PUBLISHER: The Business Research Company | PRODUCT CODE: 1392484
PUBLISHER: The Business Research Company | PRODUCT CODE: 1392484
“Automotive Radar Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive radar market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive radar? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The automotive radar market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Automotive radar encompasses several sensor systems that include both transmitters and receivers, facilitating the transfer of data to camera-sensing systems. These radars operate on frequency-modulated continuous-wave (FMCW) radar technology, allowing them to detect the speed and range of objects in the vicinity of a vehicle.
In the realm of automotive radar, the main categories of vehicles are passenger cars and commercial vehicles. In the passenger car market, automotive radar is integrated into car cabins to track passengers and objects within the vehicle. Automotive radars play a crucial role in enabling essential safety and comfort features in passenger cars. Different ranges of automotive radar include long-range radar (LRR) and short and medium-range radar (S&MRR), available at frequencies such as 24 GHz, 77 GHz, and 79 GHz. Various applications of automotive radar systems include adaptive cruise control (ACC), autonomous emergency braking (AEB), blind-spot detection (BSD), forward-collision warning systems, intelligent park assist, and others.
The automotive radar market research report is one of a series of new reports from The Business Research Company that provides automotive radar market statistics, including automotive radar industry global market size, regional shares, competitors with an automotive radar market share, detailed automotive radar market segments, market trends and opportunities, and any further data you may need to thrive in the automotive radar industry. This automotive radar market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The automotive radar market size has grown rapidly in recent years. It will grow from $5. 94 billion in 2023 to $7. 02 billion in 2024 at a compound annual growth rate (CAGR) of 18. 0%. The growth observed during the historical period can be attributed to several factors, including an increased focus on vehicle safety and collision avoidance, the widespread adoption of advanced driver assistance systems (ADAS) in vehicles, a growing demand for features like adaptive cruise control and autonomous capabilities, the enforcement of stringent safety regulations, and an overall rising demand for advanced safety features in the automotive industry.
The automotive radar market size is expected to see rapid growth in the next few years. It will grow to $13. 18 billion in 2028 at a compound annual growth rate (CAGR) of 17. 1%. The anticipated growth in the forecast period can be attributed to several factors, including a surge in demand for radar sensors in electric and autonomous vehicles, the integration of 5G technology for faster and more reliable communication, an increasing adoption of radar for pedestrian detection and urban driving applications, the expansion of the connected car ecosystem, and the growth of the commercial vehicle market with radar-based safety systems. Major trends expected during this period include technological advancements in radar sensors to enhance accuracy, the development of radar sensors with higher resolution and improved range, the integration of radar with other sensor technologies for comprehensive sensing, an emphasis on cybersecurity measures for secure radar communication, and increased collaboration between automakers and technology providers in the advancement of radar technology.
The trajectory of the automotive radar market is expected to be propelled by the escalating number of road accidents. Defined by traffic collisions or negligence, these accidents lead to injuries or fatalities and underscore the significance of safety measures. Automotive radar serves as a pivotal sensor system aiding in collision avoidance, pedestrian and cyclist detection, complementing vision-based cameras to mitigate accidents. Alarmingly, as per the United Nations' data disclosed in December 2021, road accidents contribute to 1. 3 million fatalities and 50 million injuries globally annually. Projections indicate a troubling rise, with an estimated additional 13 million fatalities and 500 million injuries expected in the coming decade if current trends persist.
The surge in urbanization and subsequent congestion is anticipated to drive the expansion of the automotive radar market. Urbanization, marked by the growth and densification of cities, triggers traffic issues due to increased population and economic activity in urban areas. Automotive radar facilitates adaptive cruise control systems, enabling vehicles to autonomously adjust speeds, maintaining safe distances, thereby alleviating the stress of stop-and-go traffic. Notably, data from INRIX in January 2023 revealed that the typical U. S. driver lost 51 hours to congestion in 2022, equating to about an hour each week. This marked a significant increase of 15 hours lost compared to 2021, costing the average American driver approximately $869 in lost time. Thus, the surge in urbanization and associated traffic congestion are major drivers propelling the growth of the automotive radar market.
The automotive radar market is witnessing a surge in technological innovations, emerging as a pivotal trend. Leading companies in this sector are introducing cutting-edge technologies to bolster their market presence. For instance, in March 2022, Under, a reputable U. S. -based manufacturer specializing in digital automotive radar-on-chip for automated systems, unveiled an industry-first product called the 4G digital imaging radar-on-chip. This groundbreaking technology delivers enhanced accuracy and heightened sensing capabilities for both stationary and moving objects across short and long distances. These advanced driver assistance systems ensure precision regardless of weather or lighting conditions, effectively mitigating interference with other radar systems, thereby signaling a significant technological leap within the automotive radar market.
Key players within the automotive radar market are strategically forging partnerships and collaborations to leverage combined resources, expertise, and capabilities, particularly in advancing driver assistance systems and autonomous vehicle technologies. One notable partnership involves Continental AG, a prominent German automotive parts manufacturer, and AEye, Inc., a US-based company specializing in high-performance LiDAR solutions. Their collaboration, announced in July 2021, aims to integrate AEye's advanced LiDAR technology into Continental's Automated Driving (AD) platform. By merging AEye's unique capabilities, offering high-definition resolution and long-distance range, with Continental's AD platform, the partnership seeks to augment the platform's capabilities significantly. Ultimately, this integration is anticipated to enhance safety standards for automated and autonomous vehicles.
Analog Devices, a distinguished US-based semiconductor company, executed a strategic acquisition of Maxim Integrated in September 2021, amounting to $20. 8 billion. This acquisition represents a significant expansion of Analog Devices' analog and mixed-signal portfolio, leading to an extended reach into newer markets. Maxim Integrated, the acquired company, specializes in developing analog and mixed-signal semiconductor products, including those essential for automotive radar applications. This strategic move reinforces Analog Devices' position in the automotive radar sector and broadens its offerings in line with industry demands and technological advancements.
Major companies operating in the in the automotive radar market report are Analog Devices Inc., Autoliv Inc., Continental AG, DENSO Corporation, NXP Semiconductors, BorgWarner Inc., Robert Bosch GmbH, Texas Instruments, Valeo SA, Infineon Technologies AG, ZF Friedrichshafen AG, HELLA GmbH & Co. KGaA, TE Connectivity Ltd., Aptiv plc, Onsemi, Veoneer Inc., Innoviz Technologies Ltd., Delphi Technologies, Navtech Radar Ltd., Renesas Electronics Corporation, Texas Instruments Incorporated, HELLA Aglaia Mobile Vision GmbH, LeddarTech Inc., Quanergy Systems Inc., Novariant Inc., Wuhu Concete Technology Co Ltd., Magna International Inc., Ainstein, Ficosa International SA, Vayyar Imaging Ltd.
Asia-Pacific was region with the largest share in the automotive radar market in 2023. The regions covered in the automotive radar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the automotive radar market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Canada, Spain.
The automotive radar market consists of sales of antenna, transmitter, receiver, and a high-speed digital interface. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified)).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.