NEWARK, Del, July 05, 2023 (GLOBE NEWSWIRE) -- The automotive radar market is anticipated to expand its roots at a steady CAGR of 13.2% between 2023 and 2033. The market is expected to have a market share of US$ 18.0 billion by 2033, while it is likely to be valued at US$ 5.2 billion in 2023.
- The expanding automotive industry and the dynamic research and development around vehicle safety and security are garnering market growth. Furthermore, new features like autonomous driving, blind spot detection, and parking aid are expected to add value to the market.
- New radar systems are advancing sensory technology and are likely to reach LiDAR performance levels. Level 3 autonomous vehicles require an effective radar system to function with ease. Alongside this, the guided parking assist is garnering market growth.
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- The surge in people buying cars with ADAS and autonomous driving modes, along with the governments across the world making basic risk prevention measures mandatory, is propelling the market growth.
- Some recent developments in the industry involve 4D radars, the application of meta-materials of antennas, road condition analysis, and sub-terahertz radar. These effective communication elements provide radar better connectivity while it delivers enhanced imaging.
- The higher bandwidth, advanced signal processing, and integration of smart technologies like artificial intelligence and machine learning are anticipated to transform the market.
Key Pointers are:
- The United States market leads the automotive radar market in terms of market share in North America. The United States region held a market share of 27.8% in 2022. The growth in this region is attributed to the presence of autonomous automotive brands like Tesla and others, the higher per capita of an average American, and rapidly growing sales of cars in the region.
- The German market is another important market in the European region. The market held a market share of 14.7% in 2022. The growth is attributed to the large production spaces, high-end research and development, and increased exports as Germany holds leading automotive groups like Audi, BMW, Mercedes-Benz, Opel, and Volkswagen AG.
- The Indian automotive radar market thrives at a CAGR of 14.3% between 2023 and 2033. The growth is attributed to increased automotive sales, more companies entering the Indian passenger vehicle market, and higher security norms.
- The Chinese market also thrives at a CAGR of 11.9% during the forecast period. Rising sales of autonomous cars and other vehicles cause flourishing growth.
- Based on type, the short and medium-range radar segment leads the market, as it held a share of 47.3% in 2022.
- Based on the application type, the FCWS segment leads the market, as it held a market share of 29.8% in 2022.
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Competitive Landscape:
The key vendors try to work on enhancing the network bandwidth, vivid imaging, and flexible functionality. The competitors also merge, acquire, and partner with other companies to increase their supply chain and distribution channel.
Major Players are:
- Delphi Automotive LLP
- Autoliv Inc.
- Denso Corp.
- OmniVision Technologies, Inc.
- Robert Bosch GmbH
- Texas Instruments Inc.
- Valeo Group
- ZF TRY
- SaberTek, Inc.
- Analog Devices, Inc.
Recent Market Developments:
- Denso Corp revisited the 24-Ghz Band Submillimeter-wave radar sensor that detects the rear of the vehicle and reduces the accident risks to the minimum.
- OmniVision Technologies, Inc introduced its integrated automotive imaging systems, including autonomous driving, e-mirrors, in-cabin monitoring, and surround view cameras.
Key Market Segmentation:
By Type:
- Long Range RADAR (LRR)
- Short & Medium Range RADAR (S&MRR)
By Technology:
- Millimeter Wave Radar
- Ultrasonic Radar
- LiDAR (Light Detection and Ranging)
- Camera
By Frequency:
- 24 GHz
- 77 GHz
- 79 GHz
By Application:
- Adaptive Cruise Control (ACC)
- Autonomous Emergency Braking (AEB)
- Blind Spot Detection (BSD)
- Forward Collision Warning System
- Intelligent Park Assist
By Regions:
- North America
- United States
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- United Kingdom
- France
- Spain
- Russia
- Rest of Europe
- Japan
- Asia Pacific Excluding Japan
- China
- India
- Malaysia
- Singapore
- Australia
- Rest of Asia Pacific Excluding Japan (APEJ)
- The Middle East and Africa
- GCC Countries
- Israel
- South Africa
- Middle East and Africa (MEA)
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