The new report by Expert Market Research titled, ‘Global Automotive Radar Market Size, Report and Forecast 2023-2028’, gives an in-depth analysis of the global automotive radar market, assessing the market based on its segments like ranges, vehicle types, applications, and major regions.
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
The key highlights of the report include:
Market Overview (2018-2028)
- Historical Market Size (2022): USD 4.4 Billion
- Forecast CAGR (2023-2028): 70%
- Forecast Market Size (2028): USD 8.9 Billion
The automotive radar market is being driven by the growing application of the product in the adaptive cruise control (ACC). The adaptive cruise control is extremely beneficial for the passengers driving in heavy traffic as the technology helps in keeping a safe distance. It also helps in reducing the stress of the driver by automatically controlling the vehicle speed and maintaining a pre-defined minimum distance to the preceding vehicle.
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Over the forecast period, the market is anticipated to be aided by the rising cases of road accidents, coupled with the growing congestion in the cities. In terms region, Europe occupies the largest share in the market and is anticipated to attain a significant growth in the forecast period. The market growth in the region is driven by the growing expansion of the key automotive radar manufacturers in the region. The market in the region will further be aided by the stringent government regulations in the favour of bolstering the safety and security of the passengers.
Industry Definition and Major Segments
Automotive radar is defined as a device installed in an automobile which consists of a transmitter and a receiver, and is used to detect the speed and range of objects in the vicinity of an automobile. The speed, direction, and distance of the radio waves emitted by the transmitter is collected by the receiver. Automotive radars are extensively used in the automotive industry in various passenger and commercial vehicles.
On the basis of range, the market is bifurcated into:
- Long Range Radar
- Medium and Short-Range Radar
The different vehicle types included in the market are:
- Passenger Cars
- Commercial Vehicles
The significant applications of the automotive radar market include:
- Adaptive Cruise Control (ACC)
- Autonomous Emergency Braking (AEB)
- Blind Spot Detection (BSD)
- Forward Collision Warning (FCW)
- Intelligent Park Assist
- Other ADAS Systems
The regional markets for automotive radar include:
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
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The rising investments by the major car manufacturers, aimed towards the technological advancements and upgradation of the automobiles, are likely to be the major trends in the global automotive radar market. Moreover, the enhancements in the radar technology, coupled with the stringent government regulations in the favour of standardisation of automotive radar in the modern vehicles, are likely to be another major trend in the market. Furthermore, the initiation of the enhancement of the band frequencies in automotive radars is anticipated to augment the market growth in the forecast period.
Key Market Players
The major players in the market include Continental AG, Denso Corporation, Hella KGaA Hueck & Co., Infineon Technologies AG, and Veoneer, Inc., among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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