Press release
Automotive Radar Market Size, Share, Development, Growth, and Demand Forecast, 2016–2023
The automotive radar market is being positively impacted by the rising vehicle production and sales. The increasing vehicle production is influenced by advancements in technology and growing consumer demand. As per Organisation Internationale des Constructeurs d'Automobiles figures, vehicle production grew by 4.5% in 2016 compared to 2015 and reached around 95 million units. With the implementation of safety regulations, the advanced driver assistance system (ADAS) is being increasingly integrated in vehicles. Automotive radars are an essential part of these systems, therefore the surging ADAS adoption is supporting the growth of the market.
Another contributing factor in the automotive radar market is the increasing focus on vehicle safety systems. The World Health Organization reported that 20 to 50 million people are injured and about 1.24 million lose their lives in road accidents each year. By 2030, road accidents could be the seventh-leading cause of death worldwide if this situation persists. This is leading to the inclusion of active safety features in vehicles that utilize automotive radars, thereby minimizing the chances of human error and helping avoid collisions and accidents.
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The automotive radar market is segmented by region, range, application, and vehicle type. On the basis of vehicle type, the two categories are commercial vehicles and passenger cars. In 2017, the passenger car category held the larger share in the market, of more than 70.0%, in terms of revenue. The rising demand for passenger cars in emerging economies, such as China and India, is credited for the growth of this category. Auto makers are now able to include radar-based safety systems in mid-size vehicles, as the prices of radar sensors have reduced.
The range segment of the market is bifurcated into medium and short-range radars, and long-range radars. In 2017, the medium and short-range category held the larger share in the automotive radar market, of around 55.0%, as at least two sensors are used for enhanced performance delivery, when detecting objects in the said ranges. They are used for various applications, such as blind spot detection, cross traffic alert, and park assist.
In 2017, Europe was the largest revenue generator with a contribution of more than 35.0% in the automotive radar market. In the same year, it held about 26.0% share of the total cars produced, globally. The European Commission guidelines for vehicle safety standards are followed religiously in the region. Besides improving passenger and driver safety, these guidelines also focus on improving pedestrian safety. The European automotive market is expected to be driven by the presence of key luxury car makers, such as Audi AG, BMW AG, and Daimler AG.
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However, due to the rising disposable income in growing economies, such as China and India, Asia-Pacific (APAC) is predicted to be the fastest growing market in the forecast period. Furthermore, the APAC automotive radar market is expected to perform well, owing to the increasing investments in the automotive safety technology. It is being expected that by 2023, APAC will outgrow Europe and North America to become the largest market in the world.
Therefore, the market is projected to advance due to the rapid expansion of the automotive industry in APAC.
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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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