Automotive Radar Market Overviews
Automotive Radar market is expected to reach US$ 4.03 Bn. in 2030 from US$ 2.3 Bn. in 2023 at CAGR of 8.35 % during the forecast period.
The Automotive Radar market is projected to experience substantial growth during the forecast period. It is categorized into segments based on range, application, and region.
In terms of range, the market is divided into short-range, medium-range, and long-range types. Additionally, the application segment includes key areas such as Autonomous Emergency Braking (AEB), Intelligent Parking Assistance, Forward Collision Warning System (FCWS), Adaptive Cruise Control (ACC), and Blind Spot Detection (BSD).
Geographically, the market is further segmented into North America, Europe, Asia-Pacific, and other regions, allowing for a comprehensive analysis of trends and opportunities in each area.
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Automotive Radar Market Scope and Methodology:
The automotive radar market has experienced steady growth over the years, driven by the overall expansion of the global automotive industry. It is projected to reach USD 4.1 billion by 2029, up from USD 2.3 billion in 2023, representing a compound annual growth rate (CAGR) of 8.35% during the forecast period.
The rising incidence of accidents worldwide has heightened the focus on passenger safety among both manufacturers and consumers. The impact of these accidents has prompted governments to implement stricter safety regulations aimed at protecting passengers and enhancing overall driving conditions.
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
Automotive RadarMarket Segmentation
The automotive radar market is divided into segments based on range and application. Within the range category, it is further classified into short-range, medium-range, and long-range types. The medium-range segment is expected to capture the largest market share during the forecast period. This growth can be attributed to the array of features commonly provided by vehicle manufacturers, such as park assist, lane change assist, and cross-traffic alert, which are now available at a lower cost. Additionally, the performance of these systems is significantly improved by employing multiple radars, further solidifying the medium-range segment’s dominance. Long-range radars, primarily utilized for Adaptive Cruise Control (ACC), are typically found in premium vehicles, making them the second-largest segment in the market after medium-range radars.
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)
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Key questions answered in the Automotive Radar Market are:
- What is Automotive Radar ?
- What was the Automotive Radar market size in 2023?
- What is the growth rate of the Automotive Radar Market?
- Which are the factors expected to drive the Automotive Radar market growth?
- What are the different segments of the Automotive Radar Market?
- What growth strategies are the players considering to increase their presence in Automotive Radar ?
- What are the upcoming industry applications and trends for the Automotive Radar Market?
- What are the recent industry trends that can be implemented to generate additional revenue streams for the Automotive Radar Market?
- Who are the leading companies and what are their portfolios in Automotive Radar Market?
- What segments are covered in the Automotive Radar Market?
- Who are the key players in the Automotive Radar market?
Key Offerings:
- Past Market Size and Competitive Landscape (2018 to 2022)
- Past Pricing and price curve by region (2018 to 2022)
- Market Size, Share, Size & Forecast by Different Segment | 2024−2030
- Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
- Market Segmentation – A detailed analysis by segment with their sub-segments and Region
- Competitive Landscape – Profiles of selected key players by region from a strategic perspective
- Competitive landscape – Market Leaders, Market Followers, Regional player
- Competitive benchmarking of key players by region
- PESTLE Analysis
- PORTER’s analysis
- Value chain and supply chain analysis
- Legal Aspects of Business by Region
- Lucrative business opportunities with SWOT analysis
- Recommendations
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