The Automotive Radar Market is estimated to be valued at US$4.40 billion in 2023 and is expected to exhibit a CAGR of 10.5% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights
Market Overview:
The Automotive Radar Market is driven by the increasing focus on road safety and the growing demand for advanced driver assistance systems (ADAS). Automotive radar systems use radio waves to detect and track objects around a vehicle, providing essential data for ADAS functions such as collision warning, automatic emergency braking, and adaptive cruise control. These radar systems offer improved accuracy and reliability, making them crucial for enhancing vehicle safety and reducing accidents. With the increasing adoption of electric and autonomous vehicles, the demand for automotive radar systems is expected to witness significant growth.
Market Dynamics:
The automotive radar market is primarily driven by two factors, namely technological advancements and the increasing demand for advanced driver assistance systems. Continuous technological advancements in radar systems, such as the development of high-resolution imaging radar and the integration of artificial intelligence and machine learning algorithms, are enhancing the capabilities and accuracy of automotive radar systems. Furthermore, the growing consumer awareness regarding road safety and the need for advanced safety features in vehicles are fueling the demand for advanced driver assistance systems, thereby driving the growth of the automotive radar market.
Segment Analysis:
The automotive radar market can be segmented based on frequency band, range, and application. By frequency band, the market is divided into 24 GHz, 77 GHz, and others. Among these, the 77 GHz segment dominates the market due to its higher accuracy and resolution capabilities, making it suitable for advanced driver assistance systems (ADAS) and autonomous vehicles. Moreover, the increasing demand for features such as adaptive cruise control and blind-spot detection further contributes to the dominance of the 77 GHz segment in the automotive radar market.
PEST Analysis:
Political: Government regulations and policies regarding vehicle safety standards and emission norms play a crucial role in shaping the automotive radar market. For instance, the implementation of regulations mandating the inclusion of radar-based safety systems in vehicles has led to an increased adoption of automotive radar technology.
Economic: The growing number of vehicle sales, particularly in emerging economies, contributes to the expansion of the automotive radar market. Additionally, the increasing disposable income of consumers fuels the demand for advanced safety features, driving the market growth.
Social: The rising awareness regarding road safety and the need to reduce the number of accidents has led to the widespread adoption of automotive radar systems. Furthermore, the increasing preference for autonomous vehicles among consumers is expected to drive the market growth.
Technological: Advancements in radar technology, such as the development of millimeter-wave radar and digital beamforming, have enhanced the capabilities of automotive radar systems. These technological advancements enable better object detection, improved range, and accuracy, thereby driving the market growth.
Key Takeaways:
The Global Automotive Radar Market Demand is expected to witness high growth, exhibiting a CAGR of 10.5% over the forecast period (2023-2030). This growth can be attributed to the increasing demand for advanced driver assistance systems (ADAS) and autonomous vehicles. The 77 GHz segment dominates the market due to its higher accuracy and resolution capabilities.
In terms of regional analysis, Asia Pacific is the fastest-growing and dominating region in the automotive radar market. This can be attributed to the increasing adoption of ADAS technologies, rising vehicle production, and stringent safety regulations in countries like China, Japan, and India.
Key players operating in the automotive radar market include Continental AG, Denso Corporation, Robert Bosch GmbH, Infineon Technologies AG, Valeo, NXP Semiconductors, HELLA KGaA Hueck & Co., Texas Instruments Incorporated (TI), Autoliv Inc., and ZF Friedrichshafen AG. These key players focus on technological advancements and strategic collaborations to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
