Global Automotive Radar Market Size To Worth USD 13.87 Billion By 2033 | CAGR of 12.96%
The Global Automotive Radar Market Size was Valued at USD 4.1 Billion in 2023 and the Worldwide Automotive Radar Market Size is Expected to Reach USD 13.87 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: Infineon Technologies AG, NXP Semiconductors NV, Aptiv, Texas Instruments Incorporated, Robert Bosch GmbH, Continental AG, Denso Corporation, Autoliv Inc., Veoneer, HELLA KGaA, Valeo SA, Magna International, ZF Friedrichshafen AG, Renesas Electronics Corporation and other key vendors.
New York, United States , April 17, 2024 (GLOBE NEWSWIRE) -- The* *Global Automotive Radar Market Size is to Grow from USD 4.1 Billion in 2023 to USD 13.87 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 12.96% during the projected period.
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Automotive radar is a term for radar systems that are specially developed and built for use in vehicles, mainly for advanced driver assistance systems (ADAS) and self-driving applications. Radar (Radio Detection and Ranging) is a technique that relies on radio waves to determine the existence, distance, speed, and direction of objects in their surroundings. Automotive radar is a valuable sensor for accident avoidance, vehicle and pedestrian detection, and other uses. Furthermore, automotive radar sensors play an important role in the development and implementation of autonomous driving technologies such as automated emergency braking (AEB) and adaptive cruise control (ACC) because they enable precise monitoring and awareness of the vehicle's surroundings. Additionally, road accidents are the leading cause of death worldwide; the increasing number of deaths has compelled governments to impose stricter controls on the car sector. As a result, governments all over the world have passed severe laws aimed at reducing the amount of traffic accidents and fatalities. As a result, companies have to design vehicles that have safety features. However, electronic gadgets or other radar systems may interfere with the operation of vehicle radar systems, causing false alerts or failures. Market acceptance is contingent on resolving interference issues and maintaining consistent performance across a range of situations. Environmental factors such as bad weather, uneven roads, and electromagnetic interference can all affect the functioning of radar systems in automobiles.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the* "**Global Automotive Radar Market** Size, Share, and COVID-19 Impact Analysis, By Range (Long-Range Radar (LRR), Medium-Range Radar (MRR), Short-Range Radar (SRR)), By Frequency (79 GHz, 77 GHz, 24 GHz), By Application (Blind Spot Detection (BSD), Autonomous Emergency Braking (AEB), Forward Collision Warning System, Adaptive Cruise Control (ACC), Intelligent Park Assist, Other Advanced Driver Assistance System (ADAS)), and* *By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."*
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*The medium-range radar segment is expected to hold the largest share of the global automotive radar market during the forecast period*.
Based on the range, the global corneal implant market is categorized into long-range radar (LRR), medium-range radar (MRR), and short-range radar (SRR). Among these, the medium-range radar segment is expected to hold the largest share of the global automotive radar market during the forecast period. Consumers' preference for technologies like as heading distance indicators, autonomous emergency braking (AEB), rear cross-traffic alert, and adaptive cruise control (ACC) contributes to the segmental growth. The medium-range radar utilizes digital beamforming (DBF) and three to four receiving channels.
*The 77 GHz segment is expected to grow at the fastest CAGR during the forecast period.*
Based on the frequency, the global corneal implant market is categorized into 79 GHz, 77 GHz, and 24 GHz. Among these, the 77 GHz segment is expected to grow at the fastest CAGR during the forecast period. The 77 GHz delivers excellent precision and resolution, but it is subject to interference from other electrical components in the car. Because of its capacity to recognize vehicles with high accuracy and function in a variety of weather conditions, 77 GHz radar has become increasingly popular in the automotive industry.
*The intelligent park assist segment is expected to hold a significant share of the global automotive radar market during the forecast period*.
Based on the application, the global corneal implant market is categorized into blind spot detection (BSD), autonomous emergency braking (AEB), forward collision warning system, adaptive cruise control (ACC), intelligent park assist, and other advanced driver assistance systems (ADAS). Among these, the intelligent park assist segment is expected to hold a significant share of the global automotive radar market during the forecast period. The public's need for driving assistance to reduce backside crashes and accidents is the key driver of the growing demand for intelligent park assist solutions. Moreover, the demand for luxury vehicles, sports cars, and advanced vehicles needs intelligent parking assist technology in need to improve safety.
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*Asia Pacific is expected to hold the largest share of the global automotive radar market over the forecast period*.
Asia Pacific is expected to hold the largest share of the global automotive radar market over the forecast period. A rise in automotive sales across the region is expected to increase demand for vehicle sensors. The growing interest in electric vehicles in this region also fuels market growth. The significance of manufacturing industries in China, India, and Japan is propelling market expansion. Further, as consumer safety concerns rise in India and the ASEAN countries, automakers are putting more sensors on low-cost vehicles. Demand for car sensors is expected to rise in the coming years.
North America is predicted to grow at the fastest pace in the global automotive radar market during the projected timeframe. The widespread usage of automobile radar technology in North America is primarily motivated by stringent safety requirements, increasing consumer demand for Advanced Driver Assistance Systems (ADAS), and a renewed emphasis on automotive radar applications. These applications include essential functions such as collision avoidance and adaptive cruise control.
*Competitive Analysis:*
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the global automotive radar market include Infineon Technologies AG, NXP Semiconductors NV, Aptiv, Texas Instruments Incorporated, Robert Bosch GmbH, Continental AG, Denso Corporation, Autoliv Inc., Veoneer, HELLA KGaA, Valeo SA, Magna International, ZF Friedrichshafen AG, Renesas Electronics Corporation, and Others.
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* **Recent Developments*
· *In January 2024, *NXP Semiconductors N.V. announced an extension of its single-chip line for automotive radar. The SAF86xx combines a radar transceiver, radar processor, and MACsec hardware engine to enable secure communication on Automotive Ethernet. Teamed up with NXP's S32 powerful processors, vehicle network connectivity, and power management, the full system solution allows the creation of advanced radar defined by software.
*Market Segment*
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global automotive radar market based on the below-mentioned segments:
*Global Automotive Radar Market, By Range*
· Long-Range Radar (LRR)
· Medium-Range Radar (MRR)
· Short-Range Radar (SRR)
*Global Automotive Radar Market, By Frequency*
· 79 GHz
· 77 GHz
· 24 GHz
*Global Automotive Radar Market, By Distribution Channel*
· Blind Spot Detection (BSD)
· Autonomous Emergency Braking (AEB)
· Forward Collision Warning System
· Adaptive Cruise Control (ACC)
· Intelligent Park Assist
· Other Advanced Driver Assistance System (ADAS)
*Global Automotive Radar Market, By Region*
· *North America*
· US
· Canada
· Mexico
· *Europe*
· Germany
· UK
· France
· Italy
· Spain
· Russia
· Rest of Europe
· *Asia Pacific*
· China
· Japan
· India
· South Korea
· Australia
· Rest of Asia Pacific
· *South America*
· Brazil
· Argentina
· Rest of South America
· *Middle East & Africa*
· UAE
· Saudi Arabia
· Qatar
· South Africa
· Rest of the Middle East & Africa
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