Market Introduction
The automotive radar market in the MEA is segmented into South Africa, Turkey, and the Rest of MEA. The region is expected experience rapid rise in industrialization, which would further boost the growth of a diverse range of industries, including automotive. The Gulf countries are economically advanced, while the African countries are yet to match up to their economic conditions. Factors such as surge in the number of passenger and commercial vehicles on-road, and increasing demand for the integration of automated technologies in vehicles are fueling the automotive radar market growth in the MEA. I Increase in vehicle production and elevated disposable income are propelling the demand for automotive radar systems in this region Governments of several countries have redirected their focus on the automotive sector, to reduce their dependency on any particular sector. The Government of South Africa launched South African Automotive Masterplan that aims to broaden and deepen the local value chains. However, the COVID-19 pandemic has severely affected the automotive sector in the MEA, resulting in shutting down of various manufacturing facilities in the region. The suppression of the automotive market is, in turn, restraining the growth of the automotive radar market in the region.
The ongoing COVID-19 outbreak is severely impacting the MEA region. Among the MEA countries, Iran has faced the highest number of COVID-19 confirmed cases. Other significant countries facing the economic impact of COVID-19 include Turkey, Saudi Arabia, UAE, Egypt, Morocco, and Kuwait. Due to their heavy reliance from European and Asian regions for various automotive OEMs and their aftermarket products, the regions witnessed a sharp decline in the MEA regions. Turkey is one of the key automotive producer in the region. The exports of passenger cars have witnessed a sharp decline. As per the Uludağ Automotive Industry Exporters' Association UiB, the car exports in Turkey declined by 77% compared to 2019. Turkey majorly export cars to the EU. By April 2020 itself, the export of cars to EU dropped by 81%. The COVID–19 pandemics will have a short-term impact on the MEA automotive radar market; however, the market will recover in the coming years.
Market Overview and Dynamics
The automotive RADAR market in MEA is expected to grow from US$ 207.3 million in 2019 to US$ 499.4 million by 2027; it is estimated to grow at a CAGR of 15.5% from 2020 to 2027. Road traffic injuries are a key public health concern faced by governments, and the increasing prevalence of the same hinders the development of countries. According to the data by the World Health Organization (WHO), ~1.35 million people die each year because of road traffic accidents, which also lead to considerable economic loss at macro as well as micro level. For instance, the WHO has been promoting safe system campaign with a mission to create awareness about road safety measures. In addition to various international organization (such as WHO), governments of various countries are also promoting and implementing laws and regulations to reduce road accidents. These activities involve promoting the incorporation of advanced automotive radar systems in vehicles. The radar systems facilitate advanced cruise control, collision warning, and lane change assistance; the systems also help drivers in getting alerts about the unseen incidents.
Key Market Segments
Based on range, the short range radar segment is expected to lead the market throughout the forecast period. By frequency, 24 GHz is expected to dominate the market in 2019; however, the 77 GHz is anticipated to attain the highest market share by frequency by 2027. By Application, the adaptive cruise control segment is anticipated to dominate the market by 2027. The passenger cars segment is expected to hold over 70% of the market share based on vehicle type from 2019 to 2027.
Major Sources and Companies Listed
A few major primary and secondary sources referred to for preparing this report on the automotive radar market in MEA are company websites, annual reports, financial reports, national government documents, and statistical database, among others. Major companies listed in the report are MEA automotive radar market. Aptiv Plc; Continental AG; Denso Corporation; HELLA KGaA Hueck & Co.; Robert Bosch GmbH; Valeo; ZF Friedrichshafen AG.
Reasons to buy report
MEA Automotive Radar Market Segmentation
MEA Automotive Radar Market - By Range
MEA Automotive Radar Market - By Frequency
MEA Automotive Radar Market – Application
MEA Automotive Radar Market – Vehicle Type
MEA Automotive Radar Market - By Country
MEA Automotive Radar Market - Company Profiles