Automotive Radar Market to Reach USD 11.99 Billion, Globally, by 2028 at 13.78% CAGR: Brandessence Market Research
LONDON, Jan. 5, 2023 -- The Global Automotive Radar Market was worth USD 3.6 billion in 2021. Due to the emergence of various growth propellants, the industry is anticipated to amass a valuation of USD 11.99 billion by 2028, registering a CAGR of 13.78% over the assessment timeline of 2022-2028.
Automotive radars are referred to as sensor-based devices that are integrated into vehicles mostly for safety purposes. These devices are equipped with the ability to identify the speed of objects with the external surroundings of a vehicle. They are mostly integrated behind brand emblems or vehicle bumpers and are comprised of a receiver and transmitter. Radio waves are sent out by transmitters which hit the target object. The waves are then hit the receiver which in turn facilitates the tracing of the target entity's direction, speed, and distance. Short range and long-range radars are the two primary types of automotive radars.
The increasing adoption of vehicles, stringent passenger safety rules, and technological advancements in the field are primarily augmenting the outlook of this business vertical. Furthermore, growing R&D investments in the field, surging incidents of vehicular accidents, along with rising R&D activities in the field are creating lucrative opportunities for this marketplace to prosper.
Moreover, rising disposable income of the masses, rapid urbanization, and the growing integration of ADAS systems into vehicles are adding momentum to the progression of Global Automotive Radar Market. On the contrary, high costs pertaining to these devices is hindering the remuneration scope of this business sphere.
The onset of the COVID-19 pandemic slowed down the development of the automotive sector. Travel bans and lockdowns restricted the mobility of the masses, thereby decreasing the requirement of vehicles. Apart from that, these stern regulations halted the manufacturing of vehicles and other related components. These factors hampered the overall industry growth.
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The prominent players characterizing the competitive terrain of Global Automotive Radar Market are
- HELLA KGaA
- Robert Bosch GmbH
- Denso Corporation
- Continental AG
- Autoliv Inc
- Delphi Automotive PLC
- Valeo S.A.
Automotive RADAR Key Segments
- RADAR Based Adaptive Cruise Control (ACC) Market
- RADAR Based Autonomous Emergency Braking (AEB) Market
- RADAR Based Blind Spot Detection (BSD) Market
- RADAR Based Forward Collision Warning System Market
- RADAR Based Intelligent Park Assist Market
- RADAR Based Other ADAS Applications Market
By Frequency Type
- 2X-GHZ Systems
- 7X-GHZ: Market
By Vehicle Type
- Commercial Vehicles
- Economic Passenger Vehicle
- Luxury Passenger Vehicle
- Mid-Price Passenger Vehicle
Which is the fastest growing vehicle type segment in this industry?
The luxury passenger vehicle has emerged as one of the fastest growing segments in this market. This is credited to the increasing adoption of ADAS systems in these vehicles, rising disposable income levels, and presence of rigid passenger safety rules.
Which is the dominant application segment in this market?
The RADAR based intelligent park assist market currently dominates the market in terms of volume share owing to the escalating demand for effective parking assistance solutions so as to minimize the risk of back side collision.
These players are striving hard to enhance their overall market position. They are participating in the formulation of various growth inducing strategies such as mergers & acquisitions, collaborations, partnerships, and new product launches, among others to witness robust financial gains and emerge as global leaders.
In April 2021, Continental announced the launch of its sixth generation of long range and surround radars. Both these radars are integrated with software and hardware platform which in turn makes them highly affordable and less complexed.
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Comparing the historical outlook and ongoing trends of this market
This business vertical has been garnering massive traction over the forecast duration due to the positive influence of numerous expansion propellants.
Due to increasing number of vehicles, various urban locations are witnessing robust traffic congestion. This is making vehicles highly prone to road accidents. Therefore, the industry players have shifted their inclination towards the development of vehicular security solutions to enhance passenger safety. Automotive radars assist the vehicle driver in identifying the nearby obstacles which in turn reduces the chance of collision and other mishaps. These factors are stimulating the overall dynamics of this marketplace.
There has been a growing focus of government bodies to improve road safety measures in their respective nations. Low visibility, instability of numerous vehicular parts, and absence of proper safety devices inside vehicles lead to fatal accidents. In fact, the integration of automotive radars as a part of ADAS system in vehicles has been mandated across numerous nations. Apart from that, with growing R&D activities in the field, these solutions are being revamped with innovative features to improve passenger safety and travel convenience. This in turn is boosting the growth of the Global Automotive Radar Market.
Which is the Leading Region in This Business Vertical?
Europe is presently leading the market in terms of revenue share. This is attributable to the increasing incidence of road accidents, stringent passenger safety regulations, presence of noteworthy players, rising vehicle adoption, along with growing R&D activities in the field.
On Special Requirement Automotive Radar Market Report is also available for below region:
- U.S, Canada
- Germany, France, U.K., Italy, Spain, Sweden, Netherland, Turkey, Switzerland, Belgium, Rest of Europe
- South Korea, Japan, China, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest Of APAC
- Mexico, Colombia, Brazil, Argentina, Peru, Rest of Latin America
Middle East and Africa
- Saudi Arabia, UAE, Egypt, South Africa, Rest Of MEA
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