Press release
Automotive Radar Market Growth and Overview Report 2024-2033
Automotive Radar Market Growth
Automotive Radar Global Market Report 2024 by The Business Research Company offers comprehensive market insights, empowering businesses with a competitive edge. It includes detailed estimates for numerous segments and sub-segments, providing valuable strategic guidance.
The Market Size Is Expected To Reach $13.18 billion In 2028 At A CAGR Of 17.1% :
The automotive radar market size has grown rapidly in recent years. It will grow from $5.94 billion in 2023 to $7.02 billion in 2024 at a compound annual growth rate (CAGR) of 18.0%. The growth in the historic period can be attributed to increased focus on vehicle safety and collision avoidance, adoption of advanced driver assistance systems (adas) in vehicles, growth in the demand for adaptive cruise control and autonomous features, stringent safety regulations, growing demand for advanced safety features.
The automotive radar market size is expected to see rapid growth in the next few years. It will grow to $13.18 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to surge in demand for radar sensors in electric and autonomous vehicles, integration of 5g technology for faster and more reliable communication, increasing adoption of radar for pedestrian detection and urban driving, growth in the connected car ecosystem, expansion of the commercial vehicle market with radar-based safety systems. Major trends in the forecast period include technological advancements in radar sensors for improved accuracy, development of radar sensors with higher resolution and improved range, integration of radar with other sensor technologies for comprehensive sensing, emphasis on cybersecurity measures for secure radar communication, collaboration between automakers and technology providers.
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Automotive Radar Market Major Segments
The automotive radar market covered in this report is segmented -
1) By Vehicle Type: Passenger Car, Commercial Vehicle
2) By Range: Long-Range Radar (Lrr), Short And Medium-Range Radar (S&Mrr)
3) By Frequency: 24 Ghz, 77 Ghz, 79 Ghz
4) By Application: Adaptive Cruise Control (Acc), Autonomous Emergency Braking (Aeb), Blind Spot Detection (Bsd), Forward Collision Warning System, Intelligent Park Assists, Other Applications
Key Driver - Rising Road Accidents Propel Automotive Radar Market Growth
The rising number of road accidents is expected to propel the growth of the automotive radar market going forward. Accidents caused due to traffic collisions, negligence, or other reasons leading to injury or death of persons involved are referred to as road accidents. Automotive radar is one of the several sensor systems for collision avoidance, and pedestrian and cyclist detection, and it complements vision-based cameras, which help to detect vehicles and help to reduce accidents. For instance, For instance, in December 2021, according to United Nations, a US-based organisation, revealed that road accidents continue to account for 1.3 million fatalities and 50 million injuries globally each year. Alarmingly, current trends suggest that they are projected to result in an additional estimated 13 million fatalities and 500 million injuries in the coming decade.
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Prominent Trend - Technological Innovations Drive Advancements In The Automotive Radar Market
Technological innovations are the key trend gaining popularity in the automotive radar market. Major companies operating in the market are introducing new technologies to increase their market share. For instance, in March 2022, Under, a US-based manufacturer of digital automotive radar-on-chip for automated systems, launched the industry's first 4G digital imaging radar-on-chip that helps to provide digital radar solutions and deliver better accuracy and enhanced sense for standing or moving objects for both short and long distances. The advanced driver assistance systems help to provide accuracy irrespective of the weather and lighting conditions, whilst also mitigating interference with other readers.
Automotive Radar Market Players
Major companies operating in the automotive radar market report are Analog Devices Inc., Autoliv Inc., Continental AG, DENSO Corporation, NXP Semiconductors, BorgWarner Inc., Robert Bosch GmbH, Texas Instruments, Valeo SA, Infineon Technologies AG, ZF Friedrichshafen AG, HELLA GmbH & Co. KGaA, TE Connectivity Ltd., Aptiv plc, Onsemi, Veoneer Inc., Innoviz Technologies Ltd., Delphi Technologies, Navtech Radar Ltd., Renesas Electronics Corporation, Texas Instruments Incorporated, HELLA Aglaia Mobile Vision GmbH, LeddarTech Inc., Quanergy Systems Inc., Novariant Inc., Wuhu Concete Technology Co Ltd., Magna International Inc., Ainstein, Ficosa International SA, Vayyar Imaging Ltd.
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Largest And Fastest Growing Region In The Market
Asia-Pacific was region with the largest share in the automotive radar market in 2023. The regions covered in the automotive radar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Table Of Content For The Market Report Include:
1. Executive Summary
2. Automotive Radar Market Report Structure
3. Automotive Radar Market Trends And Strategies
4. Automotive Radar Market - Macro Economic Scenario
5. Automotive Radar Market Size And Growth
…..
27. Automotive Radar Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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The key players covered in this study…
