Pune, India, Aug. 30, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global automotive radar market size is projected to hit USD 3.95 billion by 2028 and exhibit a CAGR of 9.7% during the forecast period. The market size stood at USD 2.01 billion in 2020 and USD 2.07 billion in 2021. Factors, such as 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. This vital information is presented by Fortune Business Insights™, in its report titled, “Automotive Radar Market, 2021-2028.”
Industry Development
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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Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2021-2028 |
| Forecast Period 2021 to 2028 CAGR | 9.7% |
| 2028 Value Projection | USD 3.95 billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 20.7 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
| Segments covered | By Range, By Application |
| Growth Drivers | Rising Automobile Sales to boost growth in Asia Pacific |
| Strict Government Vehicle Safety Regulations to Favor Market Growth |
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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Market Drivers-
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 of automotive radar 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.
Market Segmentations-
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.
| Segmentation | By Range
|
By Application
|
COVID-19 Impact
COVID-19 Pandemic: Declining Sales of Automotive to Obstruct Growth
The outbreak of the COVID-19 pandemic has taken a huge toll on the automotive industry across the globe. It has compelled various automakers to shut down their production processes. A decline in the sales and production of vehicles is likely to hamper the demand for Automotive Radars amid this pandemic. Our extensively researched reports would help you choose the right strategy to come out of this grave situation.
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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.
Companies Profiled in the Automotive Radar Market Research 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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FREQUENTLY ASKED QUESTIONS
1. Who has the best Automotive Radar?
Robert Bosch GmbH, Continental AG, Denso Corporation, Autoliv Inc., Valeo SA, Aptiv, NXP Semiconductors, Texas Instruments Incorporated, ZF Friedrichshafen AG, Infineon Technologies AG
2. How big is the Automotive Radar market?
Fortune Business Insights says that the global market size was USD 2.07 billion in 2021 and is projected to reach USD 3.95 billion by 2028.
3. Which region held the highest share in the Automotive Radar market?
Asia Pacific dominated the market share in 2020.
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Key Industry Developments - Merger, Acquisitions, and Partnerships
4.2 Growth and Penetration Analysis
4.3 Porter’s Five Forces Analysis
4.4 SWOT Analysis
4.5 Impact of COVID-19
5. Global Automotive Radar Market Analysis, Insights and Forecast, 2017-2028
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Range
5.2.1 Short Range
5.2.2 Medium Range
5.2.4 Long Range
5.3. Market Analysis, Insights and Forecast – By Application
5.3.1 Adaptive Cruise Control (ACC)
5.3.2 Autonomous Emergency Braking (AEB)
5.3.3 Forward-Collision Warning System (FCWS)
5.3.4 Blind Spot Detection (BSD)
5.3.5 Intelligent Parking Assistance
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1 North America
5.4.2 Europe
5.4.3 Asia Pacific
5.4.4 Rest of the World
6. North America Automotive Radar Market Analysis, Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis – By Range
6.2.1 Short Range
6.2.2 Medium Range
6.2.4 Long Range
6.3. Market Analysis – By Application
6.3.1 Adaptive Cruise Control (ACC)
6.3.2 Autonomous Emergency Braking (AEB)
6.3.3 Forward-Collision Warning System (FCWS)
6.3.4 Blind Spot Detection (BSD)
6.3.5 Intelligent Parking Assistance
6.4. Market Analysis – By Country
6.4.1 U.S.
6.4.2 Canada
6.4.3 Mexico
Continued…
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