Pune, India, March 03, 2022 (GLOBE NEWSWIRE) -- The global automotive radar market value is projected to reach USD 3.95 billion by 2028, exhibiting a CAGR of 9.7% during the forecast period. One of the key factors driving this market is the rising number of road accidents and fatalities worldwide. According to the Association for Safe International Road Travel (ASIRT), road crashes kill close to 1.25 million people every year, with an additional 20 to 50 million people getting injured or disabled. The ASIRT estimates that nearly 2.2% of global deaths are caused by road accidents, making the ninth leading cause of deaths worldwide. Furthermore, more than 90% of these accidents occur in low and middle-income countries, causing them an economic loss of around USD 65 billion annually. As a result, governments are formulating more stringent laws regarding safety levels in vehicles and radar technology is expected to play a key role. This will considerably expand the automotive radar market size in the forecast period.
According to the Fortune Business Insights report, titled “Global Automotive Radar Market Size, Share & Industry Analysis, By Range (short-range, medium-range, long-range), By Application (Adaptive Cruise Control (ACC), Automatic Emergency Braking (AEB), Forward-Collision Warning System (FCWS), Blind Spot Detection (BSD), Intelligent Parking Assistance), and Regional Forecasts, 2019-2026”, the value of the market in 2018 stood at USD 2.01 billion. The report also contains detailed information about the drivers, trends, and competitive and regional dynamics that will influence the market during the forecast period. It also provides a macroscopic overview of the industry developments that will help businesses to make informed decisions and strategize according to the needs of the market.
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| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 9.7% |
| 2028 Value Projection | USD 3.95 Billion |
| Base Year | 2020 |
| Market Size in 2020 | USD 2.01 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 200 |
| Segments covered | Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Forward-Collision Warning System |
| Growth Drivers | Demand for and sale of cars is on the rise globally. This trend is especially noticeable in developing countries such as India and China where disposable incomes are increasing, which, in turn, is causing a spike in demand for luxury items such as cars |
| Among regions, Europe is projected to dominate the automotive radar market share owing to a thriving automotive industry, particularly in Germany where automakers are engaged in developing enhanced safety features | |
| Automotive RADAR technology is used to detect the range, speed, and direction of objects in the vicinity of a vehicle through radio waves. It comprises of a receiver and a transmitter. |
Increasing Demand for Passenger Cars to Spur Market Growth
Demand for and sale of cars is on the rise globally. This trend is especially noticeable in developing countries such as India and China where disposable incomes are increasing, which, in turn, is causing a spike in demand for luxury items such as cars. Moreover, in technologically advanced countries such as Japan and South Korea, manufacturers are heavily investing in R&D to sophisticate their existing RADAR technologies. This is also expected to result in higher adoption of Medium Range Radar (MRR), which will lead the automotive RADAR market trends. Thus, the market is poised to experience a steady growth period between 2019 and 2026.
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Europe to Occupy a Commanding Position in the Market; North America to Grow Healthily
Among regions, Europe is projected to dominate the automotive radar market share owing to a thriving automotive industry, particularly in Germany where automakers are engaged in developing enhanced safety features. In Asia-Pacific, OEMs are developing next-generation solutions to make transport more comfortable and efficient, thereby fueling the market in the region, the automotive radar market forecast states. Increasing adoption of sensor-based technologies will propel the market in North America, aiding the region to showcase steady growth during the forecast period.
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Innovative Solutions by Key Players to Bolster Competitive Spirits
The automotive radar market report by Fortune Business Insights highlights the fact that competition in this market is anticipated to intensify. This will be a result of increasing focus on innovation by key players along with rising investment in R&D and operational expansion globally.
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Some of the key industry developments include:
- November 2019: Continental AG introduced its fifth-generation long-range radar having a range of up to 300 meters and crystal-clear resolution. It not only ensures a smooth ride through adaptive cruise control, but also elevates safety levels as the system is connected to the emergency braking mechanism.
- January 2019: Valeo S.A partnered with Mobileye to develop an autonomous vehicle safety standard founded on the principle of Responsibility-Sensitive Safety (RSS). The standards will employ Mobileye’s mathematical safety model.
Major companies operating in this market include:
- Autolive Inc.
- NXP Semiconductors N.V.
- Bosch GmbH
- Valeo S.A
- Denso Corporation
- Delphi Automotive PLC
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Table of Content:
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Industry Developments - Merger, Acquisitions, and Partnerships
- Porter’s Five Forces Analysis
- SWOT Analysis
- Technological Developments
- Value Chain Analysis
- Continued…
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