Automotive Radar Market - Industry Analysis and Forecast (2024-2030) Trends, Statistics, Dynamics, Segmentation by Range, Application and Region

Automotive Radar Market Overview:

The Automotive Radar market is expected to grow significantly during the forecast period. The Automotive Radar market is segmented into range, application and region. Further on the basis of range the Automotive Radar market is sub-segmented into short range, medium range and long-range types.  Moreover, on the basis of application the market is segmented into Autonomous Emergency Braking (AEB), Intelligent Parking Assistance, Forward Collision Warning System (FCWS), Adaptive Cruise Control (ACC), Blind Spot Detection (BSD). Geographically the market is further segmented into North America, Europe, Asia-Pacific and other regions.

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Automotive Radar Market Dynamics:

The automotive radar market has shown consistent growth over the years owing to the rise of automotive market itself on global scale. The market is expected to reach US$ 4.1 Bn. in 2029 from US$ 2.3 Bn. in 2023 at CAGR of 8.35 % during the forecast period. There is increased focus on passenger safety both by manufacturers and consumers alike due to increased cases of accidents across the globe. The impact of rising cases of accidents is so huge that even governments have started enforcing stringent safety norms in order to safeguard passengers and improve the overall driving condition. Modern vehicles utilize plethora of Radio Frequency devices in order to make driving a safer experience. These days some of the premium vehicles also have the additional feature of pilot mode and driver assistance modules wherein a central computing system takes care or assists the driver in driving the vehicle by utilising sensors, radars and actuators. The demand for such features drives the automotive radar market upwards. Automotive radars provide accurate data of various parameters like object detection, motion prediction, and object tracking that enables effective high quality automated driving experience.

One of the driving factors of the Automotive Radar Market is the fact that leading vehicle manufacturers have started focussing on involving ample number of radar sensors on the vehicles in order to get 360-degree sensing capabilities from the system. Once installed these radar sensors become essential for autonomous and semi-autonomous operation. Such features are high in demand and hence majority of manufacturers have invested heavily in research and development work on such driver assistance systems. Road traffic accidents are a leading cause of death worldwide. There is a significant increase in the number of people killed in car accidents, approximately 1.3 million people die each year in traffic accidents. Furthermore, road traffic injuries that result in death are more common among youths. These reasons are causing a surge in demand for vehicle safety measures.

In terms of restrains on the automotive radar market, the very existence of security risks that come along with radar-based technology can limit adoption rates. This is primarily due to the susceptibility of automotive radar systems to spoofing attacks. Such spooking attacks are possible because of the specific signal structure that operates in loops. Moreover, the current technology is largely based on frequency modulated continuous wave systems which can lead to degradation in performance over prolonged duration of usage.

Automotive Radar Market Segment Analysis:

The automotive radar market is segmented on the basis of range and application. On the basis of range, the market is further sub-segmented into short range, medium range and long-range type. The medium range segment is projected to hold majority of market share during the forecast period. This is mainly due to the type of features that are generally offered by vehicle manufacturers like park assist, lane change assist, cross traffic alert etc. These features are now available for lower cost and the functionality of such systems is greatly enhanced by using more than 2 radars which have contributed heavily to the market dominance of the medium range segment. Long range radars are used for features like Adaptive Cruise Control (ACC) which is generally offered in premium vehicles and hence hold the second largest market share second to medium range type radars.

On the basis of application, the Automotive Radar Market is segmented into Autonomous Emergency Braking (AEB), Intelligent Parking Assistance, Forward Collision Warning System (FCWS), Adaptive Cruise Control (ACC), Blind Spot Detection (BSD). Amongst the application type adaptive cruise control (ACC) segments holds the highest market share and is projected to do so during the forecast period as well due to early adoption of this feature in passenger cars in countries like US and Germany. Additionally, forward collision warning system (FCWS) is also projected to experience significant growth due increased adoption by manufactures in China and India

Automotive Radar Market Regional Insights:

The Automotive Radar Market is regionally segmented into North America, Europe, Asia-Pacific and other regions that constitutes rest of the world. Asia-Pacific regions is projected to grow with the highest CAGR during the forecast period.  This level of growth in Asia-Pacific market is due to increasing adoption of radar-based safety features and increase in vehicle production in the constituent countries. Europe region is also projected to experience significant growth rate owing to early adoption of driver assistance technology.  Moreover, Euro NCAP safety standards have become more stringent over the last couple of years which have led to installation of AEB type car to car systems on cars across the European region. North America is also estimated to witness significant growth in the automotive radar market due to high demand of hybrid vehicles in the region. Additionally, the vehicle safety regulation norms have been made more stringent by local authorities boosting the sales of automotive radars in the North American region. South America, Middle East and Africa region which constitute the other regions are also projected to experience good growth for automotive radars owing to stringent local road and vehicle safety norms and a strong shift towards autonomous and semi-autonomous vehicles in the region.

The objective of the report is to present a comprehensive analysis of the Automotive Radar market to the stakeholders in the industry. The report provides trends that are most dominant in the Automotive Radar market and how these trends will influence new business investments and market development throughout the forecast period. The report also aids in the comprehension of the Automotive Radar Market dynamics and competitive structure of the market by analyzing market leaders, market followers, and regional players.

The qualitative and quantitative data provided in the Automotive Radar market report is to help understand which market segments, regions are expected to grow at higher rates, factors affecting the market, and key opportunity areas, which will drive the industry and market growth through the forecast period. The report also includes the competitive landscape of key players in the industry along with their recent developments in the Automotive Radar market. The report studies factors such as company size, market share, market growth, revenue, production volume, and profits of the key players in the Automotive Radar market.

The report provides Porter's Five Force Model, which helps in designing the business strategies in the market. The report helps in identifying how many rivals exist, who they are, and how their product quality is in the Automotive Radar market. The report also analyses if the Automotive Radar market is easy for a new player to gain a foothold in the market, do they enter or exit the market regularly, if the market is dominated by a few players, etc.

The report also includes a PESTEL Analysis, which aids in the development of company strategies. Political variables help in figuring out how much a government can influence the Automotive Radar market. Economic variables aid in the analysis of economic performance drivers that have an impact on the Automotive Radar market. Understanding the impact of the surrounding environment and the influence of environmental concerns on the Automotive Radar market is aided by legal factors.

Automotive Radar Market Scope:

Automotive Radar Market Key Players

• Analog Devices Inc (USA)
• Borgwarner Inc (USA)
• Continental AG (Germany)
• Denso Corporation (Japan)
• NXP Semiconductors (Netherlands)
• Robert Bosch GMBH (Germany)
• Texas Instruments Incorporated (USA)
• Valeo (France)
• Veoneer Inc (Sweden)
• ZF Friedrichshafen AG (Germany)
• Autoliv (Sweden)
• Aptive (Ireland)
• Hella Gmbh (Germany)
• Infineon Technologies AG (Germany)
• Aisin Corporation (Japan)