GLOBAL AUTOMOTIVE RADAR MARKET TO ATTAIN A MARKET SIZE OF US$ 9.68 BILLION BY 2024, GROWING AT A CAGR OF 20.9%. ADAPTIVE CRUISE CONTROL IS EXPECTED TO REMAIN THE PRIMARY APPLICATION AREA OF RADARS DURING THE FORECAST PERIOD (2018-2024)
As per the report published by UnivDatos Market Insights (UMI), the global automotive radar market is anticipated to gain market worth of US$ 9,675.4 million by 2024, expanding at a CAGR of 20.9% during the forecast period 2018-2024. Short range & medium range radar (S&MRR) and long range radars (LRR) are the major types of radar based on their range of clear visibility. In 2017, S&MRR dominated the global automotive radar market and is anticipated to generate a market size of US$ 2,855.5 million by 2020. On the other hand, LRR segment is anticipated to expand at a highest CAGR growth of 23.5% during the analyzed period. Changing vehicle safety regulation, increase in adoption of advanced driver assistance system (ADAS) technology and increasing the number of radar sensors used per vehicle is the major growth drivers for the global automotive radar market. Stringent government regulations, mandating rear-view camera system and lane departure warning technologies in vehicles has also stimulated the growth of the technology in several countries. In addition, growing adoption of ADAS technology across mid-priced and premium segment vehicle has further fueled the growth of the market at a global scale.
The growing governmental regulations on vehicle security and mandating of certain ADAS features in vehicles are causing the widespread adoption of radar across several application areas in a vehicle. Adaptive cruise control, autonomous emergency braking, intelligent parking systems, blind spot detection, collision mitigation system and others are the major application area of radar technology analyzed in the study. Adaptive cruise control dominated the market with a market size of US$ 867.1 million and is expected to maintain its dominance during the forecast period 2018-2024. On the other hand, the compulsion of autonomous emergency braking function in the vehicles in North America and Europe is expected to bolster the market for this technology. The AEB application area is predicted to grow at the highest CAGR of 24.9% during the forecast period.
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2X and 7X GHz are the two major frequency bands, which are widely used in the vehicles, as they play a crucial role in determining the effectiveness of the radars in advance safety systems. 2X GHz band dominated the market in 2017. However, by 2021 7X GHz frequency band is expected to overtake 2X GHz band, to become the largest selling frequency band radar system. 7X GHz radar sensor can achieve 20 times better performance in range resolution, thus improving environmental modelling and object classification. Owing to this the overall adoption of 7X GHz in vehicle is expected to increase rapidly, making them the fastest growing frequency band during the forecast period.
Additionally, radar is rapidly capturing every segment of vehicles manufactured, including passenger vehicles, luxury vehicles and commercial vehicles. Luxury brands such as Audi, BMW, Lexus, land Rover and Mercedes-Benz among others, are deploying radar in applications such as automated parking, adaptive cruise control system, and adaptive cruise control system. Similarly, the growing interest of customers for advance safety features across the passenger vehicle segment has forced the global car manufacturers to install this technology in their upcoming models, however the penetration rate is still low. Passenger car segment dominated the global automotive radar market, followed by luxury and commercial vehicle segments. The luxury vehicle segment is expected to register highest CAGR growth of 23.3% during the forecast period 2018-2024.
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Additionally, for better investigation and penetration of automotive radar market, the report bifurcates the global market into distinct region and countries including North America (the U.S., Canada, Mexico and rest of North America), Europe (Russia, Germany, France, the U.K., Italy, Spain and rest of Europe), Asia-Pacific (China, Japan, India, South Korea, Singapore, Malaysia and rest of Asia-Pacific) , Middle East and North Africa( the UAE, Saudi Arabia, Kuwait,, Qatar, Algeria, Egypt and rest of Middle East and North Africa) and Latin America (Brazil, Argentina, Chile and Rest of Latin America). ). In 2016, North America was the largest market in value terms, owing to the stringent safety regulations in the region. Increased awareness towards safety features has also fueled the demand of radar technology in the region. The European region is estimated to be the largest market for automotive radar during the forecast period. Substantial building up in this market is mainly due to the adoption of advanced technologies and stringent vehicle safety regulation.
Some of the major companies profiled in the global Automotive radar study include Robert Bosch GmbH, HELLA KGaA, Continental AG, Denso Corporation, Aptiv PLC, Valeo S.A., Infineon Technologies AG, Texas Instruments Inc., Analog Devices Inc. and NXP Semiconductors N.V. These players consistently aim to focus on product development, new product launch and enhance their existing portfolios to expand their customer base and strengthen their market position through partnerships and collaborations which further offers them growth opportunities for geographic expansion.
Market Insights, by Radar Range
- Long Range RADAR (LRR)
- Short & Mid-Range RADAR (SRR&MRR)
Market Insights, by Application
- Adaptive Cruise Control (ACC)
- Autonomous Emergency Braking (AEB)
- Blind Spot Detection (BSD)
- Collision Avoidance System (CAS)
- Intelligent Parking Assistance (IPA)
Market Insights, by Frequency Band
Market Insights, by Vehicle type
- Passenger Vehicles
- Luxury Vehicles
- Commercial Vehicle
Market Insights, by Geography
- North America Automotive Radar Market
- Rest of North America
- Europe Automotive Radar Market
- Rest of Europe
- Asia-Pacific Automotive Radar Market
- South Korea
- Rest of APAC
- MENA Automotive Radar Market
- Rest of MENA
- Latin America Automotive Radar Market
- Rest of Latin America
- Continental AG
- Robert Bosch GmbH
- Delphi Automotive PLC
- Denso Corporation
- Infineon Technologies AG
- NXP Semiconductors N.V.
- Valeo S.A.
- Hella KGaA Hueck & Co.
- Analog Devices Inc.
- Texas Instruments Inc.