Light Weapons Market will exhibit a CAGR of 4.67% during the forecast period, and reach USD 17.33 billion by 2027, and the Market value as per 2019 was USD 12.61 billion. Fortune Business Insights™ in a new report, titled, “Light Weapons Market Size, Share & COVID-19 Impact Analysis, By Type (Heavy machine guns, MANPAT, Infantry Mortar, Anti-Tank Weapons, Recoilless Rifles, Launchers, Light Cannon, Anti-Tank Missiles, MANPADS, Grenade, Landmines), Guidance (Guided, Unguided), Application (Defense, Homeland Security), and Regional Forecast, 2020-2027.” Light Weapons Market Drivers and Restraint: Wide Availability and Low Cost of Weapons to Propel the Growth of the Market The weapons are majorly used by military, civilian, and police use. There are plenty of weapon suppliers around the world that manufacture weapons in a variety of configurations. With the increasing lethality of submachine guns, rapid-fire assault rifles drive the growth of the market. Furthermore, these weapons are easily portable and concealable, thus, easier for transportation to battlegrounds. It requires less training to operate these weapons as they are highly durable and low maintenance. Growing contracts for light weapons from military forces and homeland security for strengthening armed forces can propel the growth of the market. Increasing Terrorist Activities and Civilian Conflicts Drive the Growth of the Market Rising terrorist activities, cross border disputes, and political unrest between neighboring countries creates demand for light weapons. Growing military modernization programs and the expansion of defense forces drive the growth of the market. Furthermore, rising defense expenditure and increased spending on research and development will boost the key market. Technological advancements in weapons manufacturing such as laser systems in light cannons increased the range of anti-tank missiles; precision-guided firearms drive the market. List of Key Players Covered in the Light Weapons Market Report: • ARSENAL (Bulgaria) • BAE Systems (The U.K) • FN HERSTAL (Belgium) • General Dynamics Corporation (The U.S.) • Heckler & Koch GmbH (Germany) • Lockheed Martin Corporation (The U.S.) • Northrop Grumman Corporation (The U.S.) • Raytheon Technologies Corporation (The U.S.) • Rheinmetall AG (Germany) • Saab AB (Sweden) • Thales Group (France) To gain more insights into the market with a detailed table of content and figures, Click Here: https://www.fortunebusinessinsights.com/light-weapons-market-103529 Some of the key industry developments in the Light Weapons Market Include: • January 2020 – Canadian military forces signed a contract of worth USD 96.97 million with Colt Canada of Kitchener to supply 3,626 new C6A1 FLEX general-purpose machine guns. • July 2019 – BCF Solutions Inc., and Trijicon Inc. had signed a contract of worth USD 48.8 million with the U.S. Army to deliver modern mounted machine gun optic for machine gunners firing the M240 and M2/M2A1, as well as the MK 19 grenade launcher.
December 16 2020
Automotive Sensors Market size is projected to reach USD 8,535.6 million by 2027, exhibiting a CAGR of 3.0% during the forecast period. The emergence of start-ups specializing in autonomous vehicle technologies is expected to open a new growth dimension for this market.
Fortune Business Insights™ in its report, titled “Automotive Sensors Market Size, Share & COVID-19 Impact Analysis, By Sensor Type (Temperature Sensor, Pressure Sensor, Speed Sensor, Position Sensor, Others), By Application Type (Powertrain, Chassis, Exhaust, ADAS, Others), By Vehicle Type (Passenger Car, LCV, HCV) and Regional Forecast, 2020-2027”. Autonomous vehicles, or self-driving vehicles, depend on sensor technology to operate as they enable the car to gather data from the external environment and act accordingly. The growing popularity of these vehicles has led to the birth of several start-ups, advancing and widening the application of sensors in this domain.
For example, FiveAI, a UK-based start-up, is developing smart perception systems that combine artificial intelligence (AI) and sensor technology to create connected platforms for shared transportation and urban mobility. In France, a start-up called EasyMile has engineered a driverless shuttle that can transport up to 15 people to fixed or on-demand areas within defined premises. This unique development is expected to propel the market growth in the coming years.
As per the report, the global market value stood at USD 7,858.6 million in 2019. The highlights of the report include:
Market Restraint
Suspension of Production Operations amid COVID-19 to Stagnate Market Growth
The COVID-19 pandemic has crippled the global automotive industry, with demand and sales of vehicles falling to historic lows. In India, the Society of Indian Automobile Manufacturers reported a shocking 78.43% drop in passenger vehicle sales in April-June 2020. In Europe, automotive giants have had to shut down their manufacturing operations amid the demand slump and supply chain disruptions caused by the coronavirus.
For example, Volkswagen, the German automaker, closed down its plants in Spain and Italy, while Fiat Chrysler announced closure of its plants in Serbia, Poland, and Italy. This will inevitably push down the investment appetite in autonomous vehicles as investors and car companies are currently focused on surviving through this unprecedented crisis, which in turn will hamper the automotive sensors market growth. Furthermore, with key manufacturers prioritizing their spending, adoption of advanced sensor technologies, is likely to get stalled, signaling a grim period for the market.
Regional Insights
Asia Pacific to Lead the Global Market Backed by Stringent Safety Norms
Asia Pacific is expected to dominate the automotive sensors market share during the forecast period on account of growing stringency of vehicular safety norms. This trend is mainly driven by the persistently high number of road fatalities in developing economies. In response, government authorities have imposed strict regulations to reduce the number of road accidents, making it mandatory for vehicle manufacturers to install automotive sensors and sensor-enabled airbags in vehicles for enhanced safety of passengers. The market size in Europe stood at USD 1,865.8 million in 2019.
Competitive Landscape
Key Players to Provide Sensor Solutions for Self-Driving Cars & Electric Vehicles
The market for automotive sensors is expanding at a prolific pace, which is being further bolstered by the increasing demand for electric vehicles (EVs) and autonomous cars. Key players are responding to this trend by developing and launching sensor solutions designed to augment the accuracy and efficiency of these vehicles, thus fueling the growth of this market.
List of the Leading Companies Profiled in the Global Automotive Sensors Market are:
Industry Developments:
June 2020: Vitesco Technologies, the powertrain business division of Continental, partnered with Japan-based ROHM Semiconductor for the supply of silicon carbide (SiC) power devices. The SiC components will be utilized by Vitesco to boost the efficiency of its power electronics in electric vehicles, as this material facilitates better use of electrical energy stored in EV batteries.
January 2020: Bosch became the first company to develop a long-range LiDAR system ready for production, which is expected to accelerate the advancements in autonomous driving. The system is designed to cover both long and short ranges and can be combined with existing radar and camera setups.
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