Press release
Automotive Radar Market Growth Accelerates: Strategic Forecast Predicts $15.26 Billion by 2029
Automotive Radar
What Will the Automotive Radar Industry Market Size Be by 2025?
The size of the automotive radar market has seen a swift expansion lately. The market is forecasted to surge from $6.93 billion in 2024 to about $8.13 billion in 2025, boasting a compound annual growth rate (CAGR) of 17.4%. Key contributors to the growth observed in the past are greater emphasis on preventing vehicle collisions and enhancing safety, increased implementation of sophisticated driver assistance systems (ADAS) in automobiles, stronger demand for adaptive cruise control and self-governing attributes, strict safety norms, and a growing appetite for advanced safety functionalities.
What's the Long-Term Growth Forecast for the Automotive Radar Market Size Through 2029?
In the coming years, the automotive radar market size is slated for a swift expansion, predicted to hit $15.26 billion in 2029 with a compound annual growth rate (CAGR) of 17.1%. The rise in the projected period could be a result of the swelling demand for radar sensors within electric and self-driving vehicles, integration of 5g technology for quicker and dependable communication, increased usage of radar in pedestrian detection and urban driving, development in the connected car ecosystem, and enlargement of the commercial vehicle market equipped with radar-based safety mechanisms. Significant trends foresaw during the projected period include the progression of radar sensor technology for enhanced precision, creating radar sensors with superior resolution and range, amalgamation of radar with diversified sensor technologies for exhaustive sensing, focus on cybersecurity protocols for secure radar communication, and partnerships between automobile manufacturers and technology contributors.
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What Are the Key Growth Drivers Fueling the Automotive Radar Market Expansion?
The automotive radar market is seeing an uptick in growth as the number of road accidents continues to increase. The term 'road accidents' commonly refers to injuries or fatalities resulting from traffic collisions, negligence, or other causes. One of the multiple sensor systems in use to prevent collisions and detect pedestrians and cyclists is automotive radar. These radars work together with vision-based cameras to detect vehicles and thus reduce accidents. For example, the National Highway Traffic Safety Administration, a U.S. government agency, documented that in April of 2024, distracted driving caused 3,308 fatalities and nearly 289,310 injuries on U.S. roads in 2022. Furthermore, distracted drivers were responsible for the deaths of 621 vulnerable road users, including pedestrians and cyclists. Consequently, the increasing number of road accidents is driving growth in the automotive radar market.
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What Are the Key Trends Driving Automotive Radar Market Growth?
Advancements in technology are emerging as a significant trend within the automotive radar market. Leading businesses in this sector aim to expand their market presence through the introduction of novel technologies. For instance, Under, an American company specializing in radar-on-chip technology for automation, unveiled the industry's first 4G digital imaging radar-on-chip in March 2022. This groundbreaking technology offers superior radar solutions, including improved accuracy and enhanced perceptions of stationary or moving entities over both short and long distances. This advanced driver assistance system pledges precise readings regardless of weather and lighting conditions and successfully reduces disruption from other sensors.
How Is the Automotive Radar Market Segmented?
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 (SMRR)
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
Subsegments:
1) By Passenger Car: Compact Cars, Sedans, SUVs, Coupes, Luxury Cars
2) By Commercial Vehicle: Light Commercial Vehicles (LCVs), Heavy Commercial Vehicles (HCVs), Buses, Trucks
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Which Companies Are Leading the Charge in Automotive Radar Market Innovation?
Major companies operating in the automotive radar market include 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.
Which Regions Are Leading the Global Automotive Radar Market in Revenue?
Asia-Pacific was region with the largest share in the automotive radar market in 2024. The regions covered in the automotive radar market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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