Automotive Radar Market Business Outlook, Competitive Analysis, Growth Trends, Size & Share Forecast to 2028

Road traffic injury is one of the major health concerns faced by the system. According to the statistics of WHO, approximately 1.35 million people die of road accidents every year. Hence, governments of various countries are implementing stringent regulations to curb road accident numbers by mandating the integration of automotive radar systems in vehicles. These systems facilitate advanced cruise control, collision warning, and lane change assistance. A number of radar-based OEMs are striving to develop advanced radar solutions.

According to The Insight Partners' research, the global automotive radar market was valued at US$ 5,019.0 million in 2019 and is likely to hit US$ 11,640.8 million by 2027, recording a stellar annual growth rate of 14.9% from 2020 to 2027. The rising cases of road accidents and fatalities and increasing demand for passenger cars are the potential factors attributed to the market expansion.

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Strategic Insights:
Key players dominating the global automotive radar market are Continental AG; Denso Corporation; Aptiv PLC; HELLA GmbH and Co. KGaA; Robert Bosch GmbH; Valeo; ZF Friedrichshafen AG; Nidec Corporation; Veoneer Inc; and Tung Thih Electronic Co Ltd, among others.
• In June 2019, Continental AG launched a compact radar system for passenger cars to precisely detect the vehicle's surroundings. This new short-range radar operates within high-resolution 77 GHz frequency, which helps detect the environment at a much higher resolution.
• In January 2018, Denso Corporation launched a new standard vision sensor that detects pedestrians, cyclists, road signs, and driving lanes at night. The system works in conjunction with a millimeter-wave radar sensor to automatically activate emergency brakes on identifying the obstacles, thus, lowering the chances of accidents and sustaining overall safety of the vehicle.
• In September 2020, Hella GmbH and Co. KGaA introduced 24 GHz radar sensor technology in the flagship models of Suzuki. This system provides driver-assist functions such as 'blind spot monitor' and 'rear cross-traffic alert'.

Automobile production operations started pacing up post-COVID-19 pandemic when governments in several countries alleviated lockdown restrictions. This spurred the sale and demand for vehicles, increasing the need of safety systems incorporation. An automotive radar system is one of the critical elements of autonomous vehicles enabling safer and more consistent vehicle operations. Apart from autonomous drives, governments are also promoting electric vehicles. Thus, the surging demand for passenger cars in autonomous and EV segment catalyze the global automotive radar market.

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Based on range, the market is split into long-range radar (LRR), medium-range radar (MRR), and short-range radar (SRR). With 69.2% market share, the short-range radar segment led the business in 2019. It generated US$ 3,475.6 million in 2019 and is estimated to garner US$ 8,180.1 million by 2027 to grow at 15.1% CAGR during 2020-2027.

As per frequency, the automotive radar market sphere is categorized into 24 GHz, 77 GHz, and 79 GHz. The 24 GHz segment held 49.4% market share, the largest in 2019. It was valued at US$ 2,479.4 million in 2019 but is foreseen to drop to US$ 837.1 million by 2027 at a CAGR of -11.1% for the forecast period. This segment is going to lose its dominance to the 77 GHz segment, which was assessed at US$ 1,767.3 million in 2019 and is predicted to surge to US$ 6,978.1 million by 2027 to grow at 21.7% CAGR during the forecast period.

In terms of application, the automotive radar market domain is segmented into adaptive cruise control, autonomous emergency braking, blind-spot detection, forward-collision warning system, intelligent parking assistant, and others. The adaptive cruise control segment occupied 29.3% market share in 2019, amassing US$ 1,471.8 million. It is further anticipated to accrue US$ 3,587.3 million by 2027 to develop at 15.6% CAGR over the forecast period.

According to vehicle type, the global automotive radar market is divided into passenger cars, light commercial vehicles, and medium & heavy commercial vehicles. The passenger cars segment dominated the market in 2019 with 70.2% of the total business share. It was evaluated at US$ 3,522.4 million in 2019 and is forecasted to be worth 8,409.9 million by 2027 to exhibit a CAGR of 15.3% along the forecast period.

From regional point of reference, the Asia Pacific market captured 34.3% share of the business in 2019. It accounted for US$ 1,722.3 million in 2019 and is supposed to be worth US$ 4,261.7 million by 2027 to elevate at the highest CAGR of 15.9% for the forecast period.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

This release was published on openPR.