Pune, India., Aug. 07, 2023 (GLOBE NEWSWIRE) -- The global automotive RADAR market size was valued at USD 4.40 billion in 2022. The market is projected to grow from USD 4.74 billion in 2023 to USD 9.51 billion by 2030, exhibiting a CAGR of 10.5% during the forecast period.
Radar is a well-known technology that relies on the spread of electromagnetic waves to detect, measure, and locate environmental obstacles. Radar is useful for automotive applications because vehicles are excellent at reflecting electromagnetic waves, permitting accurate measurement of vehicles distance, position, and speed. Fortune Business Insights™ mentioned this in a report titled “Automotive RADAR Market, 2023-2030.”
Drivers & Restraints-
Growing Demand and Sales for Passenger Vehicle is Anticipated to Drive the Market
An increase in sales and demand for passenger vehicles in developing countries is expected to propel the market growth during the projected period. Emerging countries like China, South Korea, Japan, and India are estimated to drive the demand for passenger vehicles, driving the automotive radar market share. Radar has a strong capacity to identify the trajectory of view things and dynamic objects. However, the irregular nature of radio waves limits their capacity for objects and locating vehicles. Advanced driver assistance system (ADAS) applications typically use gigahertz frequencies between 70 GHz and 90 GHz, resulting in very narrow bands that compromise the angular resolution of radar devices.
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Report Highlights:
| Report Coverage | Details |
| Forecast Period | 2023-2030 |
| Forecast Period 2023 to 2030 CAGR | 10.5% |
| 2030 Value Projection | USD 9.51 Billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 4.74 Billion |
| Historical Data for | 2019-2021 |
| No. of Pages | 200 |
Competitive Landscape-
Companies are Focusing on Acquisition and Partnerships to Gain a Competitive Edge over Others
Some leading companies lead the automotive RADAR market due to their critical strategic decisions, dominance of market share, and robust product portfolio. These include a group of 4-5 key companies with a more extensive geographic presence and persistent R&D, resulting in secure regulatory approvals.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/automotive-radar-market-101688
Segments-
Medium Range RADAR Expected to Dominate the Market Owing to its Low Cost
On the basis of range, the automotive RADAR market is divided into short-range radar (SRR), medium-range radar (MRR), and long-range radar (LRR). Medium-range radar is anticipated to hold the largest share and show its dominance during the projected period. The segment is expected to show its dominance due to the increasing demand for applications such as heading distance indicators, rear cross-traffic alert, Adaptive Cruise Control (ACC), and Autonomous Emergency Braking (AEB). Hence, the automotive RADAR market share is anticipated to grow during the forecast period.
Adaptive Cruise Control is anticipated to dominate the Segment due to Strict Regulations to Avoid Collisions on the Road
Based on application, the automotive radar market is segmented into Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Blind Spot Detection (BSD), Forward Collision Warning (FCW), and Intelligent Park Assist. Adaptive Cruise Control (ACC) is anticipated to drive the market due to the strict government regulations to avoid speed according to the surrounding vehicles.
77 Ghz is Anticipated to Propel the Automotive RADAR Market Due to High Resolution and Tracking
As per the frequency, the automotive radar market is divided into 24 Ghz and 77 Ghz. The 77 GHz frequency is the most common frequency for automotive radar systems. It has advantages like high resolutions, tracking, bandwidth, and accurate object detection. 77 Ghz is used for various applications such as Automatic Emergency Braking, Adaptive Cruise Control (ACC), Forward Collision Warning (FCW), Lane Departure Warning, Blind Spot Detection, and Parking Assistance. Geographically the market is divided into North America, Europe, Asia Pacific, and the Rest of the World.
| Segmentation | By Range
|
By Application
| |
By Frequency
|
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Regional Insights-
Europe to Hold the Second Largest Market Share Owing to Safety Measures in the Vehicle
Europe holds the second largest market share in terms of volume due to supporting initiatives like EuroNCAP, which encourages the ease of fitment of the safety features in the vehicle. Most automotive industries in Germany invest almost one-third of their revenue in research and development.
The Asia Pacific is also expected to witness profitable growth in the automotive RADAR market. Manufacturers in this region focus more on developing high-end applications to attract more consumers and have a leading edge over their competitors.
Report Coverage:
- Major growth drivers, restraining factors, opportunities, and potential challenges for the market.
- Comprehensive insights into regional developments.
- List of major industry players.
- Key strategies adopted by the market players.
- Latest industry developments such as product launches, partnerships, mergers, and acquisitions.
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A list of prominent Automotive RADAR manufacturers operating in the global market:
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- Denso Corporation (Japan)
- Aptiv (Ireland)
- Autoliv Inc. (Sweden)
- Veoneer (Sweden)
- Valeo SA (France)
- NXP Semiconductors NV (Netherlands)
- Texas Instruments Incorporated (U.S.)
- ZF Friedrichshafen AG (Germany)
- Infineon Technologies AG (Germany)
- Renesas Electronics Corporation (Japan)
COVID-19 Impact:
Travel Restrictions and Disturbances in Supply Chain Hampered Market Growth During the Pandemic
The COVID-19 pandemic has impacted the automotive industry globally. Various countries globally have implemented lockdowns to mitigate the spread of the virus. Strict social distancing norms and nationwide lockdowns have resulted in the complete shutdown of various OEM manufacturing units, stoppage of movement of raw materials, and directly or indirectly affecting thousands of dependent workers and the industry.
Notable Industry Development:
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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 –Mergers, Acquisitions and Partnerships
- Porters Five Forces Analysis
- Technological Development
- Impact of Covid-19
- Global Automotive RADAR Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Range
- Short-Range Radar
- Medium-Range Radar
- Long-Range Radar
- Market Analysis, Insights and Forecast – By Frequency
- 24 Ghz
- 77 Ghz
- Market Analysis, Insights and Forecast – By Application
- Adaptive Cruise Control (ACC)
- Autonomous Emergency Braking (AEB)
- Forward-Collision Warning System (FCWS)
- Blind Spot Detection (BSD)
- Intelligent Parking Assistance
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia pacific
- Rest of the world
- North America Automotive RADAR Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Range
- Short-Range Radar
- Medium-Range Radar
- Long-Range Radar
- Market Analysis, Insights and Forecast – By Frequency
- 24 GHZ
- 77 GHz
- Market Analysis, Insights and Forecast – By Application
- Adaptive Cruise Control (ACC)
- Autonomous Emergency Braking (AEB)
- Forward-Collision Warning System (FCWS)
- Blind Spot Detection (BSD)
- Intelligent Parking Assistance
- Market Analysis – By Country
- The U.S.
- By Range
- By Frequency
- By Application
- Canada
- By Range
- By Frequency
- By Application
- Mexico
- By Range
- By Frequency
- By Application
- The U.S.
- Europe Automotive RADAR Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Range
- Short-Range Radar
- Medium-Range Radar
- Long-Range Radar
- Market Analysis, Insights and Forecast – By Frequency
- 24 Ghz
- 77 Ghz
- Market Analysis, Insights and Forecast – By Application
- Adaptive Cruise Control (ACC)
- Autonomous Emergency Braking (AEB)
- Forward-Collision Warning System (FCWS)
- Blind Spot Detection (BSD)
- Intelligent Parking Assistance
- Market Analysis – By Country
- The U.K
- Range
- By Frequency
- By Application
- Germany
- Range
- By Frequency
- By Application
- France
- Range
- By Frequency
- By Application
- Rest of Europe
- Range
- By Frequency
- By Application
- The U.K
- Asia Pacific Automotive RADAR Market Analysis, Insights and Forecast, 2019-2030
- Key Findings / Definitions
- Market Analysis, Insights and Forecast – By Range
- Short-Range Radar
- Medium-Range Radar
- Long-Range Radar
- Market Analysis, Insights and Forecast – By Frequency
- 24 Ghz
- 77 Ghz
- Market Analysis, Insights and Forecast – By Application
- Adaptive Cruise Control (ACC)
- Autonomous Emergency Braking (AEB)
- Forward-Collision Warning System (FCWS)
- Blind Spot Detection (BSD)
- Intelligent Parking Assistance
- Market Analysis – By Country
- China
- Range
- By Frequency
- By Application
- India
- Range
- By Frequency
- By Application
- Japan
- Range
- By Frequency
- By Application
- Rest of Asia Pacific
- Range
- By Frequency
- By Application
- China
Continued...
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