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Automotive Radar Market 2024 Players are ZF TRW, Valeo, Texas Instruments, Robert Bosch, Hella, Fujitsu, Denso Corporation, Delphi LLP, Continental, and Autoliv.
Automotive Radar Market
China accounted for more than 45% of the overall Asia Pacific automotive radar market share in 2015. Growth across the region can be dedicated to potential automotive sales as well as production through 2024.
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North America is estimated to acquire substantial share owing to high adoption rate of advanced technology product and manufacturing facilities of established automobile companies in the region. Initiative taken by Federal Motor Carrier Safety Administration (FMCSA) to reduce occurrence of accidents of commercial motor vehicles is driving the demand for safety features in cars. It aims to facilitate, evaluate and test the on-board safety applications in co-ordination with the truck industry.
Automotive Radar Market is anticipated to cross USD 8.5 billion 2024. Government initiatives to incorporate safety and security systems in the vehicles and demand for luxury vehicles are driving the automotive radar market.
Automotive Radar Market, By Application
• Adaptive Cruise Control (ACC)
• Blind Spot Detection (BSD)
• Lane Departure Warning System (LDWS)
• Parking Assistance (PA)
• Forward Collision Warning System (FCWS)
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Favorable government initiatives that mandate the incorporation of safety and control systems into automobiles to reduce the number of road accidents and related casualties will drive demand. Growing sales of motor vehicles, especially luxury cars have significantly spurred revenue growth. Economic factors such as low interest rates and rise in disposable income have positively contributed towards increase in auto sales. Introduction of advanced driver assistance systems (ADAS) in passenger cars could offer significant growth opportunity for the automotive radar market size.
High frequency radar systems in the 79GHz band tend to perform better than the standard 24 GHz and 76 GHz bands as they offer greater capability and reduces device size. Sensing technologies enable lane keeping, driver assistance and forward collision warning alerts. Additionally, they constitute for advanced systems such as automatic emergency braking. The automotive radar market share is characterized by outsourcing of manufacturing process to low-cost countries to leverage low labor costs.
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Based on application, adaptive cruise control (ACC) system accounted for more than 30% of the automotive radar market share in 2015. Increasing demand for ACC attributed to its function of effective monitoring and maintaining safe distance between the vehicles that assist in reducing road fatalities. Blind spot detection (BSD) segment is expected to cross 15% CAGR during the forecast timeframe. BSD facilitate driver to detect any vehicle or obstacle which are not visible in rear view mirror.
Some of the players in the automotive radar market are ZF TRW automotive, Infineon, Texas instruments, Delphi automotive, Autoliv, Fujitsu, Hella and Valeo. To enhance effectiveness and manufacturing flexibility, the manufactures are establishing relationships with numerous semiconductor companies, test & assembly subcontractors. Frequent mergers & acquisitions and investing in next generation technology development are also among the prominent steps taken by the industry participants.
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