The global automotive radar market size was valued at nearly USD 8.18 Billion in 2022 and is anticipated to reach USD 55.92 Billion by 2031, expanding at a CAGR of 23.81% during the forecast period, 2023–2031. Automotive RADAR is one of the top technologies that provides accuracy information content and high precision, including range and speed detection.
When compared to many other alternative sensors particularly visual sensors, these radars are smaller, spherical, and similar to those used in fighter planes.Automotive RADAR systems are the primary sensor adaptive cruise controls, and they play an important part in the advanced driver assistance system.
When these radars are installed on self-driving vehicles, they provide a 360-degree view of the landscape with astounding consistency.To make traveling more automated and secure, modern vehicle comfort and safety systems include a number of radiofrequency (RF) technology. Furthermore, automobile RADAR is a critical sensor for a vehicle, accident prevention, and pedestrian avoidance, and other applications.
Automotive Radar Market Trends, Drivers, Restraints, and Opportunities
- Increase in demand for vehicles with safety features and a rise in the number of traffic accidents drive market expansion.
- Growing trend of self-driving automobiles is estimated to drive automotive radar market growth.
- Superior comfort provided by automobile radar assisted systems, as well as increased R&D investments, are expected to drive the growth of the market.
- Strict government regulations regulating vehicle safety systems, and also rising customer awareness of vehicle safety, are driving the growth of the market.
- Increased total cost of the automobile, and the security risks involved with radar-based technology, hamper market expansion.
- Sensor fusion and low penetration in underdeveloped economies are projected to present major development opportunities for the market.
Scope of Automotive Radar Market Report
The report on the global automotive radar market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.
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Attributes
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Details
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Report Title
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Automotive Radar Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2022
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Historic Data
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2016 - 2021
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Forecast Period
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2023 - 2031
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Segmentation
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Vehicle Types (Commercial Vehicles, Electric Vehicles, and Passenger Vehicles [Economic Passenger Vehicles, Mid-price Passenger Vehicles, and Luxury Passenger Vehicles]), Ranges (Short & Medium Range Radar and Long Range Radar), Frequency Types (2X-GHz, and 7X-GHz), Applications (Adaptive Cruise Control, Intelligent Park Assist, Autonomous Emergency Braking, Forward Collision Warning, Blind Spot Detection, and Other ADAS Systems)
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Regional Scope
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Asia Pacific, North America, Europe, Latin America, and Middle East & Africa
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Report Coverage
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Market scope, analysis, share, competitive analysis, growth facts, restraints, opportunities, and revenue forecast
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Key Players Covered
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Analog Devices Inc.; Robert Bosch Gmbh; NXP Semiconductors; Texas Instruments Incorporated; Denso Corporation; Valeo; Continental AG; Veoneer Inc.; BorgWarner Inc.; Vayyar; and ZF Friedrichshafen AG
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Automotive Radar Market Segment Insights
Vehicles Types Segment Analysis
Based on vehicle types, the automotive radar market is segmented into commercial vehicles, electric vehicles, and passenger vehicles. The passenger vehicles segment is further categorized into economic passenger vehicles, mid-price passenger vehicles, and luxury passenger vehicles.
The passenger vehicles segment is projected to hold significant market share, owing to the rising demand for safety systems in developing economies can be attributable to favorable legislation, higher road safety requirements, and increased customer awareness.
Increased industrialization, rising disposable incomes, urbanization, and rapid demographic development have resulted in an increase in global car production and sales. Furthermore, the government is heavily investing in the development of sophisticated automobile technologies. The increased demand for passenger vehicles with improved safety, comfort features, and driving efficiency is propelling the passenger car market forward.
Ranges Segment Analysis
On the basis of ranges, the market is bifurcated into short & medium range radar and long range radar. The short & medium range radar segment is anticipated to account for a substantial share of the market as these technologies are integrated into safety systems to give features such as cross-traffic alert, park assist, and lane change assist, among others. The dominance of this segment is attributed to a growing requirement and cost reductions to improve functionality by using more than two radars.
Frequency Types Segment Analysis
In terms of frequency types, the market is divided into 2X-GHz, and 7X-GHz. The 2X-GHz segment is expected to expand at a robust pace during the forecast period. It is reasonably priced without sacrificing high-end features. Blind Spot Detection, collision mitigation, lane change assistance, rear cross traffic alert, parking aid, and traffic sign recognition are some of the major uses of 2X-GHz radar systems.
Application Segment Analysis
Based on applications, the automotive radar market is segregated into adaptive cruise control, intelligent park assist, autonomous emergency braking, forward collision warning, blind spot detection, and other ADAS systems.
The intelligent park assist segment is projected to register a substantial growth rate in the coming years, due to the increasing use of radar technology in vehicle applications such as guiding, parking assistance, and reverse alerts. The parking sensors warn drivers of potential obstructions when parking in real-time.
The parking move is calculated by proximity sensors as soon as the driver activates the radar park assistant. The user can park his automobile in the allotted parking bay by following the directions of the parking attendant. Massive expenditures in the development of smart transportation systems will drive up demand for automotive radars, which is likely to enable automatic parking and aid drivers in parking their automobiles.
Regional Analysis
In terms of regions, the market can be classified as Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. Asia Pacific is expected to dominate the market owing to the rising automotive investments and ambitions, as well as a growth in the number of car accidents.
Car makers are introducing automotive radar sensors, which is expected to guide the driver along the route, ensure driver and vehicle safety. Companies in the market are delivering next-generation transportation solutions to improve traffic and enhance overall transportation convenience.
Segments
Vehicle Types
- Commercial Vehicles
- Electric Vehicles
- Passenger Vehicles
- Economic Passenger Vehicles
- Mid-price Passenger Vehicles
- Luxury Passenger Vehicles
Ranges
- Short & Medium Range Radar
- Long Range Radar
Frequency Types
Applications
- Adaptive Cruise Control
- Intelligent Park Assist
- Autonomous Emergency Braking
- Forward Collision Warning
- Blind Spot Detection
- Other ADAS Systems
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
Competitive Landscape
Key players in the global automotive radar market are Analog Devices Inc.; Robert Bosch Gmbh; NXP Semiconductors; Texas Instruments Incorporated; Denso Corporation; Valeo; Continental AG; Veoneer Inc.; BorgWarner Inc.; Vayyar; and ZF Friedrichshafen AG.
These players are actively engaged in various market development activities such as collaborations, agreements, mergers & acquisitions, production capacity expansion, new product launches, and partnerships to increase their market share.
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