Pune, Nov. 05, 2020 (GLOBE NEWSWIRE) -- The growing acceptance of radar sensor system in the automotive industry is expected to favor healthy growth of the market, states Fortune Business Insights, in a report, titled “Rear Cross Traffic Alert Market Size, Share & Industry Analysis, By Technology Type (Camera, Sensor, Radar), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Market Type (OEM, Aftermarket) and Regional Forecast 2020-2027.” The evolving customer choices and preferences are expected to augur well for the market.
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The Report Lists the Main Companies in the Rear Cross Traffic Alert Market:
- Continental AG
- Robert Bosch GmbH
- Veoneer Inc.
- Aptiv Plc
- Valeo SA
- Magna International Inc.
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The report on the rear cross traffic alert market depicts:
- Prominent understandings of the market
- Swot Analysis of the regions
- Latest market trends and developments
- Stellar insights into the competitive landscape
- Prime data about regional players
Market Driver:
Promotion of New Automotive Technologies to Influence Growth
The growing focus of governments towards road safety can have a positive impact on the global market. The ongoing innovations, developments, and advancements in the automotive industry for existing technologies to better serve the need of customers are expected to boost the growth of the market.
For instance, the rear cross-traffic alert system is an advanced technology in the driver assistance system as an essential part of ADAS. It includes the combination of audible, haptic, and visual radar technology, assisting the driver by sending alerts during collisions. The growing demand for advanced cars with ADAS and RCTA can have a tremendous impact on the market.
Moreover, the introduction of high-end cars with advanced safety systems is expected to enable healthy growth of the market. For instance, in November 2019, Toyota introduced all-new 2020 Highlander, Avalon, and Camry models with cutting edge active safety systems that comprise of rear cross Traffic Alert (RCTA) and Blind Spot Monitor (BSM). Besides, the increasing emphasis on road safety is expected to accelerate market growth.
However, the high cost and lack of mid-range cars with advanced features are factors expected to restrict the growth of the market during the forecast period.
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Detailed Segmentation:
By Technology Type
- Camera
- Sensor
- Radar
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Market Type
- OEM
- Aftermarket
By Geography
- North America (USA, Canada, and Mexico)
- Europe (Germany, France, U.K., and Rest of Europe)
- Asia Pacific (Japan, China, India, South Korea, and Rest of Asia Pacific)
- Rest of the World
Browse Detailed Summary of Research Report with TOC:
https://www.fortunebusinessinsights.com/rear-cross-traffic-alert-market-103660
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