Global Automotive Radar Market Size, Share, Growth Analysis, By Application(Adaptive Cruise Control, Autonomous Emergency Braking ), By Frequency, By Vehicle Type - Industry Forecast 2024-2031

Global automotive radar market size was valued at USD 4.40 billion in 2022 and is poised to grow from USD 4.86 billion in 2023 to USD 10.81 billion by 2031, growing at a CAGR of 10.5% in the forecast period (2024-2031).

In recent years, there has been a noticeable increase in attention towards ensuring safety for drivers, passengers, and all road users, reflecting the concerning rise in global road accidents. This issue is underscored by alarming statistics, such as the National Highway Traffic Safety Administration's (NHTSA) report, which revealed an estimated 31,785 fatalities from traffic crashes in the US during the first nine months of 2022 alone. In response to this growing concern, radar sensors have become essential components for detecting vehicles, pedestrians, bicyclists, and assessing the surrounding road environment. These radar sensors play a critical role in modern automotive safety systems, providing real-time data to help vehicles navigate safely through various traffic conditions and potentially avoid accidents. With the increasing adoption of advanced driver assistance systems (ADAS) and autonomous driving technologies, the demand for automotive radar systems is expected to continue growing, driving further innovation and development in this market.

Top-down and bottom-up approaches were used to estimate and validate the size of the automotive radar market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.

Global Automotive Radar Market Segmental Analysis

The global automotive radar market is segmented based on application, frequency, range, vehicle type and region. By application, the market is segmented into adaptive cruise control (ACC), autonomous emergency braking (AEB), blind spot detection (BSD), forward collision warning system, intelligent park assists, other ADAS applications. By frequency, the market is segmented into 24 GHz, 77 GHz, 79 GHz. By range, the market is segmented as, long-range RADAR (LRR), short and medium range RADAR (S&MRR). By vehicle type the market is segmented into passenger cars, and commercial vehicles. By region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.

Drivers of the Global Automotive Radar Market

The expected increase in passenger vehicle sales in developing countries will drive significant market growth. Countries like India, China, Japan, and South Korea are expected to play a major role in this increased demand. This growth is supported by investments in Research and Development by major industry players in these regions. These investments are leading to improvements in radar systems used in passenger vehicles, further boosting the automotive radar market.

Restraints in the Global Automotive Radar Market

Radar technology is great at tracking moving objects and giving us a picture of what's around us. But because radio waves aren't perfect, it can be hard to tell exactly what objects are and where they are. In systems like Advanced Driver Assistance Systems (ADAS), radar usually works at high frequencies, usually between 70 GHz and 90 GHz. But because it uses such narrow frequency bands, it can struggle to give us really clear details about the direction objects are moving in.

Market Trends of the Global Automotive Radar Market

The increase in road accidents worldwide has led to a greater need for safety features in vehicles. These features include things like parking assistance, collision avoidance systems, lane departure warnings, and more. People want these safety features to help reduce the number of accidents happening on the roads.