Press release
Automotive Radar Market Analysis by Top Regional Industry Players Robert Bosch GmbH, Infineon Technologies, NXP Semiconductors, Texas Instruments, Autoliv & ZF Group
By Range – Medium and Short Range Radar, Long Range Radar
By Vehicle Type – Passenger Cars, Commercial Vehicles
By Application – Adaptive Cruise Control (ACC), Autonomous Emergency Braking (AEB), Blind Spot Detection (BSD), Forward Collision Warning System (FCW), Intelligent Park Assist (IPA), and Others
By Region – Europe, North America, Asia-Pacific, and Rest of the World (RoW)
Global automotive radar market size is projected to reach $9,475.4 million by 2023, according to P&S Intelligence.
Browse report overview with detailed TOC on "Automotive Radar Market by Range (Long Range, Medium & Short Range), by Vehicle Type (Passenger Car, Commercial Vehicle), by Application (Adaptive Cruise Control, Autonomous Emergency Braking, Blind Spot Detection, Forward Collision Warning System, Intelligent Park Assist), by Geography (U.S., Mexico, Canada, U.K., Germany, France, Italy, China, India, Japan)– Global Market Size, Share, Development, Growth, and Demand Forecast, 2016–2023" at:https://www.psmarketresearch.com/market-analysis/automotive-radar-market
The market growth is mainly driven by the growing focus on vehicle safety systems coupled with increasing vehicle production and sales, especially premium and luxury vehicles. Active government initiatives for increasing vehicle safety are expected to boost the market growth. Furthermore, with the decrease in radar prices, it has become possible for automakers to incorporate these safety systems in mid-priced vehicles. Thus, the market is expected to gain momentum in the coming years, driven mainly by the growing sales of mid-priced passenger cars.
Insights on market segments
Based on range, the automotive radar market is categorized into long range radars, and medium and short-range radars. The fastest growth during the forecast period is expected from medium and short range radars. This category is also expected to hold the larger share in the market throughout the forecast period. This can be ascribed to the greater usage of medium and short-range radars in in numerous systems including cross traffic alert, park assist, and blind spot detection.
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Europe stands as the largest automotive radar market
Europe is estimated to hold the largest share in the automotive radar market, with more than 30.0% revenue contribution in 2017. Owing to the increasing stringency in vehicle safety norms, the automotive component manufacturers have diverted their focus toward the development of low-cost radar based safety systems in the region. In addition, the region is the hub of major premium vehicle manufacturers such as BMW, Mercedes Benz, AUDI, and Volkswagen group, giving impetus to the market growth there.
North America is estimated to be the second largest regional market for automotive radar. The automotive radar market in the region is mainly influenced by rising commercial vehicles sales and regulatory developments, such as making automatic emergency braking as a standard feature for all vehicles by 2022. In addition, the region is an early technology adopter owing to its active and advanced R&D base. For instance, according to Auto Alliance, the U.S. approximately accounts for 18% of the overall automotive R&D expenditure.
Asia-Pacific is expected to be the fastest growing automotive radar market during the forecast period, owing to the growing installation of advanced safety features in passenger cars and increasing vehicle sales. Furthermore, the increased awareness regarding vehicle safety and active efforts to amend the use of 79 GHz for automotive application in regions such as South Korea, Hong Kong, Australia, Singapore, and Malaysia will boost the growth of the Asia-Pacific market.
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Competitive Landscape
The key players in the automotive radar industry are Continental AG, Denso Corporation, Robert Bosch GmbH, Infineon Technologies AG, Valeo SA, NXP Semiconductors N.V., HELLA KGaA Hueck & Co., Texas Instruments Incorporated, Autoliv Inc., and ZF Friedrichshafen AG.
About P&S Intelligence
P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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