The demand for automotive radar market is anticipated to rise at an impressive CAGR of 13% from 2022 to 2032, leading to a market valuation of US$ 15803.3 Mn in 2032. The target market's anticipated value in 2022 will be US$ 4614.5 Mn. During the projected period, the broad range of applications and growing technical innovation will drive the growth of the automotive radar market.
The need for collision-avoidance technology like cruise control and blind-spot identification has surged as auto safety concerns have grown. The importance of taking such safeguards is further underscored by an increase in automobile accidents and the fatalities they cause. Governments all around the world are also implementing severe regulations to ensure the safety of vehicles and traffic. Throughout the predicted time period, each of these factors will promote market expansion for automotive radar.
The target market will grow along with growing R&D costs to improve several aspects of automotive radar. Future radar sensors with 360-degree surround view, semi-autonomous operation, and sophisticated driver assistance are the focus of many significant automotive companies. The market for automotive radar is anticipated to grow as a result of this favourable business climate. Another factor boosting demand for vehicle radar systems is the availability of compact, high-frequency devices for a variety of uses thanks to contemporary, smart safety technology.
Over the projected period, "increasing emphasis on vehicle safety as well as an evolving automobile sector will likely propel the global growth of the automotive radar market," claims an analyst with FMI.
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Key Takeaways:
- Risks associated with radar-based technology will stunt the target market growth.
- Europe’s automotive radar market will account for 25% of the global market share.
- The automotive radar market in North America will grow at a strong CAGR of 15.5%.
- Expanding automobile sales will fuel the target market growth in the Asia Pacific region.
- By 2032, the 77 GHz segment will account for the highest market share.
- Based on type, the short range radar system will lead the market during the forecast period.
- By application, the forward-collision warning system segment will record the fastest CAGR.
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Competitive Landscape
Autoliv Inc., Denso Corp., OmniVision Technologies, Inc., Robert Bosch GmbH, Texas Instruments Inc., Valeo Group, ZF TRW, SaberTek, Inc., Analog Devices, Inc., and Delphi Automotive LLP among others are some of the major players in the automotive radar market profiled in the full version of the report.
Leading market players are focusing on product development and new product releases to increase their sales. These firms are keen on employing tactics like partnerships, collaborations, acquisitions, and mergers to gain a competitive edge.
More Insights into Automotive Radar Market Report
In its latest report, FMI offers an unbiased analysis of the global automotive radar market, providing historical data from 2016 to 2021 and forecast statistics for 2022 to 2032. To understand the global market potential, growth, and scope, the market is segmented on the basis of type (long range RADAR (LRR), short & medium range RADAR (S&MRR)), technology (millimeter wave radar, ultrasonic radar, LiDAR (light detection and ranging), camera), frequency (24 GHz, 77 GHz, 79 GHz), application (adaptive cruise control (ACC), autonomous emergency braking (AEB), blind spot detection (BSD), forward collision warning system, intelligent park assist), and region.
According to the latest FMI reports, based on segmentation, the short range radar segment will likely lead the market during the forecast period. The 77 GHz segment will account for the highest market share by 2032 and the forward-collision warning system application segment will record the fastest CAGR during the assessment period.
Based on region, the automotive radar market in the Asia Pacific region will exhibit impressive growth during 2022-2032. Moderate manufacturing costs, surging automotive sales, and emphasis on driving assistance features which help prevent accidents drive the market growth in this region. Rising automobile sales in China and India will further aid the automotive radar market growth during the forecast period. In addition to Asia Pacific, Europe and North America will also demonstrate notable growth during the projected period.
