers the market across different segments
- Deep dive regional level analysis of the industry
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The Latin America Automotive Radar Market can be customized to country level or any other market segment. Besides this, UMI understands that you may have your own business need, hence we also provide fully customized solutions to clients.
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