6 Key Prospects on Automotive Radar Market: Industry Insights and Forecast Till 2022
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Automakers are now moving beyond function-specific capabilities such as adaptive cruise control to develop fully autonomous vehicles, which is expected to make radar technology more essential in the forthcoming years. As per the study, increasing purchasing power of middle class, especially in the world’s two most populous countries – India and China is also facilitating the growth of the global automotive radar market.
Automotive radars are driver assistance systems that use sensors to detect the speed and range of objects in proximity of the vehicle. An automotive radar system can deliver sensing in three basic ranges – long radar range, medium radar range and short-radar range. Automotive radars are useful in providing lane change assistance and rear cross-traffic alerts to the driver.
Fact.MR’s recent study on the global automotive radar market reveals that better functionality and efficiency of radar technology as compared to other sensing technology in extreme conditions (extreme temperatures, bad light and bad weather) is expected to boost its adoption in cars over the next couple of years. The study further reveals that the automotive radar market, which is currently valued at over US$ 2,184 Mn is set to witness a strong CAGR between 2017 and 2022 to reach a valuation of US$ 7,260.8 Mn.
6 Key Insights from Fact.MR’s Automotive Radar Market Forecast
· Demand for short-range radar to remain significantly high throughout the assessment period. Short-range radars are anticipated to command for nearly half of the market, in terms of revenue. Towards the end of 2022, nearly US$ 3,500 Mn worth short range radars are projected to be sold across the globe.
· By vehicle type, passenger will continue to be the most attractive segment of the market. By the 2022-end, this segment is expected to reach a market valuation of over US$ 5,300 Mn, expanding at exponential CAGR. The passenger car segment is likely to command for over two-third revenue share of the market in 2017. Meanwhile, the LCV segment is anticipated to hold position during the same period.
· Based of application, the adaptive cruise control segment will command for an impressive market share of over 43% by the 2017-end. Popularity of adaptive cruise control is on the rise as it is now considered to be an important safety feature of modern vehicles. The autonomous emergency braking segment is also coming into prominence of late and trend is likely to continue throughout the assessment period.
· By frequency type, automotive radar with 2x GHz frequency is currently at the forefront of the market in terms of revenue and is estimated to command for over one-half share by 2017-end. However, demand for the automotive radars with 7x GHz frequency is anticipated to outpace the former towards the end of 2022.
· Among regions, North America is expected to lead the global automotive radar market in terms of revenue throughout the forecast period.
· Denso Corporation, Continental AG, Analog Devices, Inc, Robert Bosch GmbH, ZF Friedrichshafen AG, Delphi Automotive PLC, NXP Semiconductors N.V., Infineon Technologies AG, Autoliv, Inc, Texas Instruments, Inc., and Hella KGaA Hueck & Co. are some of the top companies operating in the global market for automotive radar.
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Short Range Radar to Remain Highly Sought-After in the Market
Demand for short-range radar will continue to gain traction during the forecast period. In terms of revenue, short range radars are expected to account for nearly one-half share of the market in 2017. By 2022, around US$ 3,468.2 Mn worth short range radar are estimated to be sold worldwide. Meanwhile, mid-range radars are anticipated to command for slightly over one-third revenue share of the market. This segment is expected to register a stellar CAGR to reach a promising market valuation by 2022-end.
On the basis of vehicle type, the passenger car segment is expected to grow to US$ 5,345.9 Mn by the end of 2022, registering a vigorous CAGR. In terms of revenue, this segment is projected to account for around two-third share of the market by 2017-end. The passenger car segment is expected to create an absolute $ opportunity of US$ 3,609.6 Mn between 2017 and 2022. During the same period, the LCV segment is expected to retain its second spot.
By application, the adaptive cruise control segment will account for a staggering two-fifth revenue share of the market by 2017-end. In recent years, adaptive cruise control has emerged as a prominent and a must-have safety feature in the vehicles. This particular application segment is estimated to reach a market valuation US$ 3,208.4 Mn in by the end of 2022. Meanwhile, the autonomous emergency braking segment is expected to witness the fastest CAGR during the forecast period.
By frequency, the 2x GHz segment currently dominates the market in terms of revenue, accounting for half of the market value. However, the 7x GHz segment is expected to outpace 2x GHz segment and emerge as the leading segment towards the end of the assessment period.
Continental AG, Delphi Automotive PLC, Robert Bosch GmbH, Infineon Technologies AG, Analog Devices, Inc, NXP Semiconductors N.V., Denso Corporation, Texas Instruments, Inc., Hella KGaA Hueck & Co., ZF Friedrichshafen AG, and Autoliv, Inc are among the top companies in the global market for automotive radar. Many of market players are actively focusing on investing in new technology to develop high-performance, and energy-efficient products.
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