Expanding at a CAGR of 9.1%, the global automotive radar market is anticipated to rise from a valuation of US$ 5 billion in 2023 to US$ 12 billion by the end of 2033. The use of automotive radars in passenger vehicles is increasing due to the high demand for cars with better safety, comfort, and driving features.
Automotive radar is a term used to describe a technology placed in cars to measure the speed and distance of objects around the vehicle. It uses a transmitter to send out a receiver, which then receives radio waves that strike the object and bounce back to the receiver to determine the object’s distance, speed, and direction. This enhances the vision-based camera-sensing system and aids in collision avoidance, pedestrian and cyclist detection, and both.
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Key Takeaways:
- Europe is expected to hold about 50% of share in the global automotive radar market.
- The USA is set to hold the lion’s share in the global automotive radar market throughout the estimated time frame.
- Germany is likely to dominate the Europe automotive radar market throughout the forecast period by holding a prominent revenue share.
- Based on range, the medium range segment is estimated to hold 60% of share in the global automotive radar market through 2033.
- By application, the adaptive cruise control category is predicted to account for 40% of share in the global automotive radar market in the evaluation period.
Growth Drivers:
- Introduction of advanced driver assistance systems for providing a safe driving experience is likely to drive demand for automotive radars.
- Development of new radar technologies such as frequency-modulated continuous wave (FMCW) radars is projected to augment sales.
Restraints:
- Demand for automotive radars is expected to be hampered by security concerns such as data theft.
- Combining self-driving and driver assistance systems in vehicles may make the roads less safe and lead to confusion, which may restrain growth.
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Competitive Landscape
Leading companies are concentrating on quality control to enhance product standards to provide efficient automotive radar solutions. Top automotive radar producers are focusing on the development of high-performance radar systems for automotive applications.
For instance,
- In 2021, the sixth generation of long-range and surround radar was unveiled by Continental at Auto Shanghai. Both sensors utilize the same hardware and software platform, which lowers complexity and consequently costs.
Key Companies Profiled:
- Robert Bosch GmbH
- Continental AG
- Autoliv Inc.
- Valeo Group
- Delphi Technologies
- SaberTek, Inc.
- Analog Devices, Inc.
- Infineon Technologies AG
- Veoneer, Inc.
Key Questions Covered in the Automotive Radar Market Report
- What is the projected value of the Automotive Radar factors Industry in 2022?
- At what rate will the global Automotive Radar factors market size grow until 2033?
- Which are the factors hampering the growth of Automotive Radar factors?
- Which region is expected to lead in the global Automotive Radar factors market By 2033?
- Which are the factors driving the Automotive Radar factors Industry during the forecast period?
- What is the expected market value of the Automotive Radar factors market during the forecast period?
Regional Analysis For Automotive Radar Market:
- APAC (Japan, China, South Korea, Australia, India, and the rest of APAC; the rest of APAC is further segmented into Malaysia, Singapore, Indonesia, Thailand, New Zealand, Vietnam, and Sri Lanka)
- Europe (Germany, UK, France, Spain, Italy, Russia, Rest of Europe; Rest of Europe is further segmented into Belgium, Denmark, Austria, Norway, Sweden, Netherlands, Poland, Czech Republic, Slovakia, Hungary, and Romania)
- North America (USA, Canada and Mexico)
- South America (Brazil, Chile, Argentina, Rest of South America)
- MEA (Saudi Arabia, United Arab Emirates, South Africa)
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