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  • Automotive Radar Market Analysis | 2023-2028

    Automotive Radar Market Analysis | 2023-2028

    Automotive Radar Market Analysis | 2023-2028
    Report code - SR1190 Delivery - 2 Weeks
    Automotive Radar Market Report Size, Share, Growth, Trend, Forecast, & Industry Analys See more...

    Market Insights

    The Automotive Radar Market was estimated at USD 4.48 billion in 2022 and is likely to grow at a CAGR of 21.48% during 2023-2028 to reach USD 14.4 billion in 2028.

    automotive-radar-market-size

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    What is automotive radar?

    Automotive RADAR systems are the primary sensor adaptive cruise control systems and play a critical role in advanced driver assistance. Furthermore, automotive RADAR is an important sensor for accident prevention, vehicle and pedestrian avoidance, and other applications.

    Automotive Radar Market Report Overview

    Market Size in 2028

    USD 14.4 Billion

    Market Size in 2022

    USD 4.48 Billion

    Market Growth (2023-2028)

    CAGR of 21.48%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Market Dynamics

    These factors are expected to boost the demand for the global market in the coming years:

    • The market is being propelled by a growing focus on active safety features, advances in radar technology, lower component prices, and increased vehicle sales.
    • Radars are used in a variety of safety systems, such as adaptive cruise control, pedestrian identification, blind spot detection, and automated emergency braking, to detect objects.
    • Governments and regulatory bodies worldwide are placing a strong emphasis on automotive safety and are enforcing regulations that mandate the integration of advanced driver-assistance systems (ADAS) in vehicles. Automotive radar plays a critical role in ADAS by enabling collision detection, blind spot monitoring, adaptive cruise control, and other essential safety features. As safety regulations become more stringent, there is a growing demand for automotive radar systems to meet these requirements and enhance vehicle safety.
    • Significant progress has been made in radar technology, leading to improved range, accuracy, and resolution in automotive radar systems. Innovations such as millimeter-wave radar, multi-mode radar, and digital beamforming techniques have significantly enhanced the capabilities of radar systems. These advancements have resulted in more reliable and effective radar systems, driving the market growth. With better performance and enhanced functionality, automotive radar systems are increasingly adopted by vehicle manufacturers and consumers alike, further fueling the market's expansion.

    automotive-radar-market-snapshot

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    Market Opportunities

    • Surge in demand for safety features in vehicles: Consumers are demanding vehicles with advanced safety features like adaptive cruise control, automatic emergency braking, and blind spot monitoring, with automotive radar being a key component.
    • Surge in usage of advanced driver assistance systems (ADAS): ADAS features are becoming more prevalent in new vehicles, increasing demand for radar sensors as they are crucial components of these features.
    • Growing number of vehicles on the road: The anticipated significant growth in the global vehicle fleet is expected to increase the demand for automotive radar sensors.
    • Increase in demand for premium vehicles: The increasing demand for premium vehicles, often equipped with advanced safety features, is expected to significantly boost the demand for automotive radar sensors.
    • Government regulations for vehicle safety: Global governments are increasing vehicle safety regulations, increasing the demand for automotive radar sensors to assist in achieving these standards.
    • Emerging new radar technologies: New affordable, smaller, and more powerful radar technologies are being developed to make automotive radar more accessible to a wider range of vehicles.

    Challenges

    • Expensive manufacturing and installation: Automotive radar sensors, due to their complexity and high production costs, pose a significant barrier to entry for new market players and consumer adoption.
    • Competition from other industries: The aerospace & defense industry is investing heavily in radar technology, potentially creating a shortage of skilled workers and raw materials for the automotive radar market.
    • Technical problems in integrating radar sensors with other vehicle systems: The integration of automotive radar sensors with other vehicle systems, including the braking and steering systems, presents a complex and challenging task.

    Restraints

    • Higher cost of raw materials: High raw material costs in automotive radar sensor manufacturing can significantly affect market profitability.
    • Skilled labor shortage: The automotive radar industry is facing a shortage of skilled workers, which poses challenges for companies in developing and producing new radar products.
    • Consumers are unaware of the advantages of automotive radar.: The lack of awareness among consumers about the advantages of automotive radar technology can potentially hinder its widespread adoption.

    Key Players

    Some of the key players in the global automotive radar market are-

    • Analog Devices
    • Autoliv
    • Continental
    • Delphi Automotive LLP
    • Denso Corporation
    • Fujitsu
    • Infineon Technologies
    • Next eXPerience
    • Robert Bosch
    • STMicroelectronics.

    Segment Analysis

    Application Trends

    The market is segmented as Adaptive Cruise Control (ACC), Blind Spot Detection (BSD), Lane Departure Warning System (LDWS), Parking Assistance (PA) and Forward Collision Warning System (FCWS). Due to the rising automotive uses of radar technology, such as parking assistance, guiding, and reverse warnings, the parking assistance segment will increase at a CAGR of over 15% during the forecast period. While parking, the parking sensors notify drivers to potential impediments in real time. The parking manoeuvre is calculated by proximity sensors as soon as the driver activates the radar park assistant.

    Regional Insights

    The expanding initiatives and investments in the automotive sector, as well as an increase in the number of vehicle accidents, is propelling the Asia-Pacific’s automotive radar market. It is estimated that around 35 cities in China have around 1 million cars on the road, causing traffic congestion and accidents on 75 percent of the roadways. Automobile radar sensors, which direct the driver along the path, are being used by automobile makers to assure vehicle and driver safety. Companies in the industry are promoting their next-generation transportation technology in order to reduce traffic congestion and improve overall transportation convenience.

    Automotive-Radar-Market-Regional-Analysis

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    Segmentation

    The report provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

    The automotive radar market is segmented into the following categories:

    By application type:

    • Adaptive Cruise Control (ACC)
    • Blind Spot Detection (BSD)
    • Lane Departure Warning System (LDWS)
    • Parking Assistance (PA)
    • Forward Collision Warning System (FCWS)

    By region:

    • North America
    • Europe
    • Asia-Pacific
    • Rest of the World

    Research Methodology

    This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.

    Report Features

    This report provides intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the dynamics and will enable strategic decision making for the existing players as well as those willing to enter the market.

    What Deliverables Will You Get in this Report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the global Automotive Radar Market.

    How lucrative is the future?

    The market forecast and trend data and emerging trends.

    Which regions offer the best sales opportunities?

    Global, regional and country-level historical data and forecasts.

    Which are the most attractive market segments?

    Market segment analysis and Forecast.

    Which are the top players and their market positioning?

    Competitive landscape and Market share analysis.

    How complex is the business environment?

    Porter’s five forces, PEST and Life cycle analysis.

    What are the factors affecting the market?

    Drivers & challenges.

    Will I get the information on my specific requirement?

    10% free customization.

    Customization Option

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)

    Segmentation

    • Current market segmentation by any one of the application types by country.

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances.

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at sales@stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    Automotive RADAR systems are the primary sensor adaptive cruise control systems and play a critical role in advanced driver assistance. Furthermore, automotive RADAR is an important sensor for accident prevention, vehicle and pedestrian avoidance, and other applications.

    The automotive radar market is expected to grow at a CAGR of 21.48% during the upcoming five years.

    The automotive radar market size is estimated to grow from USD 4.48 Bn in 2022 to USD 14.4 Bn by 2028.

    Asia-Pacific is estimated to be the leading region in the market during the forecast period.

    The parking assistance segment has the largest share of the market during the estimated time.

    Analog Devices, Autoliv, Continental, Delphi Automotive LLP, Denso Corporation, Fujitsu, Infineon Technologies, 10.8 Next eXPerience, Robert Bosch, STMicroelectronics are the key companies in the market.

    The study period of the market is 2017-2028.

    The market is being propelled by a growing focus on active safety features, advances in radar technology, lower component prices, and increased vehicle sales. Radars are used in a variety of safety systems, such as adaptive cruise control, pedestrian identification, blind spot detection, and automated emergency braking, to detect objects.

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