Pune, India., Feb. 01, 2023 (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.
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. 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 Highlights:
| 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 2.07 billion |
| Historical Data for | 2017-2019 |
| No. of Pages | 200 |
Key Takeaways:
- The market size in the Asia Pacific stood at USD 1.27 billion in 2020 and will exhibit stellar growth during the projected timeline.
- Forward-Collision Warning System Segment to Grow at a Faster CAGR Owing to Widespread Adoption of Cars
- Medium-Range Radar Held the Largest Automotive Radar Market Share in 2020 Due to Reduction in Costs
- Security Risks Associated with Radar-Based Technology to Limit Adoption
- Stringent Government Regulations Regarding Vehicle Safety Systems to Augment Growth
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 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.
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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.
Segments-
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
|
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.
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.
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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A list of prominent Automotive Radar manufacturers operating in the global market:
- 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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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
- Growth and Penetration Analysis
- Porter’s Five Forces Analysis
- SWOT Analysis
- Impact of COVID-19
- Global Automotive Radar Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Range
- Short Range
- Medium Range
- Long Range
- 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, 2017-2028
- Key Findings / Summary
- Market Analysis – By Range
- Short Range
- Medium Range
- Long Range
- Market Analysis – 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
- U.S.
- Canada
- Mexico
- Europe Automotive Radar Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Range
- Short Range
- Medium Range
- Long Range
- Market Analysis – 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
- U.K.
- Germany
- France
- Rest of Europe
- Asia Pacific Automotive Radar Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Range
- Short Range
- Medium Range
- Long Range
- Market Analysis – 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
- Japan
- China
- India
- South Korea
- Rest of Asia Pacific
- Rest of the World Automotive Radar Market Analysis, Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis – By Range
- Short Range
- Medium Range
- Long Range
- Market Analysis – By Application
- Adaptive Cruise Control (ACC)
- Autonomous Emergency Braking (AEB)
- Forward-Collision Warning System (FCWS)
- Blind Spot Detection (BSD)
- Intelligent Parking Assistance
- Competitive Analysis
- Key Industry Developments
- Global Market Share Analysis (2020)
- Competition Dashboard
- Comparative Analysis – Major Players
- Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability))
- 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, US)
- ZF Friedrichshafen AG (Friedrichshafen, Germany)
- Infineon Technologies AG (Neubiberg, Germany)
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