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.
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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.
Asia Pacific Holds a Leading Market Share
In terms of geography, the global automotive millimeter wave compatible emblem market has been classified into North America, Europe, Asia Pacific, Middle East & Africa, and South America. Asia Pacific dominated the global automotive millimeter wave compatible emblem market in 2017, with Japan holding a major share of the market in the region, in terms of revenue. Toyoda Gosei Co, Ltd, a leading manufacturer of automotive millimeter wave compatible emblems based in Japan, generates a majority of its revenues from automobile manufacturers based in Asia Pacific. However, regulations imposed by the Federal Communications Commission (FCC) as well as governments in Europe regarding phase-out of the 24-GHz-frequency band and shift toward millimeter-wave frequencies are expected to make North America and Europe highly lucrative markets for millimeter wave compatible emblems during the forecast period.
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Key players operating in the global automotive millimeter wave compatible emblem market are TOYODA GOSEI Co., Ltd, Shinko Nameplate Co., Ltd., ZANINI AUTO GRUP, S.A., Toyota Motor Corporation, Shimadzu Corporation, and ROHDE & SCHWARZ GmbH & Co. KG.