BERLIN, Jan. 09, 2023 (GLOBE NEWSWIRE) — The Global Automotive Radar Market Size accounted for USD 4,138 Million in 2021 and is estimated to achieve a market size of USD 22,536 Million by 2030 growing at a CAGR of 21.1% from 2022 to 2030.
Automotive Radar Market Statistics
- Global automotive radar market revenue was worth USD 4,138 Million in 2021, with a 21.1% CAGR from 2022 to 2030
- Europe automotive radar market share gathered more than 29.8% in 2021
- Asia-Pacific automotive radar market growth is expected to expand at a CAGR of 22% from 2022 to 2030
- By vehicle type, the passenger cars category capture over 71.8% of total market share in 2021
- Technological advancements of higher-resolution systems, propel the automotive radar market value
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Automotive Radar Market Report Coverage:
|Market||Automotive Radar Market|
|Automotive Radar Market Size 2021||USD 4,138 Million|
|Automotive Radar Market Forecast 2030||USD 22,536 Million|
|Automotive Radar Market CAGR During 2022 – 2030||21.1%|
|Automotive Radar Market Analysis Period||2018 – 2030|
|Automotive Radar Market Base Year||2021|
|Automotive Radar Market Forecast Data||2022 – 2030|
|Segments Covered||By Frequency, By Vehicle Type, By Range Type, By Application, And By Geography|
|Automotive Radar Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Continental AG, Robert Bosch GmbH, Infineon Technologies AG, Texas Instruments, NXP Semiconductors, Autoliv Inc., ZF Friedrichshafen, DENSO Corporation, Delphi Automotive Company, and Valeo S.A.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
Automotive Radar Market Overview
Automotive radar is a critical technology used in advanced driver assistance systems (ADAS) and self-driving vehicles to identify and track things in their surroundings. This enables the car to navigate and make decisions in real-time, significantly enhancing safety and performance. The automotive radar market includes a range of products, including short-range, mid-range, and long-range radar systems, as well as radar sensors, radar modules, and radar transceivers. These devices are utilized in a range of applications, such as adaptive cruise control, collision avoidance, lane departure warning, and self-driving.
Automotive Radar Market Trends
The worldwide automotive RADAR market is primarily driven by rising demand for driver assistance systems and tight government laws governing these safety features. The global automotive RADAR market has grown in response to the increased use of radar equipment per vehicle. Road traffic accidents are expected to be one of the leading causes of mortality by the end of 2030, according to the World Health Organization (WHO). Furthermore, rising R&D spending and government efforts have fueled the expansion of the automotive RADAR industry. On the other hand, as the usage of these system applications is expressly prohibited in some nations, it is projected to slow the expansion of the automotive RADAR market during the projected timeframe.
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Automotive Radar Market Segmentation
The global automotive radar market has been segmented by Acumen Research and Consulting based on frequency, range type, vehicle type, and application. By frequency, the segment is separated into 77 GHz, 24 GHz, and 79 GHz.
In terms of range type, the market is categorized into long range RADAR, short range RADAR, and medium range RADAR. According to the automotive radar market forecast, the medium range RADAR category is predicted to develop significantly in the coming few years.
Based on vehicle type, the market is categorized into commercial vehicle, and passenger vehicle. Moreover, the market is split into intelligent park assist, autonomous emergency braking (AEB), forward collision warning system, blind spot detection (BSD), adaptive cruise control (ACC), and others, based on the application.
Automotive Radar Market Regional Overview
Based on the region, the worldwide automotive radar market segmentation is into Asia Pacific, Europe, North America, Middle East and Africa, and Latin America. According to an automotive radar industry analysis, Europe dominates global markets as it was one of the first to utilize automotive RADAR systems. This region’s rapid adoption of technical developments and product releases is also expected to propel the expansion of the automotive RADAR market. Rising government assistance and R&D spending are also predicted to propel the Europe automotive RADAR market. Due to increased investments in the automobile sector, Germany and France are the main contributors to Europe’s market growth. Furthermore, in order to satisfy impending demand and capture a large share of the market, most of the main players are significantly spending on investments in research and development and adopting current technologies in Research & development activities in this region, which has aided the expansion of the European automotive RADAR market.
Besides that, due to the presence of a large developing economy, increased R&D spending, and consistent government support, Asia-Pacific is the fastest-growing region for the automotive RADAR market. India and China have a significant portion of the worldwide market because of large investments in automobiles and a high level of public awareness.
However, the markets of Latin America and the Middle East are expected to boost the LAMEA market. Massive government spending potential in the Middle East area has also aided industry growth.
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Automotive Radar Market Players
Some of the prominent automotive radar market companies are Robert Bosch GmbH, Continental AG, Infineon Technologies AG, DENSO Corporation, NXP Semiconductors, ZF Friedrichshafen, Delphi Automotive Company, Autoliv Inc., Texas Instruments, and Valeo S.A. To achieve a significant market share, these larger companies have pursued a strategy of mergers and acquisitions as well as regular product introductions. Increased R&D spending is another major strategy used by key players in the automotive RADAR industry to obtain a strategic advantage over their competitors.
Questions Answered By This Report
- What was the market size of Automotive Radar Market in 2021?
- What will be the CAGR of Automotive Radar Market during the forecast period from 2022 to 2030?
- Who are the major players in Global Automotive Radar Market?
- Which region held the largest share in Automotive Radar Market in 2021?
- What are the key market drivers of Automotive Radar Market?
- Who is the largest end user Automotive Radar Market?
- What will be the Automotive Radar Market value in 2030?
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Acumen Research and Consulting