Increasing demand for automotive radar solutions in Level (0-2) vehicle automation system coupled with high investments in RD of automotive radar are fueling the market growth.
Market Size – USD 5,120.9 Million in 2020, Market Growth - CAGR of 25.6%, Market Trends – Increase in demand for 77 GHz range automotive radar in both the premium and mid-range car segments.
The global Automotive Radar Market is forecast to reach USD 28.25 Billion by 2028, according to a new report by Reports and Data. Automotive radar helps locate objects surrounding the car with the help of the transmitter and receiver of the radar system. The transmitter of the radar system emits radio waves that stumbles into the object and bounces back to the receiver of the radar, providing information on the real-time location of the objects around the vehicle. The global market is growing at a substantial pace due to the growing demand for advanced driver-assistance systems (ADAS) in all the vehicle types. The massive penetration for the futuristic driverless autonomous vehicles throughout the world influentially propels the market owing to its low-cost, high-performance safety additive deployment in the automotive systems. The most prominent constraints for the vehicular radar market is the laser-based solution, LIDAR, which is based on a higher resolution monitoring and provides more accurate detection than radar.
Asia Pacific market is forecasted to generate a revenue of USD 5.85 Billion in the year 2026, owing to its extensive demand for radar system in all the vehicle types coupled with the considerable market penetration in the driverless autonomous cars and elevated growth in the overall automotive industries in China, Japan, and India. The United States possesses the highest market worldwide while Germany and the Netherlands hold some of the most prominent players in the market.
Key participants include Continental AG, Robert Bosch GmbH, Infineon Technologies AG, Denso Corporation, Valeo, NXP Semiconductors N.V., Texas Instruments Incorporated, Autoliv Inc., Delphi Technologies, and Hella KGaA Hueck Co.
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Further key findings from the report suggest
- Adaptive cruise control is an advanced self-regulating form of cruise control system that slows down and accelerates automatically to maintain a suitable pace with the car in front of the radar systems while in traffic. Adaptive cruise control sub-segment is expected to hit a market revenue of USD 5.93 Billion by 2026.
- 24 GHz is the short-range radar system used in the automotive. The 24 GHz frequency band radars can cover a distance of up to 20 meters. These short-range radars are low-cost alternatives to the high and mid-range radar systems and used mostly in the budget passenger vehicles. However, this 24 GHz segment is planned to be discontinued by most of the automotive radar manufacturers for its operational inefficiencies. This segment had a market share of about 41.8% in 2018.
- Level (0-2) vehicles automation includes the vehicles with zero autonomous features to a few amount of automation like automatic braking systems, adaptive cruise control, and others. The market revenue for this sub-segment in 2018 was USD 1.78 Billion.
- North America, with its superiority in premium and mid-range vehicles market share and concerns with vehicle and road safety, is accounted to retain its leading position in the market with a market share of about 35.6% by 2026, and the CAGR is calculated to be 25.8% during the forecast period.
To identify the key trends in the industry, click on the link below: https://www.reportsanddata.com/report-detail/automotive-radar-market
For the purpose of this report, Reports and Data have segmented the global automotive radar market on the basis of applications, frequency band, level of vehicle automation, vehicle type, and region:
Applications Outlook (Revenue, USD Billion; Volume, Thousand Unit; 2018-2028)
- Adaptive Cruise Control
- Autonomous Emergency Braking
- Collision Mitigation Warning System
- Blind Spot Detection
- Turing Assistance
- Rear Clash Collision Aids
- Parking Control Aids
- Other ADAS
Frequency Band Outlook (Revenue, USD Billion; Volume, Thousand Unit; 2018-2028)
- 24 GHz
- 77 GHz
Level of Vehicle Automation Outlook (Revenue, USD Billion; Volume, Thousand Unit; 2018-2028)
- Level (0-2)
- Level (3-4)
- Level (5-6)
Vehicle Type Outlook (Revenue, USD Billion; Volume, Thousand Unit; 2018-2028)
- Budget Passenger Vehicle
- Mid-Range Passenger Vehicle
- Premium Passenger Vehicle
- Commercial Vehicle
Regional Outlook (Revenue, USD Billion; Volume, Thousand Unit; 2018-2028)
- North America
- Asia Pacific
- Latin America
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Key Advantages of Automotive Radar Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Automotive Radar industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
Conclusively, all aspects of the Automotive Radar market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.
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