The global automotive millimeter wave compatible emblem market was valued at US$ 202.17 Mn in 2017 and is projected to expand at a compounded annual growth rate (CAGR) of over 5.1% from 2018 to 2026, according to a new report published by Transparency Market Research (TMR) titled ‘Automotive Millimeter Wave Compatible Emblem Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2018–2026.’
Growth of the market is primarily attributable to increasing sales of high-end and medium-range vehicles across the globe. Moreover, the shift of frequency range toward 77GHz and advantages associated with this frequency range have increased the use of millimeter wave radar systems in vehicles to further enhance driver safety. Rising use of safety systems in automobiles is expected to propel the global automotive millimeter wave compatible emblem market during the forecast period.
The global automotive millimeter wave compatible emblem market has been segmented based on application and geography. In terms of application, the market has been divided into passenger and commercial. Based on geography, the market has been segmented into North America, Asia Pacific, Europe, Middle East & Africa, and South America.
Passenger Segment Expected to Hold a Major Share during the Forecast Period
Among applications, the passenger segment constituted a dominant market share in 2018. This is attributable to rise in the adoption of advanced driver assistance systems in high-end and medium-range vehicles in order to enhance the driver safety. Also, rising urbanization and raising standards of living of people lead to increase in the adoption of passenger vehicles, owing to the low travelling cost associated with them. Prominent players operating in the global automobile industry are focusing on the production of a large number of passenger vehicles with advanced systems to improve safety and comfort.
This would increase the deployment of automotive millimeter wave compatible emblems on high-end passenger car brands of Toyota Motor Corp, Skoda Auto, Mazda Motor Corporation, and Buick (General Motor Corp). The passenger segment of the global automotive millimeter wave compatible emblem market is projected to expand at a CAGR of 4.9% from 2018 to 2026. Furthermore, the commercial segment, especially of the market in North America and Europe, is expected to expand significantly during the latter half of the forecast period.
The study provides a decisive view of the global automotive millimeter wave compatible emblem market, by segmenting the market in terms of application and region. Based on application, the market has been segregated into passenger and commercial. The report provides detailed region-wise segmentation of the global automotive millimeter wave compatible emblem market by categorizing it into North America, Europe, Asia Pacific, Middle East & Africa, and South America, thereby providing valuable insights at micro and macro levels.
The report further highlights the competition scenario in the global automotive millimeter wave compatible emblem market, by ranking all major players according to their geographical presence and key recent developments. The insights into the market is a result of TMR’s extensive primary interviews, secondary research, and in-house expert panel reviews. The market estimates have been analyzed by considering the impact of different economic, political, social, legal, and technological factors.
In terms of country, the North America automotive millimeter wave compatible emblem market has been divided into Canada, the U.S., and Rest of North America. Furthermore, the Europe market has been categorized into the U.K., Germany, and Rest of Europe. The APAC automotive millimeter wave compatible emblem market includes China, Japan, and Rest of Asia Pacific. Middle East & Africa covers Turkey, South Africa, and Rest of Middle East & Africa.