Press release
Automotive Imaging Radar Market is expected to reach US$ 84.11 billion by 2033 | Future Market Insights, Inc.
The global automotive imaging radar market is predicted to exhibit astonishing growth, exhibiting a CAGR of 23.61% from 2023 to 2033. According to the recent report published by FMI, the market valuation is likely to hit US$ 10.1 billion in 2023 and US$ 84.11 billion by 2033.Automotive HD radar is a crucial component of Advanced Driver Assistance Systems (ADAS). Its high precision for range and speed detection plays a critical role in vehicle safety. The sensors alert the driver to steer clear of any collision, pedestrian, vehicle, and others. The automotive industry has been consistently expanding, owing to improving per capita income levels, and digitalization.
Drivers and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report:
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The demand for safety features such as electronic stability control, traction control, lane departure warnings, collision avoidance systems, and others has astronomically risen in recent years. Automakers are innovating product offerings to launch vehicles that comply with government regulations for vehicle safety.
The automotive HD radar market is expanding due to its adoption of Advanced Driver Assistance Systems. The automotive imaging market is experiencing a demand upsurge due to the development of autonomous cars. Autonomous cars use several sensors and cameras to operate. Thus, high-quality imaging is necessary for accurate maneuvering. Additionally, the digitalization of existing and new vehicles has catapulted the demand for HD imaging, thereby boosting the global automotive HD imaging market's growth prospects.
The growing investments in research and development activities by key market players are expected to augment market development.
Key Takeaways from Automotive HD/Imaging Radar Market:
Asia Pacific is likely to dominate the global market sales due to rising disposable income levels and surging automotive sales. India and China are likely to be the key regions accumulating growth in the Asia Pacific.
North America market is expected to exhibit modest growth due to the rising popularity of autonomous cars such as Tesla and others. The United States is likely to remain at the forefront due to the presence of key market players.
The European market is predicted to witness strong growth. The early adoption of ADAS technologies in the United Kingdom and Germany is expected to be the factor promoting the regional market growth.
The medium-range radar segment is anticipated to hold the lion's share in the global market during the forecast period.
Recent Developments Observed by FMI:
In January 2022, NXP launched new imaging radar chips for automated driving and ADAS. The new chips are S32R41 and S32R45. The S32R41 chip is optimized for hands-free partially automated ADAS applications. The S32R45 chip is targeted at L4 and above ADAS applications.
Renesas launched a portfolio of automotive radar transceivers in November 2022. The new transceivers are designed to cater to the demands of level 3 and higher autonomous driving applications.
Sabic launched new compounds for automotive radar sensors in December 2020. The two new radar-absorbing compounds were developed to aid manufacturers to eliminate false trigger alarms or actions.
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Key Players are:
Robert Bosch GmbH, Hella KgaA, Continental AG, Denso Corporation, Delphi Automotive, Autoiv Inc, Valeo S.A.
Automotive HD Radar Market: Segmentation
By Range, the market of Automotive HD Radar is segmented as:
Long Range Radar
Short Range Radar
Mid-Range Radar
By Application, the Automotive HD Radar Market is segmented as:
RADAR Based Adaptive Cruise Control
RADAR Based on Autonomous Emergency Breaking (AEB)
RADAR Based Blid Spot Detection (BSD)
RADAR Based Forward Collision Warning System
RADAR Based Intelligent Park Assist
RADAR Based Other ADAS Application
By Frequency, the Automotive HD Radar Market is segmented as:
7X-GHz Systems
2X-Ghz Systems
By Vehicle Type, the Automotive HD Radar Market is segmented as:
Commercial Vehicle
Economic Passenger Vehicle
Luxury Passenger Vehicle
Mid-Price Passenger Vehicle
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
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About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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