Rockville , Oct. 18, 2023 (GLOBE NEWSWIRE) -- As per Fact.MR, a provider of market research and competitive intelligence, the global automotive radar market is likely to expand at a CAGR of 9.1% to reach a value of US 12 Billion by the end of 2033.
Automotive radars are special sensors in vehicles that use radio waves to detect nearby objects. They are crucial for advanced safety features and self-driving technology. Unlike cameras, radars work well in any weather and have a longer reach. They are also cost-effective compared to technologies like LiDAR. Radars are great at tracking multiple objects at once, which is vital for features like adaptive cruise control. They are sturdy and less likely to get damaged than other sensors.
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The growth of the automotive radar market is primarily driven by the increasing demand for advanced driver assistance systems (ADAS) and autonomous driving technologies. Stricter safety regulations, coupled with a rising focus on reducing accidents and enhancing road safety, have fueled the adoption of radar systems in vehicles.
However, it's hard for the radar to tell different things apart, like cars, people, and things that aren't moving. Even though radar technology has improved a lot, there are still situations where it's hard to detect objects far away and tell their exact positions. This is especially tricky in busy city areas or bad weather.
| Report Attribute | Details |
| Value Projection (2033) | US$ 12 Billion |
| Growth Rate (2023-2033) | 9.1% CAGR |
| No. of pages | 170 Pages |
| No. of Tables | 28 Tables |
| No. of Figures | 89 Figures |
Key Takeaways:
- Europe holds a 50% share of the global market because of the increase in government policies supporting intelligent and environmentally friendly transportation to lessen environmental effects.
- The US market is expected to be a lucrative market due to a rise in roadside fatalities and substantial research and development efforts. Additionally, there is an increasing demand for automotive radars in hybrid electric vehicles.
- The expansion of the market in Germany can be attributed to advancements in smart transportation, a surge in the production of both commercial and passenger vehicles, and government regulations focused on improving vehicle safety standards.
Stricter safety regulations emphasizing accident reduction, and the superior all-weather performance along with cost-effectiveness of radar compared to alternatives is driving the market growth - Says FACTMR Expert
Key Companies Profiled in This Report
- Robert Bosch GmbH
- Continental AG
- Autoliv Inc.
- Valeo Group
- Delphi Technologies
- SaberTek, Inc.
- Analog Devices, Inc.
- Infineon Technologies AG
- Veoneer, Inc.
Market Competition
Prominent players in this fiercely competitive market are prioritizing quality control measures to elevate product standards, ensuring the delivery of effective automotive radar solutions. Major manufacturers are channeling their efforts towards crafting high-performance radar systems tailored for automotive use.
- During the Auto Shanghai event in 2021, Continental introduced the 6th iteration of its long-range and surround radar systems, both of which leverage a unified hardware and software platform, resulting in reduced complexity and, consequently, lower production costs.
Winning strategies
- Top players in the market should focus on using radar technology at higher frequencies, like 77 GHz. This allows for sharper and more accurate detection of objects. This upgrade is vital for making advanced safety systems and self-driving cars safer and more reliable.
- A successful approach in the automotive radar market is to ensure radar systems meet the safety standards set by Euro NCAP. This builds trust with safety-conscious consumers and automakers, making it a great strategy.
- Leading companies in the automotive radar industry should provide radar systems that can switch between different modes - like FMCW and pulsed radar. This flexibility is important for handling various driving situations.
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Country-wise Insights
What Chances Exist for US Automotive Radar Suppliers?
In hybrid electric vehicles, there is an increasing demand for automotive radars.
The rise in traffic-related fatalities and active R&D programs have a beneficial effect on market expansion in the US. In the United States, rising demand for automotive radars in hybrid electric vehicles and stricter automobile safety laws are driving up market value.
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About Fact.MR:
Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.
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