Dublin, Dec. 20, 2023 (GLOBE NEWSWIRE) -- The "Global Automotive Radar Market: Analysis and Trends by Application, Frequency, Range, Vehicle Type, Dimensionality of Information, Region and Forecast to 2028" report has been added to ResearchAndMarkets.com's offering.
The global automotive radar market in 2022 stood at US$5.66 billion and is forecast to reach US$12.12 billion by 2028. The market is projected to grow at a CAGR of 14.72% during the forecast period of 2023-2028.
Radar will remain an important sensor in ADAS due to its resiliency in difficult environments and comparatively lower cost to other active sensors like lidar. In the rapidly evolving landscape of the automotive industry, automotive radar technology has emerged as a beacon of innovation and safety. Its growing appeal in recent years is largely attributed to its pivotal role in enabling autonomous vehicles and bolstering advanced driver assistance systems (ADAS).
Additionally, the promise of enhancing road safety by allowing vehicles to proactively respond to unforeseen on-road challenges has further elevated its significance. Such advancements are not just technological feats; they mark a transformative shift in how vehicles interact with their environment, driving profound changes in modern vehicular dynamics and user expectations. Moreover, there has been escalating investment and development in 4D or imaging radar. This technology, with its increased transmit and receive channels, enhances resolution, and object separation by capturing more simultaneous distance and velocity measurements, promises to further propel market growth.
Market Segmentation Analysis:
By Application: In 2022, the Intelligent Park Assist automotive radar is the largest segment, which can be attributed to its essential function in tackling the complexities of urban parking. As metropolitan areas become increasingly congested, finding suitable parking spaces becomes a significant challenge for drivers. Intelligent Park Assist provides a solution by ensuring vehicles are precisely positioned without the risk of collisions. Further, the Automatic Emergency Braking (AEB), during the forecasted period of 2023-2028, is expected to be the fastest-growing segment, owing to its proven efficacy in preventing severe accidents, growing consumer demand, potential regulatory mandates, and its pivotal role in the roadmap towards autonomous vehicles.
By Frequency: During the forecasted period of 2023-2028, the 77 GHz segment of the market is expected to be the fastest-growing segment, owing to its superior resolution and range, combined with regulatory endorsements by global entities like the Federal Communications Commission (FCC) in the US and the European Telecommunications Standards Institute (ETSI) in Europe, which have recognized its advantages over other frequency bands.
By Range: In 2022, the medium-range is the largest segment, attributed to its unparalleled versatility in addressing diverse safety scenarios, bridging the gap between short-range and long-range radars. These radars cater to both urban and highway driving scenarios, making them indispensable in vehicles ranging from entry-level to luxury. During 2023-2028, the long-range automotive radar segment is poised to rapidly grow, largely due to the escalating adoption of autonomous and semi-autonomous driving systems. Their indispensability in ensuring safe distances at high speeds on highways, particularly for adaptive cruise control, further accelerates their prominence in the evolving landscape of vehicle safety and autonomy.
By Vehicle Type: In 2022, the dominance of the passenger cars automotive radar segment can be attributed to increasing consumer emphasis on vehicle safety and the wider accessibility of advanced safety systems beyond luxury vehicles. This integration even in budget-friendly models amplifies the segment's reach. During the forecasted period of 2023 to 2028, the segment is projected to experience accelerated growth, driven by rising consumer preferences for enhanced safety and continuous advancements in the passenger car domain.
By Dimensionality of Information: The global automotive radar market can be divided into two segments, based on the dimensionality of information, Standard Radar, and 4D Radar. In 2022, the standard automotive radar segment is the largest segment, attributed to the widespread integration of essential safety features in vehicles across all segments. With rising safety consciousness among consumers and stricter regulations, even entry-level vehicles are now equipped with basic radar functions, making this segment almost ubiquitous in the automotive landscape.
Further, the global standard automotive radar market can be classified on the basis of Autonomy Level, into six segment, namely, L1, L2, L2+, L3, L4, and L5. During the period of 2023-2028, the 4D automotive radar segment is poised to grow at the fastest CAGR, largely due to its unparalleled capability to detect objects in four dimensions, enhancing ADAS and autonomous driving applications, and advancements making these radars more affordable. By 2028, the 4D radar segment is poised to surpass the standard radar segment as the largest, driven by its superior capabilities in understanding the vehicular environment.
Global Automotive Radar Market Dynamics:
Growth Drivers
- Rising Disposable Income
- Rapid Urbanization
- Growth in Autonomous Vehicles
- Rising Demand for ADAS (Advanced Driver Assistance Systems)
- Increased Vehicle Electrification
- Reduction in Manufacturing Costs
- Vehicle Connectivity
- Increasing Popularity of Shared Mobility
Challenges
- Regulatory and Frequency Band Allocation Issues
- Technological Limitations and Interference
Market Trends
- Advancements in Artificial Intelligence (AI) and Machine Learning (ML)
- Integration with Other Sensor Technologies
- Expansion in Key Automotive Markets
- Emergence of 4D Radar Systems
- Advancement of mmWave Radar Technology
- Expansion of Level 4 and 5 Autonomy
- Integration in Non-Luxury Segment
- Diversification of Radar Applications
- Insurance Incentives
- MIMO (Multiple Input, Multiple Output) Technology
- Adoption of Silicon Germanium (SiGe) and Complementary Metal-Oxide-Semiconductor (CMOS) in Radar Chips
- Increasing R&D and Collaboration
Competitive Landscape
The Global Automotive Radar Market is characterized by a consolidated landscape, dominated by key players such as Robert Bosch, Continental and Denso Corporation. These industry leaders, with their expansive R&D and established manufacturing capabilities, have set high entry barriers for newcomers.
However, mergers and acquisitions, like the notable BorgWarner and Delphi Technologies union, signify strategic moves to fortify market positions. Additionally, long-standing collaborations, such as Continental with BMW and Autoliv with Volvo, emphasize the importance of industry relationships, fostering innovations tailored to automakers' evolving needs.
Key Player Profiles:
- Robert Bosch
- Continental
- DENSO
- BorgWarner
- STMicroelectronics
- Valeo
- NXP Semiconductor
- Infineon Technologies
- Texas Instruments
- Analog Devices
- Magna International
- Veoneer
For more information about this report visit https://www.researchandmarkets.com/r/pat7o7
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