In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.
Request InsightsPurchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively. Request Insights
Radar detector is referred to a device which is used for detection of signals. Radar detector helps the cops detect signals at a greater range than the radar unit itself. It aids in detecting the speeding of the car. Radar detectors are easy to operate and low manning is required.
The global radar detector market is expected to grow at a CAGR of 6.8% over the forecast period i.e. 2018-2025. Additionally, the factors propelling the growth of radar detector market includes growing security concerns coupled with demand to reduce the accidents rate across the globe. Moreover, advancement in technology is believed to foster the growth of radar detector market.
The global radar detector market is segmented into types , wavelength and region. Further, types segment is sub-segmented into cordless, corded and remote mount. Likely, corded segment is believed to be the largest segment in overall radar detector. Corded radar detector is widely used due to it can be mounted on the windshield by means of suction cups.
In terms of regional platform, North America region accounted for the largest market of radar detector in terms of revenue in 2017. Further, North America is expected to continue its dominance over the forecast period owing to technological advancements in the field of radar detector. Additionally, U.S. is the dominating country of radar detector market due to rising investments by government to enhance security infrastructure. Moreover, presence of major key players of radar detector in North America region is believed to foster the growth of radar detector market.
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Europe region is also projected to show a tremendous growth over the forecast period. Further, the growth of Europe radar detector market is riding on the back of growing adoption of remote mounts radars. Further, U.K. and Germany are believed to be the major contributor in the market of radar detector over the forecast period.
Asia-Pacific region is the fastest growing market of radar detector in 2017 due to rising awareness regarding radar detector utilization in various industrial activities. Moreover, Asia-Pacific region is the most lucrative market due to emerging economies such as China, Japan and India. In addition to this, China and India are the major countries augmenting the demand for radar detector due to favorable government initiatives. Likely, positive GDP figures coupled with government initiatives to improve vehicle safety & security is envisioned to propel the growth of radar detector market.
Middle East and Africa is poised to showcase outstanding growth during the forecast period due to rapid urbanization couple with government initiatives.
Our in-depth analysis segmented the global radar detector market in the following segments:
Global radar detector market is further classified on the basis of region as follows:
Factors such as growing concerns regarding vehicle safety and security across the globe and continuous accidents due to over speeding is expected to flourish the growth of radar detector market by the end of 2025. Moreover, miniaturization and automation of detection systems is projected to flourish the growth of radar detector market around the globe. Likely, growing demand for radar detector in order to detect speed is predicted to boost the demand for radar detector.
Furthermore, rising demand to limit the accidents along with ease for vehicle owners, not to cross the limit of their vehicles are believed to spur the growth of radar detectors market over the forecast period. Additionally, growing research and development activities by major key players to provide effective product and modernization of existing radar detector are garnering the growth of radar detector market. Further, radar detectors are legal in non-commercial vehicles in 49 states in the United States (all except Washington D.C. and Virginia). This factor is also helping the market to grow and achieve phenomenal market size.
However, high cost of radar detectors is expected to hinder the growth of radar detector market over the forecast period.
The major key players for radar detector market are as follows
Overview of the Parent Market
Analyst View
Segmentation
The global radar detector market is segmented as follows:
Market Dynamics
Supply & Demand Risk
Competitive Landscape
Porter’s Five Force Model
Geographical Economic Activity
Key Players (respective SWOT Analysis) and their Strategies and Product Portfolio
Recent Trends and Developments
Industry Growth Drivers and Challenges
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