Pune, India, Jan. 05, 2022 (GLOBE NEWSWIRE) -- The global automotive radar market size is projected to reach USD 3.95 billion by 2028 and exhibit a CAGR of 9.7% between 2021 and 2028. The soaring investments in research and development activities to produce next-generation vehicles equipped with radars sensors are anticipated to boost the market growth. Fortune Business Insights™ has provided this information in its report titled, “Automotive Radar Market, 2021-2028”. The market size stood at USD 2.01 billion in 2020.
Industry Developments-
- September 2021: ZF unveiled its latest Mid-Range Radar (MRR) in partnership with Dongfeng Motor (China) to improve the existing ZF co ASSIST semi-automated system and support next-generation ADAS safety functions on China’s Dongfeng Aelous Yixuan Max.
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The enhancement of radar functionality through the advancement of signal bandwidth capabilities is predicted to emerge as a key trend fostering the market’s growth. Similarly, the enhancement in range resolution is likely to complement the market’s growth.
COVID-19 Impact-
Delayed Funding in Autonomous Vehicle Projects to Affect Market Growth
The global automotive industry has been greatly affected by the unanticipated rapid spread of the coronavirus pandemic. The demand and sales of vehicles have diminished significantly during the pandemic. The shutdowns of manufacturing facilities have negatively impacted the growth of the market. Additionally, the disruptions in globally supply chain networks have impacted the market’s growth. Autonomous vehicle projects are likely to experience funding delays. Nonetheless, the market is recovering from the pandemic’s negative impact, and is projected to gain steep momentum post-pandemic.
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Drivers & Restraints-
Strict Government Vehicle Safety Regulations to Favor Market Growth
The rising vehicle safety awareness amongst consumers is boosting the demand for advanced safety features on vehicles including blind-spot detection and cruise control. These features can help aid drivers and reduce accidents. The rising number of road fatalities has compelled the governments of various nations to implement strict regulations and promote vehicle safety systems’ development. These strict government regulations are expected to stimulate the global the automotive radar market growth significantly.
The above mentioned factors are compelling manufacturers to increase investments and improve the product offerings. They emphasize research and development activities to produce next-generation vehicles equipped with radar sensors. This is likely to influence the market growth significantly. Additionally, the enhancement of radar functionality through the advancement of signal bandwidth capabilities is predicted to emerge as a key trend fostering the market’s growth.
Segmentation-
On the basis of range, the market is trifurcated into long range, medium range, and short range. On the basis of application, the market is fragmented into intelligent parking assistance, blind spot detection (BSD), forward-collision warning system (FCWS), autonomous emergency braking (AEB), and adaptive cruise control (ACC). Geographically, the market is classified into Europe, Asia Pacific, North America, and the Rest of the World.
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Regional Insights-
Rising Automobile Sales to boost growth in Asia Pacific
Asia Pacific is projected to dominate the global automotive radar market share. The increasing automobile sales due to rising disposable income levels across China, India, and other countries are anticipated to boost the market growth. Moreover, the growing consumer awareness for vehicle safety due to the increasing number of road accidents is predicted to fuel the growth of the market.
Europe is expected to gain substantial growth in the global market. Early adoption of advanced technologies across the U.K. and Germany as well as the implementation of strict vehicle safety regulations fuels the growth in the region.
North America is anticipated to exhibit strong growth during the forecast period. The growth is ascribable to the increasing strictness in vehicle safety laws. Additionally, the growing adoption of hybrid vehicles is likely to drive the region’s market growth.
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Competitive Landscape-
Key Players Launch New Products to Attain Growth
The market comprises Autoliv Inc., Robert Bosch GmbH, NXP Semiconductors, and Continental AG as the top market players, amongst others. The key players emphasize intensive research and development to produce high-yielding and compact radar sensors. They focus on technological developments to improve the radar technology. They devise ingenious growth strategies including new product launches, technological developments, patents, collaborations, partnerships, acquisitions, mergers, and others to enhance their market positions. For instance, NXP Semiconductors launched a new radar sensor chipset solution suite in December 2020. The new product offering can surround vehicles in a safety cocoon on all sides and enable the imaging radar’s classification and identification capabilities.
List of Key Players Profiled in this Market Report:
- Robert Bosch GmbH (Gerlingen, Germany)
- Continental AG (Hanover, Germany)
- Denso Corporation (Kariya, Japan)
- Autoliv Inc. (Stockholm, Sweden)
- Valeo SA (Paris, France)
- Aptiv (Dublin, Ireland)
- NXP Semiconductors (Eindhoven, Netherlands)
- Texas Instruments Incorporated (Dallas, U.S.)
- ZF Friedrichshafen AG (Friedrichshafen, Germany)
- Infineon Technologies AG (Neubiberg, Germany)
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