Press release
Unveiling Growth Opportunities in the Automotive Radar Market: Global Insights 2024
Automotive Radar Market
The automotive radar market size is expected to see rapid growth in the next few years. It will grow to $13.18 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to surge in demand for radar sensors in electric and autonomous vehicles, integration of 5g technology for faster and more reliable communication, increasing adoption of radar for pedestrian detection and urban driving, growth in the connected car ecosystem, expansion of the commercial vehicle market with radar-based safety systems. Major trends in the forecast period include technological advancements in radar sensors for improved accuracy, development of radar sensors with higher resolution and improved range, integration of radar with other sensor technologies for comprehensive sensing, emphasis on cybersecurity measures for secure radar communication, collaboration between automakers and technology providers.
Market Overview -
Automotive radar refers to several sensor systems that contain a transmitter and a receiver, which help to transfer data to camera-sensing systems. These radars operate on frequency-modulated continuous-wave (FMCW) radar technology. The automotive radar can detect the speed and range of objects in the vicinity of the car.
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Rising Road Accidents Propel Automotive Radar Market Growth
The rising number of road accidents is expected to propel the growth of the automotive radar market going forward. Accidents caused due to traffic collisions, negligence, or other reasons leading to injury or death of persons involved are referred to as road accidents. Automotive radar is one of the several sensor systems for collision avoidance, and pedestrian and cyclist detection, and it complements vision-based cameras, which help to detect vehicles and help to reduce accidents. For instance, For instance, in December 2021, according to United Nations, a US-based organisation, revealed that road accidents continue to account for 1.3 million fatalities and 50 million injuries globally each year. Alarmingly, current trends suggest that they are projected to result in an additional estimated 13 million fatalities and 500 million injuries in the coming decade.
Competitive Landscape -
Major companies operating in the automotive radar market report are Analog Devices Inc., Autoliv Inc., Continental AG, DENSO Corporation, NXP Semiconductors, BorgWarner Inc., Robert Bosch GmbH, Texas Instruments, Valeo SA, Infineon Technologies AG, ZF Friedrichshafen AG, HELLA GmbH & Co. KGaA, TE Connectivity Ltd., Aptiv plc, Onsemi, Veoneer Inc., Innoviz Technologies Ltd., Delphi Technologies, Navtech Radar Ltd., Renesas Electronics Corporation, Texas Instruments Incorporated, HELLA Aglaia Mobile Vision GmbH, LeddarTech Inc., Quanergy Systems Inc., Novariant Inc., Wuhu Concete Technology Co Ltd., Magna International Inc., Ainstein, Ficosa International SA, Vayyar Imaging Ltd.
Technological Innovations Drive Advancements In The Automotive Radar Market
Technological innovations are the key trend gaining popularity in the automotive radar market. Major companies operating in the market are introducing new technologies to increase their market share. For instance, in March 2022, Under, a US-based manufacturer of digital automotive radar-on-chip for automated systems, launched the industry's first 4G digital imaging radar-on-chip that helps to provide digital radar solutions and deliver better accuracy and enhanced sense for standing or moving objects for both short and long distances. The advanced driver assistance systems help to provide accuracy irrespective of the weather and lighting conditions, whilst also mitigating interference with other readers.
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Key Segments -
The automotive radar market covered in this report is segmented -
1) By Vehicle Type: Passenger Car, Commercial Vehicle
2) By Range: Long-Range Radar (Lrr), Short And Medium-Range Radar (S&Mrr)
3) By Frequency: 24 Ghz, 77 Ghz, 79 Ghz
4) By Application: Adaptive Cruise Control (Acc), Autonomous Emergency Braking (Aeb), Blind Spot Detection (Bsd), Forward Collision Warning System, Intelligent Park Assists, Other Applications
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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