The global automotive radar market was valued at $2.5 billion in 2016 and is projected to surpass $9.5 billion by 2023, at a CAGR of 21.0% during the forecast period (2017–2023).
The medium & short-range radar category is expected to witness faster growth in the automotive radar market during the forecast period, mainly due to the higher usage of such radars in numerous vehicle safety systems, such as blind spot detection and lane change assist.
Growing Concerns for Vehicle Safety is a Growth Factor of the Market
The rapidly growing concerns for vehicle safety are acting as a major growth factor for the automotive radar market. The rising number of deaths caused by vehicle collisions and crashes has given rise to the need for including active safety systems in vehicles. Many companies are developing advanced radar technologies for providing better active safety features that help avoid collisions and accidents, to vehicle manufacturers.
Signal Loss at Higher frequency is a Restraint in the Market
Higher-frequency safety systems, using 77 GHz, are known to deliver better performance; however, the signal loss is also higher in these systems, which currently makes it difficult to implement high-frequency-radar-based safety systems. Hence, it acts as a restraint in the growth of the automotive radar market.
Segmentation Analysis of Automotive Radar Market
Medium and short-range radars are expected to possess the dominating share in the automotive radar market in 2023, globally. These are mainly driven by their application in many safety systems in a vehicle, such as cross traffic alert and park assist, as these provide enhanced vehicle safety features.
The passenger car category is expected to witness faster growth in the automotive radar market, during the forecast period. This is majorly due to their higher share in the total sales of vehicles equipped with advance safety features.
The adaptive cruise control (ACC) category held the largest share in the automotive radar market in 2016. It was mainly due to the reduction in the prices of these systems, along with significant development in ACC automotive radar technology, in past few years.
Geographical Analysis of Automotive Radar Market
The European automotive radar market accounted for the largest share in 2016, globally. It is mainly driven by the high sales of vehicles equipped with advanced active safety systems in the region. Additionally, the presence of prominent luxury carmakers, such as Daimler AG, BMW AG, and Audi AG, is driving the market in the European region.
The APAC region is expected to witness the fastest growth in the automotive radar market, mainly due to the rising disposable income in various countries, along with the surging preference of buyers for advance safety features in new vehicles.
Browse report overview with detailed TOC on "Automotive Radar Market by Range (Long Range, Medium & Short Range), by Vehicle Type (Passenger Car, Commercial Vehicle), by Application (Adaptive Cruise Control, Autonomous Emergency Braking, Blind Spot Detection, Forward Collision Warning System, Intelligent Park Assist), by Geography (U.S., Mexico, Canada, U.K., Germany, France, Italy, China, India, Japan)– Global Market Size, Share, Development, Growth, and Demand Forecast, 2016–2023" at:https://www.psmarketresearch.com/market-analysis/automotive-radar-market
Competitive Landscape of Automotive Radar Market
Globally, numerous players are present in the global automotive radar market, such as Continental AG, Infineon Technologies AG, Robert Bosch GmbH, Valeo SA, Autoliv Inc., NXP Semiconductors N.V., ZF Friedrichshafen AG, DENSO Corp., Texas Instruments Inc., and HELLA KGaA Hueck & Co.
GLOBAL AUTOMOTIVE RADAR MARKET
GLOBAL AUTOMOTIVE RADAR, BY GEOGRAPHY
Europe Automotive Radar Market
North America Automotive Radar Market
Asia-Pacific Automotive Radar Market
RoW Automotive Radar Market